Fidelity® Variable Insurance Products:

Technology Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, 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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	50.78%	20.61%	12.80%
Investor Class	50.67%	20.52%	12.71%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Technology Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$33,361	VIP Technology Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Market Recap: U.S. equities gained 21.83% in 2017, as the S&P 500^® index rose steadily and closed the year just shy of an all-time high after a particularly strong three-month finish. Early on, equities rallied on optimism for President Trump’s pro-business agenda but leveled off in March amid fading optimism and stalled efforts by Congress to repeal and replace the Affordable Care Act. Upward momentum soon returned and continued through year-end with consumer sentiment and other market indicators staying positive. The lone exception was a brief cooldown in August, when geopolitical tension escalated and uncertainty grew regarding the future of health care, tax reform and the debt ceiling. Sector-wise, information technology fared best by a wide margin, rising 39% amid strong earnings growth from several major index constituents. A 24% gain in materials was spurred by increased demand, especially from China. Consumer discretionary gained 23%, despite many brick-and-mortar retailers suffering from online competition, and financials edged the broader market on an uptick in bond yields. Conversely, the defensive energy and telecom services sectors returned about -1% each. Rising interest rates held back real estate (+11%), while consumer staples (+13%) and utilities (+12%) struggled due to investors’ general preference for risk assets.

Comments from Portfolio Manager Charlie Chai: For the year, the fund’s share classes gained roughly 51%, considerably outpacing the 37.20% return of the MSCI U.S. IMI Information Technology 25/50 Index and also topping the broad-market S&P 500^® index. Versus the MSCI sector benchmark, stock selection and an overweighting in semiconductor equipment contributed, as did picks in internet software & services and a sizable underweighting in the lagging IT consulting & other services industry. Overall, active management added roughly 14 percentage points to the fund’s performance. One standout in the semiconductor-equipment segment was an out-of-benchmark stake in GlobalWafers, a Taiwan-based firm specializing in silicon-wafer manufacturing. Tightening supply in the wafer market, coupled with optimism over the company’s recent acquisition of rival SunEdison Semiconductor, drove the stock’s robust performance. Another holding that bolstered the fund’s result was Austria-based AMS, also a non-benchmark position. The company makes optical sensors, including 3D sensors, and counts Apple and several other smartphone makers among its customers. Conversely, a modest cash position in a surging market weighed on performance. A few industry groups, such as electrical components & equipment, detracted, but the negative impact was minimal. Among individual holdings, Nanya Technology, a Taiwan-based manufacturer of DRAM and other kinds of digital memory, was our largest detractor. Apple also was a relative detractor, as we underweighted this strong-performing stock.

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.

Note to shareholders: On December 8, 2017, shareholders approved proposals from the Board of Trustees to eliminate each sector/industry fund's fundamental “invests primarily” policy and to modify the fundamental concentration policy for certain funds. The changes took effect on January 1, 2018, and do not impact how the funds are managed.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
Apple, Inc.	8.9
Tesla, Inc.	4.6
Microsoft Corp.	4.6
Alphabet, Inc. Class A	3.9
Alibaba Group Holding Ltd. sponsored ADR	3.5
NVIDIA Corp.	3.1
Qualcomm, Inc.	3.0
Facebook, Inc. Class A	3.0
Alphabet, Inc. Class C	3.0
Autodesk, Inc.	2.9
	40.5

Top Industries (% of fund's net assets)

As of December 31, 2017
	Software	23.6%
	Semiconductors & Semiconductor Equipment	22.5%
	Internet Software & Services	19.8%
	Technology Hardware, Storage & Peripherals	9.2%
	IT Services	6.2%
	All Others*	18.7%

* Includes short-term investments and net other assets (liabilities).

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares	Value
Air Freight & Logistics - 0.2%
Air Freight & Logistics - 0.2%
Best, Inc. ADR	118,800	$1,066,824
Automobiles - 4.6%
Automobile Manufacturers - 4.6%
Tesla, Inc. (a)(b)	101,700	31,664,295
Biotechnology - 0.0%
Biotechnology - 0.0%
BeiGene Ltd. ADR (a)	500	48,860
Zai Lab Ltd. ADR	5,000	106,150
		155,010
Chemicals - 0.6%
Industrial Gases - 0.1%
SK Materials Co., Ltd.	4,406	743,019
Specialty Chemicals - 0.5%
Duk San Neolux Co. Ltd.	51,562	1,188,359
Soulbrain Co. Ltd.	21,494	1,359,265
Tokyo Ohka Kogyo Co. Ltd.	26,000	1,122,609
		3,670,233

TOTAL CHEMICALS		4,413,252

Communications Equipment - 0.1%
Communications Equipment - 0.1%
Applied Optoelectronics, Inc. (a)(b)	14,700	555,954
Diversified Consumer Services - 1.2%
Education Services - 1.2%
New Oriental Education & Technology Group, Inc. sponsored ADR	30,500	2,867,000
TAL Education Group ADR	187,838	5,580,667
		8,447,667
Diversified Financial Services - 0.4%
Other Diversified Financial Services - 0.4%
GDS Holdings Ltd. ADR (a)	67,695	1,525,168
Jianpu Technology, Inc. ADR (a)	218,100	1,413,288
		2,938,456
Diversified Telecommunication Services - 0.1%
Integrated Telecommunication Services - 0.1%
Bharti Infratel Ltd.	73,609	436,708
Electrical Equipment - 0.3%
Electrical Components & Equipment - 0.3%
BizLink Holding, Inc.	55,000	516,314
BizLink Holding, Inc. rights 1/9/18 (a)	1,141	2,635
Rockwell Automation, Inc.	6,400	1,256,640
		1,775,589
Electronic Equipment & Components - 3.8%
Electronic Components - 0.4%
E Ink Holdings, Inc.	980,000	1,585,600
Universal Display Corp.	7,212	1,245,152
		2,830,752
Electronic Equipment & Instruments - 2.5%
Chroma ATE, Inc.	1,086,415	5,932,492
Topcon Corp.	148,500	3,211,844
Trimble, Inc. (a)	195,470	7,943,901
		17,088,237
Electronic Manufacturing Services - 0.3%
AIC, Inc.	6,000	8,413
Merry Electronics Co. Ltd.	266,000	1,743,924
		1,752,337
Technology Distributors - 0.6%
Dell Technologies, Inc. (a)	55,200	4,486,656

TOTAL ELECTRONIC EQUIPMENT & COMPONENTS		26,157,982

Health Care Equipment & Supplies - 0.1%
Health Care Equipment - 0.0%
China Medical Technologies, Inc. sponsored ADR (a)(c)	300	0
Health Care Supplies - 0.1%
Hoya Corp.	17,100	854,127

TOTAL HEALTH CARE EQUIPMENT & SUPPLIES		854,127

Health Care Technology - 0.1%
Health Care Technology - 0.1%
athenahealth, Inc. (a)	6,600	878,064
Hotels, Restaurants & Leisure - 0.0%
Casinos & Gaming - 0.0%
Sea Ltd. ADR (b)	11,100	147,963
Hotels, Resorts & Cruise Lines - 0.0%
Tuniu Corp. Class A sponsored ADR (a)	17,300	132,691

TOTAL HOTELS, RESTAURANTS & LEISURE		280,654

Internet & Direct Marketing Retail - 2.3%
Internet & Direct Marketing Retail - 2.3%
Amazon.com, Inc. (a)	3,500	4,093,145
China Internet Plus Holdings Ltd. Class B (a)(c)(d)	141,569	791,238
Cogobuy Group (e)	56,000	29,746
JD.com, Inc. sponsored ADR (a)	8,100	335,502
Netflix, Inc. (a)	32,600	6,257,896
Vipshop Holdings Ltd. ADR (a)	352,759	4,134,335
		15,641,862
Internet Software & Services - 19.6%
Internet Software & Services - 19.6%
58.com, Inc. ADR (a)	24,740	1,770,642
Akamai Technologies, Inc. (a)	79,500	5,170,680
Alibaba Group Holding Ltd. sponsored ADR (a)	142,200	24,519,546
Alphabet, Inc.:
Class A (a)	25,300	26,651,020
Class C (a)	19,861	20,782,550
Apptio, Inc. Class A (a)	500	11,760
eGain Communications Corp. (a)	113,400	595,350
Endurance International Group Holdings, Inc. (a)	92,500	777,000
Facebook, Inc. Class A (a)	117,889	20,802,693
GoDaddy, Inc. (a)	63,100	3,172,668
LogMeIn, Inc.	56,817	6,505,547
NetEase, Inc. ADR	20,500	7,073,935
New Relic, Inc. (a)	16,800	970,536
Nutanix, Inc.:
Class A (a)	76,300	2,691,864
Class B (e)	6,397	225,686
Pandora Media, Inc. (a)(b)	31,300	150,866
SMS Co., Ltd.	98,400	3,100,244
Sogou, Inc. ADR (a)(b)	600	6,942
Tencent Holdings Ltd.	69,000	3,571,299
Twilio, Inc. Class A (a)	1,100	25,960
Wix.com Ltd. (a)	16,700	961,085
Xunlei Ltd. sponsored ADR (a)(b)	256,007	3,939,948
Yandex NV Series A (a)	64,700	2,118,925
		135,596,746
IT Services - 6.2%
Data Processing & Outsourced Services - 4.0%
Fidelity National Information Services, Inc.	25,600	2,408,704
Fiserv, Inc. (a)	8,000	1,049,040
FleetCor Technologies, Inc. (a)	29,800	5,734,414
Global Payments, Inc.	21,000	2,105,040
PayPal Holdings, Inc. (a)	150,000	11,043,000
Square, Inc. (a)	55,300	1,917,251
Total System Services, Inc.	12,200	964,898
WEX, Inc. (a)	19,200	2,711,616
		27,933,963
IT Consulting & Other Services - 2.2%
China Information Technology, Inc. (a)	42	62
Cognizant Technology Solutions Corp. Class A	171,400	12,172,828
CSRA, Inc.	12,300	368,016
DXC Technology Co.	28,600	2,714,140
		15,255,046

TOTAL IT SERVICES		43,189,009

Life Sciences Tools & Services - 0.0%
Life Sciences Tools & Services - 0.0%
JHL Biotech, Inc. (a)	94,814	194,952
Machinery - 1.0%
Industrial Machinery - 1.0%
HIWIN Technologies Corp.	100	1,085
Minebea Mitsumi, Inc.	346,948	7,276,132
		7,277,217
Media - 1.3%
Advertising - 0.0%
iCar Asia Ltd. (a)	439,097	68,521
iCar Asia Ltd. warrants 6/12/19 (a)	64,573	2,492
		71,013
Cable & Satellite - 1.1%
Naspers Ltd. Class N	26,700	7,447,298
Publishing - 0.2%
China Literature Ltd. (a)(e)	108,072	1,152,947

TOTAL MEDIA		8,671,258

Real Estate Management & Development - 0.1%
Real Estate Services - 0.1%
Relo Holdings Corp.	28,400	773,801
Semiconductors & Semiconductor Equipment - 22.5%
Semiconductor Equipment - 5.9%
ASM Pacific Technology Ltd.	714,622	9,960,813
ASML Holding NV	9,900	1,720,818
Entegris, Inc.	55,800	1,699,110
Experi Corp.	10,000	244,000
Ferrotec Holdings Corp.	97,700	1,994,320
GlobalWafers Co. Ltd.	598,400	8,017,798
KLA-Tencor Corp.	30,300	3,183,621
Lam Research Corp.	18,600	3,423,702
Screen Holdings Co. Ltd.	23,500	1,922,964
Siltronic AG (a)	15,000	2,183,127
Sino-American Silicon Products, Inc.	2,249,000	5,784,161
SolarEdge Technologies, Inc. (a)	10,600	398,030
STR Holdings, Inc. (a)	433	100
Veeco Instruments, Inc. (a)	7,115	105,658
		40,638,222
Semiconductors - 16.6%
Advanced Micro Devices, Inc. (a)(b)	466,000	4,790,480
ams AG	109,460	9,935,591
ASPEED Tech, Inc.	64,000	1,548,926
Broadcom Ltd.	13,100	3,365,390
Cavium, Inc. (a)	8,991	753,716
ChipMOS TECHNOLOGIES, Inc. sponsored ADR	26,964	475,915
Cree, Inc. (a)	163,100	6,057,534
Global Unichip Corp.	99,000	850,945
Himax Technologies, Inc. sponsored ADR (b)	756,400	7,881,688
Inphi Corp. (a)(b)	70,000	2,562,000
International Quantum Epitaxy PLC (a)(b)	1,282,500	2,372,247
M/A-COM Technology Solutions Holdings, Inc. (a)	161,800	5,264,972
Macronix International Co. Ltd. (a)	290	432
Marvell Technology Group Ltd.	121,600	2,610,752
Micron Technology, Inc. (a)	77,000	3,166,240
Monolithic Power Systems, Inc.	21,300	2,393,268
Nanya Technology Corp.	5,723,000	14,699,585
NVIDIA Corp.	110,500	21,381,750
Qualcomm, Inc.	325,150	20,816,103
Renesas Electronics Corp. (a)	40,400	470,781
Silergy Corp.	24,000	550,106
Silicon Laboratories, Inc. (a)	19,100	1,686,530
Silicon Motion Technology Corp. sponsored ADR (b)	26,200	1,387,552
Skyworks Solutions, Inc.	400	37,980
		115,060,483

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		155,698,705

Software - 23.6%
Application Software - 13.3%
Adobe Systems, Inc. (a)	42,400	7,430,176
Altair Engineering, Inc. Class A (a)	2,800	66,976
Aspen Technology, Inc. (a)	6,700	443,540
Autodesk, Inc. (a)	190,600	19,980,598
Callidus Software, Inc. (a)	58,526	1,676,770
Citrix Systems, Inc. (a)	138,400	12,179,200
Ellie Mae, Inc. (a)(b)	38,400	3,432,960
HubSpot, Inc. (a)	2,700	238,680
Kingdee International Software Group Co. Ltd. (a)	3,966,000	2,233,551
Parametric Technology Corp. (a)	187,600	11,400,452
SailPoint Technologies Holding, Inc. (a)	4,200	60,900
Salesforce.com, Inc. (a)	146,100	14,935,803
Snap, Inc. Class A (a)(b)	99,400	1,452,234
Ultimate Software Group, Inc. (a)	56,880	12,412,922
Workday, Inc. Class A (a)	21,400	2,177,236
Workiva, Inc. (a)	21,300	455,820
Zendesk, Inc. (a)	39,000	1,319,760
		91,897,578
Home Entertainment Software - 4.6%
Activision Blizzard, Inc.	129,100	8,174,612
Electronic Arts, Inc. (a)	116,900	12,281,514
Nintendo Co. Ltd.	17,800	6,409,720
Nintendo Co. Ltd. ADR	39,400	1,775,762
Take-Two Interactive Software, Inc. (a)	31,400	3,447,092
		32,088,700
Systems Software - 5.7%
Microsoft Corp.	369,000	31,564,260
Red Hat, Inc. (a)	23,900	2,870,390
Tableau Software, Inc. (a)(b)	69,900	4,837,080
		39,271,730

TOTAL SOFTWARE		163,258,008

Technology Hardware, Storage & Peripherals - 9.2%
Technology Hardware, Storage & Peripherals - 9.2%
Apple, Inc.	364,115	61,619,182
HP, Inc.	2,217	46,579
Primax Electronics Ltd.	680,000	1,810,766
		63,476,527
TOTAL COMMON STOCKS
(Cost $482,374,016)		673,402,667

Convertible Preferred Stocks - 1.0%
Food & Staples Retailing - 0.2%
Food Retail - 0.2%
Roofoods Ltd. Series F (c)(d)	4,211	1,488,886
Internet & Direct Marketing Retail - 0.6%
Internet & Direct Marketing Retail - 0.6%
China Internet Plus Holdings Ltd.:
Series A-11 (a)(c)(d)	259,152	1,448,416
Series B (a)(c)(d)	401,913	2,246,316
		3,694,732
Internet Software & Services - 0.2%
Internet Software & Services - 0.2%
Uber Technologies, Inc. Series D, 8.00% (a)(c)(d)	45,124	1,575,730
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $4,559,704)		6,759,348

Money Market Funds - 10.0%
Fidelity Cash Central Fund, 1.36% (f)	11,587,215	11,589,533
Fidelity Securities Lending Cash Central Fund 1.36% (f)(g)	57,991,047	58,002,645
TOTAL MONEY MARKET FUNDS
(Cost $69,586,379)		69,592,178
TOTAL INVESTMENT IN SECURITIES - 108.3%
(Cost $556,520,099)		749,754,193
NET OTHER ASSETS (LIABILITIES) - (8.3)%		(57,542,927)
NET ASSETS - 100%		$692,211,266

Legend

(a) Non-income producing

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

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,550,586 or 1.1% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,408,379 or 0.2% of net assets.

(f) 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.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
China Internet Plus Holdings Ltd. Class B	11/16/16	$398,984
China Internet Plus Holdings Ltd. Series A-11	1/26/15	$819,141
China Internet Plus Holdings Ltd. Series B	12/11/15	$1,551,666
Roofoods Ltd. Series F	9/12/17	$1,488,886
Uber Technologies, Inc. Series D, 8.00%	6/6/14	$700,011

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$132,336
Fidelity Securities Lending Cash Central Fund	355,900
Total	$488,236

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, 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	$673,402,667	$662,625,283	$9,986,146	$791,238
Convertible Preferred Stocks	6,759,348	--	--	6,759,348
Money Market Funds	69,592,178	69,592,178	--	--
Total Investments in Securities:	$749,754,193	$732,217,461	$9,986,146	$7,550,586

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

Investments in Securities:
Beginning Balance	$5,280,919
Total Realized Gain (Loss)	(126,982)
Total Unrealized Gain (Loss)	907,762
Cost of Purchases	1,488,887
Proceeds of Sales	--
Amortization/Accretion	--
Transfers in to Level 3	--
Transfers out of Level 3	--
Ending Balance	$7,550,586
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2017	$780,782

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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	72.4%
Cayman Islands	11.9%
Taiwan	6.1%
Japan	4.1%
Austria	1.4%
South Africa	1.1%
Others (Individually Less Than 1%)	3.0%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (including securities loaned of $56,047,192) — See accompanying schedule: Unaffiliated issuers (cost $486,933,720)	$680,162,015
Fidelity Central Funds (cost $69,586,379)	69,592,178
Total Investment in Securities (cost $556,520,099)		$749,754,193
Receivable for investments sold		4,119,133
Receivable for fund shares sold		431,334
Dividends receivable		69,824
Distributions receivable from Fidelity Central Funds		116,901
Prepaid expenses		2,713
Other receivables		5,088
Total assets		754,499,186
Liabilities
Payable for investments purchased	$243,712
Payable for fund shares redeemed	3,524,390
Accrued management fee	314,687
Other affiliated payables	96,030
Other payables and accrued expenses	115,411
Collateral on securities loaned	57,993,690
Total liabilities		62,287,920
Net Assets		$692,211,266
Net Assets consist of:
Paid in capital		$450,781,860
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		48,195,120
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		193,234,286
Net Assets		$692,211,266
Initial Class:
Net Asset Value, offering price and redemption price per share ($154,984,113 ÷ 8,410,615 shares)		$18.43
Investor Class:
Net Asset Value, offering price and redemption price per share ($537,227,153 ÷ 29,477,440 shares)		$18.23

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$3,411,457
Income from Fidelity Central Funds (including $355,900 from security lending)		488,236
Total income		3,899,693
Expenses
Management fee	$2,999,273
Transfer agent fees	705,735
Accounting and security lending fees	211,062
Custodian fees and expenses	65,361
Independent trustees' fees and expenses	11,700
Audit	57,144
Legal	8,898
Miscellaneous	35,355
Total expenses before reductions	4,094,528
Expense reductions	(35,537)	4,058,991
Net investment income (loss)		(159,298)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	71,009,101
Fidelity Central Funds	1,631
Foreign currency transactions	(78,873)
Total net realized gain (loss)		70,931,859
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	130,022,765
Fidelity Central Funds	5,416
Assets and liabilities in foreign currencies	141
Total change in net unrealized appreciation (depreciation)		130,028,322
Net gain (loss)		200,960,181
Net increase (decrease) in net assets resulting from operations		$200,800,883

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(159,298)	$310,107
Net realized gain (loss)	70,931,859	5,141,060
Change in net unrealized appreciation (depreciation)	130,028,322	22,503,610
Net increase (decrease) in net assets resulting from operations	200,800,883	27,954,777
Distributions to shareholders from net investment income	(61,212)	(251,567)
Distributions to shareholders from net realized gain	(26,317,179)	(9,124,552)
Total distributions	(26,378,391)	(9,376,119)
Share transactions - net increase (decrease)	187,963,500	(943,504)
Redemption fees	58,624	44,404
Total increase (decrease) in net assets	362,444,616	17,679,558
Net Assets
Beginning of period	329,766,650	312,087,092
End of period	$692,211,266	$329,766,650
Other Information
Undistributed net investment income end of period	$–	$63,220

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

Financial Highlights

VIP Technology Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.76	$11.91	$11.83	$12.43	$10.33
Income from Investment Operations
Net investment income (loss)^A	.01	.02	.02	.01	.01
Net realized and unrealized gain (loss)	6.41	1.22	.71	1.38	2.78
Total from investment operations	6.42	1.24	.73	1.39	2.79
Distributions from net investment income	–^B	(.02)	(.02)	(.01)	(.02)
Distributions from net realized gain	(.75)	(.37)	(.63)	(1.98)	(.67)
Total distributions	(.75)	(.39)	(.65)	(1.99)	(.69)
Redemption fees added to paid in capital^A,^B	–	–	–	–	–
Net asset value, end of period	$18.43	$12.76	$11.91	$11.83	$12.43
Total Return^C,^D	50.78%	11.37%	6.27%	11.91%	27.81%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.68%	.70%	.69%	.70%	.73%
Expenses net of fee waivers, if any	.68%	.70%	.69%	.69%	.72%
Expenses net of all reductions	.67%	.69%	.68%	.69%	.72%
Net investment income (loss)	.03%	.17%	.16%	.13%	.10%
Supplemental Data
Net assets, end of period (000 omitted)	$154,984	$75,480	$70,596	$69,964	$61,534
Portfolio turnover rate^G	68%	67%	68%	67%	113%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Technology Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.63	$11.79	$11.73	$12.34	$10.26
Income from Investment Operations
Net investment income (loss)^A	(.01)	.01	.01	.01	–^B
Net realized and unrealized gain (loss)	6.35	1.21	.69	1.36	2.76
Total from investment operations	6.34	1.22	.70	1.37	2.76
Distributions from net investment income	–^B	(.01)	(.01)	(.01)	(.01)
Distributions from net realized gain	(.74)	(.37)	(.63)	(1.98)	(.67)
Total distributions	(.74)	(.38)	(.64)	(1.98)^C	(.68)
Redemption fees added to paid in capital^A,^B	–	–	–	–	–
Net asset value, end of period	$18.23	$12.63	$11.79	$11.73	$12.34
Total Return^D,^E	50.67%	11.34%	6.08%	11.86%	27.73%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.76%	.78%	.77%	.78%	.81%
Expenses net of fee waivers, if any	.76%	.78%	.77%	.77%	.80%
Expenses net of all reductions	.75%	.77%	.76%	.77%	.80%
Net investment income (loss)	(.05)%	.09%	.08%	.05%	.02%
Supplemental Data
Net assets, end of period (000 omitted)	$537,227	$254,287	$241,491	$180,147	$120,666
Portfolio turnover rate^H	68%	67%	68%	67%	113%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

^C Total distributions of $1.98 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $1.977 per share.

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

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

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Technology Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor 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, Exchange-Traded Funds (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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

Asset Type	Fair Value	Valuation Technique (s)	Unobservable Input	Amount or Range / Weighted Average	Impact to Valuation from an Increase in Input^(a)
Equities	$7,550,586	Market approach	Transaction price	$5.59 - $353.57 / $74.54	Increase
		Recovery value	Recovery value	0.0%	Increase

(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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, 2017, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 includes proceeds received from litigation. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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. 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, 2017, 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 dividends 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) 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	$200,526,787
Gross unrealized depreciation	(8,759,462)
Net unrealized appreciation (depreciation)	$191,767,325
Tax Cost	$557,986,868

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

Undistributed ordinary income	$13,598,939
Undistributed long-term capital gain	$36,062,949
Net unrealized appreciation (depreciation) on securities and other investments	$191,767,517

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$22,081,207	$ 330,385
Long-term Capital Gains	4,297,184	9,045,734
Total	$26,378,391	$ 9,376,119

Trading (Redemption) Fees. Shares held by investors less than 60 days may be subject to a redemption fee equal to 1% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $511,464,463 and $364,701,662, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity SelectCo, 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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by Fidelity Management & Research Company (FMR) and the investment adviser. 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 .54% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (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, equal to an annual rate of class-level average net assets. The annual rate for Investor Class is .15% and the annual rate for all other classes is .07%. For the period, transfer agent fees for each class were as follows:

Initial Class	$84,730
Investor Class	621,005
	$705,735

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $12,014 for the period.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,453 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less 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.

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, these credits reduced the Fund's custody expenses by $216.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,386.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$18,359	$88,680
Investor Class	42,853	162,887
Total	$61,212	$251,567
From net realized gain
Initial Class	$5,924,655	$2,064,829
Investor Class	20,392,524	7,059,723
Total	$26,317,179	$9,124,552

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	3,603,124	2,212,158	$57,019,389	$27,807,461
Reinvestment of distributions	338,642	220,170	5,943,014	2,153,509
Shares redeemed	(1,447,039)	(2,445,002)	(24,749,490)	(29,362,382)
Net increase (decrease)	2,494,727	(12,674)	$38,212,913	$598,588
Investor Class
Shares sold	11,306,903	3,963,774	$182,711,660	$48,389,591
Reinvestment of distributions	1,177,657	748,863	20,435,377	7,222,610
Shares redeemed	(3,143,809)	(5,052,835)	(53,396,450)	(57,154,293)
Net increase (decrease)	9,340,751	(340,198)	$149,750,587	$(1,542,092)

11. Other.

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

At the end of the period, the investment adviser or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Technology Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 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, 2017 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.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 14, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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. Each of the Trustees oversees 91 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. Brian B. Hogan is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman 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 Chairman, 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 Chairman 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. Michael E. Wiley serves as Chairman of the Independent Trustees 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 sector portfolios. Other Boards oversee Fidelity's equity and high income funds, and Fidelity's investment grade bond, money market, and asset allocation funds. 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 SelectCo 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 SelectCo, 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 and Audit Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), SelectCo's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate. 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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman of the Board of Trustees

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager. Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan.

* 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 SelectCo.

+ 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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Mr. Rosow also serves as Trustee of other Fidelity^® funds. Prior to his retirement in 2006, Mr. Rosow was the Chief Executive Officer, owner and operator of a number of private companies, which encompassed the oil refining, drilling and marketing of petroleum products (including specialty petroleum products), recreation industry, and real estate development. Mr. Rosow currently serves as a Director of Oxbow Carbon LLC (upgraders, marketers, and distributors of petroleum byproducts of the oil refining process, 2015-present) and Oxbridge Academy of the Palm Beaches (2015-present) and serves as its President and CEO. Previously, Mr. Rosow served on the Fairfield Country Day School Board for 27 years, including as its President for 3 years, stepping down in 2006. Mr. Rosow served as Lead Director and Chairman of the Audit Committee of Hudson United Bancorp (1996-2006), Chairman of the Board of Westport Bank and Trust (1992-1996), and as a Director of TD Banknorth (2006-2007). In addition, Mr. Rosow served as a member (2008-2014) and President (2009-2014) of the Town Council of Palm Beach, Florida. Mr. Rosow also served as a Member of the Advisory Board of certain Fidelity^® funds (2012-2013).

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity^® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Wiley also serves as Trustee of other Fidelity^® funds. Mr. Wiley serves as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-present), a Director of Andeavor Logistics LP (natural resources logistics, 2015-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Trustee of other Fidelity^® funds (2008-2013), as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

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. Except for Anthony R. Rochte, correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Correspondence intended for Mr. Rochte may be sent to Fidelity SelectCo, LLC (SelectCo), 1225 17th Street, Denver, Colorado 80202-5541. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Mr. Donahue also serves as a Trustee or Member of the Advisory Board of other Fidelity^® funds. Mr. Donahue is 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 serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity^® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity^® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Mr. DeSantis also serves as Vice President of other funds. Mr. DeSantis serves as a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), Chief Investment Officer, Equities (2010-present) and is an employee of Fidelity Investments.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Mr. Gryglewicz also serves as Chief Compliance Officer of other funds. Mr. Gryglewicz serves as Compliance Officer of Strategic Advisers, Inc. (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present), Senior Vice President of Asset Management Compliance (2009-present), and is an employee of Fidelity Investments (2004-present).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan.

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Mr. Rochte also serves as Vice President of other funds. Mr. Rochte serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2012-present) and is an employee of Fidelity Investments (2012-present). Prior to joining Fidelity Investments, Mr. Rochte served as Senior Managing Director and head of State Street Global Advisors' North American Intermediary Business Group (2006-2012).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.68%
Actual		$1,000.00	$1,176.30	$3.73
Hypothetical-^C		$1,000.00	$1,021.78	$3.47
Investor Class	.76%
Actual		$1,000.00	$1,175.80	$4.17
Hypothetical-^C		$1,000.00	$1,021.37	$3.87

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Technology Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
VIP Technology Portfolio
Initial Class	02/09/2018	02/09/2018	$1.304
Investor Class	02/09/2018	02/09/2018	$1.302

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $36,072,202, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class designates 43%, and 9%; Investor Class designates 52%, and 9% of the dividends distributed in February and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Proxy Voting Results

A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
James C. Curvey
Affirmative	3,005,845,657.89	94.803
Withheld	164,788,708.80	5.197
TOTAL	3,170,634,366.69	100.000
Dennis J. Dirks
Affirmative	3,025,050,303.47	95.409
Withheld	145,584,063.22	4.591
TOTAL	3,170,634,366.69	100.000
Donald F. Donahue
Affirmative	3,024,923,660.98	95.405
Withheld	145,710,705.71	4.595
TOTAL	3,170,634,366.69	100.000
Alan J. Lacy
Affirmative	3,024,272,946.71	95.384
Withheld	146,361,419.98	4.616
TOTAL	3,170,634,366.69	100.00
Ned C. Lautenbach
Affirmative	3,011,847,006.14	94.992
Withheld	158,787,360.55	5.008
TOTAL	3,170,634,366.69	100.000
Joseph Mauriello
Affirmative	3,021,074,746.00	95.283
Withheld	149,559,620.69	4.717
TOTAL	3,170,634,366.69	100.000
Charles S. Morrison
Affirmative	3,025,083,795.43	95.410
Withheld	145,550,571.26	4.590
TOTAL	3,170,634,366.69	100.000
Cornelia M. Small
Affirmative	3,016,566,905.34	95.141
Withheld	154,067,461.35	4.859
TOTAL	3,170,634,366.69	100.000
Garnett A. Smith
Affirmative	3,014,927,605.85	95.090
Withheld	155,706,760.84	4.910
TOTAL	3,170,634,366.69	100.000
David M. Thomas
Affirmative	3,025,900,428.75	95.436
Withheld	144,733,937.94	4.564
TOTAL	3,170,634,366.69	100.000
Michael E. Wiley
Affirmative	3,023,436,110.39	95.358
Withheld	147,198,256.30	4.642
TOTAL	3,170,634,366.69	100.000

PROPOSAL 2

To eliminate a fundamental investment policy.

	# of Votes	% of Votes
Affirmative	528,991,647.48	82.654
Against	65,007,609.51	10.158
Abstain	46,009,769.38	7.188
TOTAL	640,009,026.37	100.000

PROPOSAL 3

To modify the fund's fundamental concentration policy.

	# of Votes	% of Votes
Affirmative	548,213,949.11	85.658
Against	50,318,460.15	7.862
Abstain	41,476,617.11	6.480
TOTAL	640,009,026.37	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

VTECIC-ANN-0218
1.817385.112

Fidelity® Variable Insurance Products:

Energy Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	(2.47)%	2.46%	(0.94)%
Service Class 2	(2.78)%	2.19%	(1.19)%
Investor Class	(2.57)%	2.38%	(1.03)%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Energy Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$9,095	VIP Energy Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager John Dowd: For the year, the fund’s share classes returned about -2% to -3%, roughly in line with the -2.33% return of the MSCI U.S. IMI Energy 25/50 Index and significantly trailing the broad-market S&P 500^® index. Versus the MSCI sector index, notable contributors included Portfolio Manager John Dowd’s stock picks in the three largest industry groups – integrated oil & gas, oil & gas exploration & production (E&P), and oil & gas equipment & services. Conversely, industry positioning detracted from relative results, especially an overweighting in lagging E&Ps and an underweighting in better-performing integrated oil & gas companies. Among individual stocks, our largest individual relative detractor was the fund's sizable underexposure to integrated oil & gas company Chevron, which performed well due to the completion of several projects and recognition for its capital-spending discipline. Chevron was among our biggest holdings on an absolute basis, but our position was roughly half of the 14% it represented in the sector index the past year. The fund’s largest contributor was a sizable stake in E&P Diamondback Energy, which was rewarded largely for reporting surprisingly strong earnings. Picks in oil & gas storage & transportation and an out-of-benchmark stake in the commodity chemicals industry also helped the fund's relative result. The fund's second-biggest individual contributor was an underweighting in offshore oil-services provider Schlumberger, which declined in large part due to the company's sizable exposure to international drillers, which were generally viewed as more cash-constrained than some U.S. shale-focused competitors.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
EOG Resources, Inc.	7.4
Chevron Corp.	6.9
Diamondback Energy, Inc.	6.0
Halliburton Co.	5.6
Exxon Mobil Corp.	4.4
Pioneer Natural Resources Co.	4.4
Phillips 66 Co.	3.4
Encana Corp.	3.1
RSP Permian, Inc.	3.0
Devon Energy Corp.	2.6
	46.8

Top Industries (% of fund's net assets)

As of December 31, 2017
	Oil, Gas & Consumable Fuels	81.1%
	Energy Equipment & Services	14.8%
	Chemicals	1.9%
	Machinery	0.5%
	Gas Utilities	0.5%
	All Others*	1.2%

* Includes short-term investments and net other assets (liabilities).

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value
Chemicals - 1.9%
Commodity Chemicals - 1.9%
LG Chemical Ltd.	2,136	$810,474
LyondellBasell Industries NV Class A	43,100	4,754,792
		5,565,266
Energy Equipment & Services - 14.8%
Oil & Gas Drilling - 2.2%
Nabors Industries Ltd.	343,412	2,345,504
Odfjell Drilling Ltd. (a)	203,250	903,542
Shelf Drilling Ltd. (b)	266,300	2,108,189
Trinidad Drilling Ltd. (a)	287,900	389,364
Xtreme Drilling & Coil Services Corp. (a)	317,600	568,496
		6,315,095
Oil & Gas Equipment & Services - 12.6%
Baker Hughes, a GE Co. Class A	174,400	5,518,016
C&J Energy Services, Inc.	15,000	502,050
Dril-Quip, Inc. (a)	46,144	2,201,069
Frank's International NV	123,500	821,275
Halliburton Co.	335,400	16,390,998
NCS Multistage Holdings, Inc.	86,300	1,272,062
Newpark Resources, Inc. (a)	242,400	2,084,640
Oceaneering International, Inc.	80,149	1,694,350
RigNet, Inc. (a)	86,200	1,288,690
Schlumberger Ltd.	62,509	4,212,482
Smart Sand, Inc. (a)(c)	35,500	307,430
TETRA Technologies, Inc. (a)	134,800	575,596
Total Energy Services, Inc.	13,800	163,141
		37,031,799

TOTAL ENERGY EQUIPMENT & SERVICES		43,346,894

Gas Utilities - 0.5%
Gas Utilities - 0.5%
Indraprastha Gas Ltd.	269,645	1,418,339
Machinery - 0.5%
Industrial Machinery - 0.5%
ProPetro Holding Corp.	82,200	1,657,152
Oil, Gas & Consumable Fuels - 81.1%
Integrated Oil & Gas - 14.5%
Chevron Corp.	160,531	20,096,876
Exxon Mobil Corp.	155,748	13,026,763
Occidental Petroleum Corp.	78,800	5,804,408
Suncor Energy, Inc.	93,100	3,418,111
		42,346,158
Oil & Gas Exploration & Production - 51.7%
Anadarko Petroleum Corp.	70,734	3,794,172
Cabot Oil & Gas Corp.	215,600	6,166,160
Callon Petroleum Co. (a)(c)	366,500	4,452,975
Centennial Resource Development, Inc.:
Class A (a)	14,400	285,120
Class A (a)	118,600	2,348,280
Cimarex Energy Co.	57,787	7,050,592
Concho Resources, Inc. (a)	41,400	6,219,108
ConocoPhillips Co.	52,800	2,898,192
Continental Resources, Inc. (a)	130,100	6,891,397
Devon Energy Corp.	187,200	7,750,080
Diamondback Energy, Inc. (a)	138,500	17,485,625
Encana Corp.	685,400	9,144,119
EOG Resources, Inc.	199,542	21,532,578
Extraction Oil & Gas, Inc. (a)(c)	159,995	2,289,528
Hess Corp.	35,400	1,680,438
Jagged Peak Energy, Inc. (c)	21,800	344,004
Lilis Energy, Inc. (a)(c)	91,369	466,896
Marathon Oil Corp.	64,200	1,086,906
Murphy Oil Corp.	24,300	754,515
Newfield Exploration Co. (a)	199,700	6,296,541
Parsley Energy, Inc. Class A (a)	258,430	7,608,179
PDC Energy, Inc. (a)	64,434	3,320,928
Pioneer Natural Resources Co.	74,465	12,871,275
PrairieSky Royalty Ltd.	27,000	688,640
Range Resources Corp.	27,900	475,974
Ring Energy, Inc. (a)	79,900	1,110,610
RSP Permian, Inc. (a)	219,300	8,921,124
Viper Energy Partners LP	168,200	3,924,106
WPX Energy, Inc. (a)	250,800	3,528,756
		151,386,818
Oil & Gas Refining & Marketing - 7.3%
Andeavor	23,900	2,732,726
Delek U.S. Holdings, Inc.	200,977	7,022,136
Phillips 66 Co.	97,462	9,858,281
Reliance Industries Ltd.	124,886	1,801,790
		21,414,933
Oil & Gas Storage & Transport - 7.6%
Cheniere Energy, Inc. (a)	49,900	2,686,616
Enterprise Products Partners LP	118,600	3,144,086
GasLog Partners LP	36,900	913,275
Gener8 Maritime, Inc. (a)	346,286	2,292,413
Golar LNG Ltd. (c)	62,200	1,854,182
Noble Midstream Partners LP	38,800	1,940,000
Noble Midstream Partners LP (d)	14,739	736,950
Plains GP Holdings LP Class A	28,200	618,990
Teekay LNG Partners LP	20,900	421,135
The Williams Companies, Inc.	253,700	7,735,313
		22,342,960

TOTAL OIL, GAS & CONSUMABLE FUELS		237,490,869

Semiconductors & Semiconductor Equipment - 0.2%
Semiconductor Equipment - 0.2%
SolarEdge Technologies, Inc. (a)	18,400	690,920
TOTAL COMMON STOCKS
(Cost $235,685,005)		290,169,440

Money Market Funds - 2.8%
Fidelity Cash Central Fund, 1.36% (e)	3,721,112	3,721,856
Fidelity Securities Lending Cash Central Fund 1.36% (e)(f)	4,371,363	4,372,238
TOTAL MONEY MARKET FUNDS
(Cost $8,093,656)		8,094,094
TOTAL INVESTMENT IN SECURITIES - 101.8%
(Cost $243,778,661)		298,263,534
NET OTHER ASSETS (LIABILITIES) - (1.8)%		(5,338,026)
NET ASSETS - 100%		$292,925,508

Legend

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,108,189 or 0.7% of net assets.

(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
Noble Midstream Partners LP	6/21/17	$596,193

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$17,482
Fidelity Securities Lending Cash Central Fund	49,366
Total	$66,848

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	86.7%
Canada	5.0%
Netherlands	1.9%
Bermuda	1.7%
Curacao	1.4%
Marshall Islands	1.2%
India	1.1%
Others (Individually Less Than 1%)	1.0%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (including securities loaned of $4,208,203) — See accompanying schedule: Unaffiliated issuers (cost $235,685,005)	$290,169,440
Fidelity Central Funds (cost $8,093,656)	8,094,094
Total Investment in Securities (cost $243,778,661)		$298,263,534
Cash		62,040
Foreign currency held at value (cost $284,636)		288,269
Receivable for fund shares sold		77,074
Dividends receivable		124,919
Distributions receivable from Fidelity Central Funds		4,173
Prepaid expenses		1,276
Other receivables		4,088
Total assets		298,825,373
Liabilities
Payable for fund shares redeemed	$1,201,260
Accrued management fee	126,044
Distribution and service plan fees payable	25,414
Other affiliated payables	32,286
Other payables and accrued expenses	144,715
Collateral on securities loaned	4,370,146
Total liabilities		5,899,865
Net Assets		$292,925,508
Net Assets consist of:
Paid in capital		$299,262,734
Undistributed net investment income		175,240
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(60,906,225)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		54,393,759
Net Assets		$292,925,508
Initial Class:
Net Asset Value, offering price and redemption price per share ($43,632,906 ÷ 2,197,444 shares)		$19.86
Service Class 2:
Net Asset Value, offering price and redemption price per share ($128,346,158 ÷ 6,497,520 shares)		$19.75
Investor Class:
Net Asset Value, offering price and redemption price per share ($120,946,444 ÷ 6,103,593 shares)		$19.82

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$3,787,829
Special dividends		3,297,000
Income from Fidelity Central Funds		66,848
Total income		7,151,677
Expenses
Management fee	$1,624,621
Transfer agent fees	299,788
Distribution and service plan fees	311,536
Accounting and security lending fees	117,306
Custodian fees and expenses	24,107
Independent trustees' fees and expenses	7,066
Audit	46,238
Legal	6,131
Miscellaneous	17,256
Total expenses before reductions	2,454,049
Expense reductions	(31,460)	2,422,589
Net investment income (loss)		4,729,088
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $10,879)	882,644
Fidelity Central Funds	1,296
Foreign currency transactions	(6,748)
Total net realized gain (loss)		877,192
Change in net unrealized appreciation (depreciation) on:
Unaffiliated issuers (net of increase in deferred foreign taxes of $88,476)	(21,652,741)
Fidelity Central Funds	(322)
Assets and liabilities in foreign currencies	4,564
Total change in net unrealized appreciation (depreciation)		(21,648,499)
Net gain (loss)		(20,771,307)
Net increase (decrease) in net assets resulting from operations		$(16,042,219)

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$4,729,088	$1,701,182
Net realized gain (loss)	877,192	(19,348,956)
Change in net unrealized appreciation (depreciation)	(21,648,499)	103,566,867
Net increase (decrease) in net assets resulting from operations	(16,042,219)	85,919,093
Distributions to shareholders from net investment income	(4,314,006)	(1,879,963)
Distributions to shareholders from net realized gain	(148,102)	–
Total distributions	(4,462,108)	(1,879,963)
Share transactions - net increase (decrease)	(63,570,468)	50,287,637
Redemption fees	66,399	52,216
Total increase (decrease) in net assets	(84,008,396)	134,378,983
Net Assets
Beginning of period	376,933,904	242,554,921
End of period	$292,925,508	$376,933,904
Other Information
Undistributed net investment income end of period	$175,240	$–
Distributions in excess of net investment income end of period	$–	$(121,713)

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

Financial Highlights

VIP Energy Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$20.72	$15.57	$20.45	$23.95	$19.53
Income from Investment Operations
Net investment income (loss)^A	.32^B	.13	.24	.22	.20
Net realized and unrealized gain (loss)	(.85)	5.14	(4.30)	(3.23)	4.58
Total from investment operations	(.53)	5.27	(4.06)	(3.01)	4.78
Distributions from net investment income	(.32)	(.12)	(.23)	(.23)	(.22)
Distributions from net realized gain	(.01)	–	(.60)	(.28)	(.14)
Total distributions	(.33)	(.12)	(.83)	(.50)^C	(.36)
Redemption fees added to paid in capital^A	–^D	–^D	.01	.01	–^D
Net asset value, end of period	$19.86	$20.72	$15.57	$20.45	$23.95
Total Return^E,^F	(2.47)%	33.84%	(20.54)%	(12.59)%	24.55%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.69%	.68%	.68%	.68%	.70%
Expenses net of fee waivers, if any	.68%	.68%	.68%	.67%	.69%
Expenses net of all reductions	.67%	.67%	.67%	.67%	.69%
Net investment income (loss)	1.73%^B	.71%	1.25%	.91%	.88%
Supplemental Data
Net assets, end of period (000 omitted)	$43,633	$63,955	$46,360	$70,828	$94,202
Portfolio turnover rate^I	66%	87%	70%	99%	90%

^A Calculated based on average shares outstanding during the period.

^B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .62%.

^C Total distributions of $.50 per share is comprised of distributions from net investment income of $.227 and distributions from net realized gain of $.273 per share.

^D Amount represents less than $.005 per share.

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

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

^G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Energy Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$20.62	$15.51	$20.37	$23.83	$19.44
Income from Investment Operations
Net investment income (loss)^A	.27^B	.08	.19	.16	.14
Net realized and unrealized gain (loss)	(.86)	5.12	(4.28)	(3.19)	4.55
Total from investment operations	(.59)	5.20	(4.09)	(3.03)	4.69
Distributions from net investment income	(.27)	(.09)	(.18)	(.16)	(.16)
Distributions from net realized gain	(.01)	–	(.60)	(.28)	(.14)
Total distributions	(.28)	(.09)	(.78)	(.44)	(.30)
Redemption fees added to paid in capital^A	–^C	–^C	.01	.01	–^C
Net asset value, end of period	$19.75	$20.62	$15.51	$20.37	$23.83
Total Return^D,^E	(2.78)%	33.51%	(20.75)%	(12.76)%	24.21%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.94%	.93%	.93%	.93%	.94%
Expenses net of fee waivers, if any	.93%	.93%	.93%	.92%	.94%
Expenses net of all reductions	.93%	.92%	.92%	.92%	.94%
Net investment income (loss)	1.48%^B	.47%	1.00%	.66%	.64%
Supplemental Data
Net assets, end of period (000 omitted)	$128,346	$150,744	$97,286	$116,228	$130,100
Portfolio turnover rate^H	66%	87%	70%	99%	90%

^A Calculated based on average shares outstanding during the period.

^B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.20 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .37%.

^C Amount represents less than $.005 per share.

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

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

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Energy Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$20.68	$15.55	$20.42	$23.90	$19.49
Income from Investment Operations
Net investment income (loss)^A	.30^B	.11	.22	.20	.18
Net realized and unrealized gain (loss)	(.85)	5.13	(4.29)	(3.21)	4.57
Total from investment operations	(.55)	5.24	(4.07)	(3.01)	4.75
Distributions from net investment income	(.30)	(.11)	(.22)	(.20)	(.20)
Distributions from net realized gain	(.01)	–	(.60)	(.28)	(.14)
Total distributions	(.31)	(.11)	(.81)^C	(.48)	(.34)
Redemption fees added to paid in capital^A	–^D	–^D	.01	.01	–^D
Net asset value, end of period	$19.82	$20.68	$15.55	$20.42	$23.90
Total Return^E,^F	(2.57)%	33.70%	(20.58)%	(12.65)%	24.45%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.77%	.76%	.76%	.76%	.78%
Expenses net of fee waivers, if any	.77%	.76%	.76%	.75%	.77%
Expenses net of all reductions	.76%	.75%	.75%	.75%	.77%
Net investment income (loss)	1.65%^B	.63%	1.17%	.83%	.80%
Supplemental Data
Net assets, end of period (000 omitted)	$120,946	$162,235	$98,909	$101,214	$108,077
Portfolio turnover rate^I	66%	87%	70%	99%	90%

^A Calculated based on average shares outstanding during the period.

^C Total distributions of $.81 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.599 per share.

^D Amount represents less than $.005 per share.

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

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

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Energy 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.

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 – 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.

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 includes proceeds received from litigation. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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	$66,025,116
Gross unrealized depreciation	(12,832,728)
Net unrealized appreciation (depreciation)	$53,192,388
Tax Cost	$245,071,146

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

Undistributed ordinary income	$592,599
Capital loss carryforward	$(59,708,562)
Net unrealized appreciation (depreciation) on securities and other investments	$52,873,563

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration
Short-term	$(39,230,248)
Long-term	(20,478,314)
Total capital loss carryforward	$(59,708,562)

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$4,462,108	$ 1,879,963

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $196,583,156 and $257,062,037, respectively.

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 Corporation (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 $311,536.

Initial Class	$30,687
Service Class 2	82,154
Investor Class	186,947
	$299,788

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,028 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $27,697 for the period. In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,763.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$704,300	$368,235
Service Class 2	1,745,376	643,085
Investor Class	1,864,330	868,643
Total	$4,314,006	$1,879,963
From net realized gain
Initial Class	$21,984	$–
Service Class 2	64,405	–
Investor Class	61,713	–
Total	$148,102	$–

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	152,915	637,783	$2,910,797	$11,858,299
Reinvestment of distributions	38,684	17,560	726,283	368,235
Shares redeemed	(1,080,413)	(546,131)	(20,415,649)	(9,245,983)
Net increase (decrease)	(888,814)	109,212	$(16,778,569)	$2,980,551
Service Class 2
Shares sold	752,096	1,872,653	$14,010,538	$33,298,327
Reinvestment of distributions	97,091	30,829	1,809,781	643,085
Shares redeemed	(1,663,105)	(865,169)	(30,744,171)	(15,123,742)
Net increase (decrease)	(813,918)	1,038,313	$(14,923,852)	$18,817,670
Investor Class
Shares sold	912,948	2,479,480	$17,075,657	$45,760,835
Reinvestment of distributions	102,856	41,502	1,926,043	868,643
Shares redeemed	(2,757,527)	(1,037,998)	(50,869,747)	(18,140,062)
Net increase (decrease)	(1,741,723)	1,482,984	$(31,868,047)	$28,489,416

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 56% of the total outstanding shares of the Fund and one otherwise unaffiliated shareholder was the owner of record of 38% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Energy Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 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, 2017 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 14, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman of the Board of Trustees

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

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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.69%
Actual		$1,000.00	$1,179.20	$3.79
Hypothetical-^C		$1,000.00	$1,021.73	$3.52
Service Class 2	.94%
Actual		$1,000.00	$1,177.20	$5.16
Hypothetical-^C		$1,000.00	$1,020.47	$4.79
Investor Class	.77%
Actual		$1,000.00	$1,178.80	$4.23
Hypothetical-^C		$1,000.00	$1,021.32	$3.92

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

Initial Class, Service Class 2 and Investor Class designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
James C. Curvey
Affirmative	3,005,845,657.89	94.803
Withheld	164,788,708.80	5.197
TOTAL	3,170,634,366.69	100.000
Dennis J. Dirks
Affirmative	3,025,050,303.47	95.409
Withheld	145,584,063.22	4.591
TOTAL	3,170,634,366.69	100.000
Donald F. Donahue
Affirmative	3,024,923,660.98	95.405
Withheld	145,710,705.71	4.595
TOTAL	3,170,634,366.69	100.000
Alan J. Lacy
Affirmative	3,024,272,946.71	95.384
Withheld	146,361,419.98	4.616
TOTAL	3,170,634,366.69	100.00
Ned C. Lautenbach
Affirmative	3,011,847,006.14	94.992
Withheld	158,787,360.55	5.008
TOTAL	3,170,634,366.69	100.000
Joseph Mauriello
Affirmative	3,021,074,746.00	95.283
Withheld	149,559,620.69	4.717
TOTAL	3,170,634,366.69	100.000
Charles S. Morrison
Affirmative	3,025,083,795.43	95.410
Withheld	145,550,571.26	4.590
TOTAL	3,170,634,366.69	100.000
Cornelia M. Small
Affirmative	3,016,566,905.34	95.141
Withheld	154,067,461.35	4.859
TOTAL	3,170,634,366.69	100.000
Garnett A. Smith
Affirmative	3,014,927,605.85	95.090
Withheld	155,706,760.84	4.910
TOTAL	3,170,634,366.69	100.000
David M. Thomas
Affirmative	3,025,900,428.75	95.436
Withheld	144,733,937.94	4.564
TOTAL	3,170,634,366.69	100.000
Michael E. Wiley
Affirmative	3,023,436,110.39	95.358
Withheld	147,198,256.30	4.642
TOTAL	3,170,634,366.69	100.000

PROPOSAL 2

To eliminate a fundamental investment policy.

	# of Votes	% of Votes
Affirmative	219,209,160.07	79.707
Against	24,192,657.45	8.797
Abstain	31,616,955.45	11.496
TOTAL	275,018,772.97	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

VNRIC-ANN-0218
1.817379.112

Fidelity® Variable Insurance Products:

Health Care Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	25.05%	19.83%	13.05%
Investor Class	24.97%	19.72%	12.96%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Health Care Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$34,103	VIP Health Care Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Eddie Yoon: For the year, the fund's share classes gained about 25%, outpacing the 23.44% result of the MSCI U.S. IMI Health Care 25/50 Index, as well as the broad-market S&P 500^® index. In general, health care companies enjoyed solid balance sheets, fair valuations and rising demand for their products and services the past year. Versus the MSCI sector index, the fund benefited from a combination of owning more-opportunistic stocks and avoiding some more-defensive index names. Security selection in the biotechnology industry was by far the most helpful. A large overweighting in Vertex Pharmaceuticals was the top individual relative contributor by a wide margin, as our position rose 103%, with notable jumps in March and July following news of positive trial results for its combination therapies. Largely avoiding Merck and Celgene also helped relative results, as both stocks lost ground the past year. Merck shares declined along with other large-cap, more-defensive names, while Celgene took an October tumble amid a flurry of negative news, including the announcement that the company would cease trials for its candidate compound to treat Crohn’s disease. Neither was held at year-end. I'll also note that the fund's foreign holdings contributed overall, aided in part by a broadly weaker U.S. dollar. Conversely, our large overweighting in Allergan was the biggest detractor by a wide margin, as shares of the drugmaker returned about -21% amid the firm’s legal battle related to intellectual property. In October, Allergan lost the patent lawsuit, potentially opening the door for early generic competition for one of its drugs. Relative performance was hurt by avoiding index component AbbVie (+60%), which made a strong advance in early September when the company secured surprise patent protection for its rheumatoid arthritis blockbuster, and had favorable clinical results.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
UnitedHealth Group, Inc.	8.4
Amgen, Inc.	7.4
Becton, Dickinson & Co.	6.3
Boston Scientific Corp.	4.5
Cigna Corp.	4.3
Humana, Inc.	4.0
Biogen, Inc.	3.6
Bristol-Myers Squibb Co.	3.2
Cerner Corp.	2.5
Allergan PLC	2.5
	46.7

Top Industries (% of fund's net assets)

As of December 31, 2017
	Biotechnology	32.8%
	Health Care Providers & Services	22.0%
	Health Care Equipment & Supplies	21.5%
	Pharmaceuticals	15.8%
	Health Care Technology	3.6%
	All Others*	4.3%

* Includes short-term investments and net other assets (liabilities).

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares	Value
Biotechnology - 32.6%
Biotechnology - 32.6%
Abeona Therapeutics, Inc. (a)(b)	130,000	$2,060,500
Ablynx NV (a)(b)	260,000	6,463,832
Ablynx NV sponsored ADR	32,100	802,179
AC Immune SA (a)(b)	116,000	1,484,800
Acceleron Pharma, Inc. (a)	80,000	3,395,200
Acorda Therapeutics, Inc. (a)	100,000	2,145,000
Alexion Pharmaceuticals, Inc. (a)	90,000	10,763,100
Alnylam Pharmaceuticals, Inc. (a)	72,900	9,261,945
Amgen, Inc.	306,000	53,213,400
Amicus Therapeutics, Inc. (a)	180,000	2,590,200
AnaptysBio, Inc.	70,000	7,050,400
Argenx SE ADR	22,100	1,395,394
Ascendis Pharma A/S sponsored ADR (a)	85,700	3,433,142
Audentes Therapeutics, Inc. (a)	66,700	2,084,375
BeiGene Ltd. ADR (a)	43,600	4,260,592
Biogen, Inc. (a)	80,000	25,485,600
BioMarin Pharmaceutical, Inc. (a)	66,000	5,885,220
bluebird bio, Inc. (a)	26,700	4,755,270
Blueprint Medicines Corp. (a)	97,400	7,344,934
Cellectis SA sponsored ADR (a)(b)	86,200	2,512,730
Clovis Oncology, Inc. (a)	28,000	1,904,000
Curis, Inc. (a)	82,800	57,960
CytomX Therapeutics, Inc. (a)	58,200	1,228,602
Five Prime Therapeutics, Inc. (a)	43,700	957,904
GlycoMimetics, Inc. (a)(b)	90,100	1,512,779
Heron Therapeutics, Inc. (a)	87,987	1,592,565
Insmed, Inc. (a)	288,613	8,998,953
Intercept Pharmaceuticals, Inc. (a)(b)	37,292	2,178,599
La Jolla Pharmaceutical Co. (a)	34,900	1,123,082
Loxo Oncology, Inc. (a)(b)	56,000	4,714,080
Neurocrine Biosciences, Inc. (a)	116,900	9,070,271
Prothena Corp. PLC (a)	5,906	221,416
Puma Biotechnology, Inc. (a)	25,000	2,471,250
Regeneron Pharmaceuticals, Inc. (a)	5,000	1,879,800
Sarepta Therapeutics, Inc. (a)(b)	112,720	6,271,741
Spark Therapeutics, Inc. (a)	80,000	4,113,600
TESARO, Inc. (a)(b)	88,000	7,292,560
uniQure B.V. (a)	52,893	1,036,174
Vertex Pharmaceuticals, Inc. (a)	106,000	15,885,160
Xencor, Inc. (a)	130,000	2,849,600
Zai Lab Ltd. ADR (b)	60,000	1,273,800
		233,021,709
Diversified Consumer Services - 0.3%
Specialized Consumer Services - 0.3%
Carriage Services, Inc.	80,759	2,076,314
Diversified Financial Services - 0.4%
Other Diversified Financial Services - 0.4%
RPI International Holdings LP (a)(c)(d)	21,133	2,916,671
Food & Staples Retailing - 1.3%
Drug Retail - 1.3%
CVS Health Corp.	128,000	9,280,000
Health Care Equipment & Supplies - 21.0%
Health Care Equipment - 20.4%
Atricure, Inc. (a)	180,000	3,283,200
Becton, Dickinson & Co.	210,000	44,952,600
Boston Scientific Corp. (a)	1,287,700	31,922,083
Danaher Corp.	74,000	6,868,680
DexCom, Inc. (a)(b)	110,000	6,312,900
Fisher & Paykel Healthcare Corp.	200,000	2,033,969
Insulet Corp. (a)	126,000	8,694,000
Integra LifeSciences Holdings Corp. (a)	150,000	7,179,000
Intuitive Surgical, Inc. (a)	48,200	17,590,108
Medtronic PLC	28,000	2,261,000
Penumbra, Inc. (a)	77,500	7,292,750
Wright Medical Group NV (a)	325,000	7,215,000
		145,605,290
Health Care Supplies - 0.6%
Dentsply Sirona, Inc.	65,000	4,278,950

TOTAL HEALTH CARE EQUIPMENT & SUPPLIES		149,884,240

Health Care Providers & Services - 21.8%
Health Care Distributors & Services - 0.9%
Amplifon SpA	120,000	1,848,729
EBOS Group Ltd.	350,000	4,601,235
		6,449,964
Health Care Facilities - 1.4%
HCA Holdings, Inc. (a)	114,000	10,013,760
Health Care Services - 2.6%
G1 Therapeutics, Inc.	80,000	1,587,200
Premier, Inc. (a)	120,000	3,502,800
Teladoc, Inc. (a)(b)	290,000	10,106,500
United Drug PLC (United Kingdom)	280,000	3,194,455
		18,390,955
Managed Health Care - 16.9%
Aetna, Inc.	10,000	1,803,900
Cigna Corp.	150,000	30,463,500
Humana, Inc.	116,000	28,776,120
UnitedHealth Group, Inc.	272,000	59,965,119
		121,008,639

TOTAL HEALTH CARE PROVIDERS & SERVICES		155,863,318

Health Care Technology - 3.6%
Health Care Technology - 3.6%
athenahealth, Inc. (a)	34,000	4,523,360
Castlight Health, Inc. (a)	104,900	393,375
Cerner Corp. (a)	265,000	17,858,350
Medidata Solutions, Inc. (a)	48,000	3,041,760
		25,816,845
Internet Software & Services - 0.8%
Internet Software & Services - 0.8%
Benefitfocus, Inc. (a)(b)	200,000	5,400,000
Life Sciences Tools & Services - 1.0%
Life Sciences Tools & Services - 1.0%
Agilent Technologies, Inc.	100,000	6,697,000
Pharmaceuticals - 15.8%
Pharmaceuticals - 15.8%
Allergan PLC	108,000	17,666,640
AstraZeneca PLC (United Kingdom)	195,000	13,456,092
Avexis, Inc. (a)	7,400	818,958
Bristol-Myers Squibb Co.	370,000	22,673,600
Dechra Pharmaceuticals PLC	220,000	6,225,812
Eisai Co. Ltd.	40,000	2,277,701
Indivior PLC (a)	720,000	3,968,145
Jazz Pharmaceuticals PLC (a)	38,000	5,116,700
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)	599,937	6,360,209
Mallinckrodt PLC (a)	155,000	3,496,800
MyoKardia, Inc. (a)	8,840	372,164
Nektar Therapeutics (a)	67,000	4,001,240
Roche Holding AG (participation certificate)	56,000	14,159,901
The Medicines Company (a)(b)	119,590	3,269,591
TherapeuticsMD, Inc. (a)(b)	420,000	2,536,800
Theravance Biopharma, Inc. (a)(b)	153,800	4,289,482
Tonghua Dongbao Pharmaceutical Co. Ltd. Class A	660,000	2,321,840
		113,011,675
TOTAL COMMON STOCKS
(Cost $522,263,433)		703,967,772

Preferred Stocks - 1.2%
Convertible Preferred Stocks - 0.7%
Biotechnology - 0.2%
Biotechnology - 0.2%
BioNTech AG Series A (c)(d)(e)	6,948	1,521,672
Health Care Providers & Services - 0.2%
Health Care Services - 0.2%
1Life Healthcare, Inc. Series G (a)(c)(d)	181,172	1,329,802
Software - 0.1%
Application Software - 0.1%
Outset Medical, Inc. Series C (c)(d)	308,701	676,055
Textiles, Apparel & Luxury Goods - 0.2%
Textiles - 0.2%
Harmony Biosciences II, Inc. Series A (c)(d)	1,195,827	1,195,827

TOTAL CONVERTIBLE PREFERRED STOCKS		4,723,356

Nonconvertible Preferred Stocks - 0.5%
Health Care Equipment & Supplies - 0.5%
Health Care Equipment - 0.5%
Sartorius AG (non-vtg.)	40,000	3,817,443
TOTAL PREFERRED STOCKS
(Cost $8,713,819)		8,540,799

Money Market Funds - 7.4%
Fidelity Cash Central Fund, 1.36% (f)	4,031,145	4,031,951
Fidelity Securities Lending Cash Central Fund 1.36% (f)(g)	48,961,986	48,971,779
TOTAL MONEY MARKET FUNDS
(Cost $52,996,376)		53,003,730
TOTAL INVESTMENT IN SECURITIES - 107.2%
(Cost $583,973,628)		765,512,301
NET OTHER ASSETS (LIABILITIES) - (7.2)%		(51,456,274)
NET ASSETS - 100%		$714,056,027

Legend

(a) Non-income producing

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

(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,640,027 or 1.1% of net assets.

(d) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
1Life Healthcare, Inc. Series G	4/10/14	$1,193,163
BioNTech AG Series A	12/29/17	$1,521,672
Harmony Biosciences II, Inc. Series A	9/22/17	$1,195,827
Outset Medical, Inc. Series C	4/19/17	$799,999
RPI International Holdings LP	5/21/15 - 3/23/16	$2,801,500

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$75,995
Fidelity Securities Lending Cash Central Fund	563,301
Total	$639,296

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$703,967,772	$673,435,108	$27,615,993	$2,916,671
Preferred Stocks	8,540,799	3,817,443	--	4,723,356
Money Market Funds	53,003,730	53,003,730	--	--
Total Investments in Securities:	$765,512,301	$730,256,281	$27,615,993	$7,640,027

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

Investments in Securities:
Beginning Balance	$3,941,585
Total Realized Gain (Loss)	--
Total Unrealized Gain (Loss)	180,945
Cost of Purchases	3,517,497
Proceeds of Sales	--
Amortization/Accretion	--
Transfers in to Level 3	--
Transfers out of Level 3	--
Ending Balance	$7,640,027
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2017	$180,945

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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	82.3%
Ireland	4.5%
United Kingdom	3.3%
Switzerland	2.2%
Cayman Islands	1.4%
China	1.2%
Netherlands	1.1%
Belgium	1.0%
Others (Individually Less Than 1%)	3.0%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (including securities loaned of $47,342,830) — See accompanying schedule: Unaffiliated issuers (cost $530,977,252)	$712,508,571
Fidelity Central Funds (cost $52,996,376)	53,003,730
Total Investment in Securities (cost $583,973,628)		$765,512,301
Cash		62,577
Receivable for investments sold		584,307
Dividends receivable		140,418
Distributions receivable from Fidelity Central Funds		51,566
Prepaid expenses		3,494
Other receivables		17,115
Total assets		766,371,778
Liabilities
Payable for investments purchased
Regular delivery	$1,115,581
Delayed delivery	1,521,672
Payable for fund shares redeemed	211,983
Accrued management fee	324,354
Other affiliated payables	100,671
Other payables and accrued expenses	78,528
Collateral on securities loaned	48,962,962
Total liabilities		52,315,751
Net Assets		$714,056,027
Net Assets consist of:
Paid in capital		$525,060,762
Undistributed net investment income		354,945
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		7,102,354
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		181,537,966
Net Assets		$714,056,027
Initial Class:
Net Asset Value, offering price and redemption price per share ($131,698,317 ÷ 4,980,463 shares)		$26.44
Investor Class:
Net Asset Value, offering price and redemption price per share ($582,357,710 ÷ 22,203,225 shares)		$26.23

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$6,310,946
Income from Fidelity Central Funds (including $563,301 from security lending)		639,296
Total income		6,950,242
Expenses
Management fee	$3,938,834
Transfer agent fees	951,874
Accounting and security lending fees	266,176
Custodian fees and expenses	35,601
Independent trustees' fees and expenses	16,397
Audit	47,699
Legal	13,021
Miscellaneous	45,979
Total expenses before reductions	5,315,581
Expense reductions	(45,941)	5,269,640
Net investment income (loss)		1,680,602
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	45,234,022
Fidelity Central Funds	1,028
Foreign currency transactions	(33,276)
Total net realized gain (loss)		45,201,774
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	109,349,020
Fidelity Central Funds	3,730
Assets and liabilities in foreign currencies	2,719
Total change in net unrealized appreciation (depreciation)		109,355,469
Net gain (loss)		154,557,243
Net increase (decrease) in net assets resulting from operations		$156,237,845

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,680,602	$1,047,501
Net realized gain (loss)	45,201,774	(28,877,605)
Change in net unrealized appreciation (depreciation)	109,355,469	(75,558,880)
Net increase (decrease) in net assets resulting from operations	156,237,845	(103,388,984)
Distributions to shareholders from net investment income	(1,512,371)	(773,247)
Distributions to shareholders from net realized gain	(2,734,725)	(68,524,802)
Total distributions	(4,247,096)	(69,298,049)
Share transactions - net increase (decrease)	(98,699,996)	(213,049,661)
Redemption fees	49,993	89,999
Total increase (decrease) in net assets	53,340,746	(385,646,695)
Net Assets
Beginning of period	660,715,281	1,046,361,976
End of period	$714,056,027	$660,715,281
Other Information
Undistributed net investment income end of period	$354,945	$186,713

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

Financial Highlights

VIP Health Care Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$21.28	$25.92	$27.70	$22.56	$15.51
Income from Investment Operations
Net investment income (loss)^A	.07	.04	–^B	(.02)	–^B
Net realized and unrealized gain (loss)	5.26	(2.86)	1.70	7.21	8.42
Total from investment operations	5.33	(2.82)	1.70	7.19	8.42
Distributions from net investment income	(.07)	(.04)	–	–	–
Distributions from net realized gain	(.10)	(1.78)	(3.49)	(2.06)	(1.37)
Total distributions	(.17)	(1.82)	(3.49)	(2.06)	(1.37)
Redemption fees added to paid in capital^A	–^B	–^B	.01	.01	–^B
Net asset value, end of period	$26.44	$21.28	$25.92	$27.70	$22.56
Total Return^C,^D	25.05%	(10.43)%	6.37%	32.83%	56.12%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.67%	.67%	.66%	.67%	.69%
Expenses net of fee waivers, if any	.67%	.67%	.66%	.67%	.69%
Expenses net of all reductions	.66%	.66%	.65%	.66%	.68%
Net investment income (loss)	.30%	.19%	- %^G	(.07)%	(.01)%
Supplemental Data
Net assets, end of period (000 omitted)	$131,698	$130,887	$226,283	$236,566	$167,493
Portfolio turnover rate^H	74%	53%	77%	104%	93%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

^G Amount represents less than .005%.

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Health Care Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$21.11	$25.73	$27.52	$22.43	$15.44
Income from Investment Operations
Net investment income (loss)^A	.05	.02	(.02)	(.04)	(.02)
Net realized and unrealized gain (loss)	5.22	(2.84)	1.69	7.17	8.37
Total from investment operations	5.27	(2.82)	1.67	7.13	8.35
Distributions from net investment income	(.05)	(.02)	–	–	–
Distributions from net realized gain	(.10)	(1.78)	(3.47)	(2.05)	(1.36)
Total distributions	(.15)	(1.80)	(3.47)	(2.05)	(1.36)
Redemption fees added to paid in capital^A	–^B	–^B	.01	.01	–^B
Net asset value, end of period	$26.23	$21.11	$25.73	$27.52	$22.43
Total Return^C,^D	24.97%	(10.51)%	6.29%	32.72%	55.91%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.75%	.75%	.74%	.75%	.77%
Expenses net of fee waivers, if any	.75%	.75%	.74%	.75%	.77%
Expenses net of all reductions	.74%	.75%	.73%	.74%	.76%
Net investment income (loss)	.22%	.11%	(.08)%	(.15)%	(.10)%
Supplemental Data
Net assets, end of period (000 omitted)	$582,358	$529,828	$820,079	$669,762	$384,285
Portfolio turnover rate^G	74%	53%	77%	104%	93%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

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 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.

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 – 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.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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	$194,459,712
Gross unrealized depreciation	(17,549,465)
Net unrealized appreciation (depreciation)	$176,910,247
Tax Cost	$588,602,054

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

Undistributed ordinary income	$689,625
Undistributed long-term capital gain	$11,396,099
Net unrealized appreciation (depreciation) on securities and other investments	$176,909,540

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$4,247,096	$ 4,545,960
Long-term Capital Gains	–	64,752,089
Total	$4,247,096	$ 69,298,049

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $527,125,778 and $627,879,299, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$90,495
Investor Class	861,379
	$951,874

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,293 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $38,906 for the period. 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, these credits reduced the Fund's custody expenses by $282.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6,753.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$360,506	$241,998
Investor Class	1,151,865	531,249
Total	$1,512,371	$773,247
From net realized gain
Initial Class	$505,025	$14,284,342
Investor Class	2,229,700	54,240,460
Total	$2,734,725	$68,524,802

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	312,878	420,434	$7,964,347	$9,271,229
Reinvestment of distributions	32,737	725,648	865,531	14,526,340
Shares redeemed	(1,516,987)	(3,723,446)	(37,362,086)	(82,827,974)
Net increase (decrease)	(1,171,372)	(2,577,364)	$(28,532,208)	$(59,030,405)
Investor Class
Shares sold	1,445,926	973,822	$36,356,330	$21,453,416
Reinvestment of distributions	128,748	2,759,192	3,381,565	54,771,709
Shares redeemed	(4,474,069)	(10,500,085)	(109,905,683)	(230,244,381)
Net increase (decrease)	(2,899,395)	(6,767,071)	$(70,167,788)	$(154,019,256)

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the 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, 2017, the related statements of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 15, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman 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 SelectCo.

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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

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, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.67%
Actual		$1,000.00	$1,027.00	$3.42
Hypothetical-^C		$1,000.00	$1,021.83	$3.41
Investor Class	.75%
Actual		$1,000.00	$1,026.50	$3.83
Hypothetical-^C		$1,000.00	$1,021.42	$3.82

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Health Care Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Health Care Portfolio
Initial Class	02/09/18	02/09/18	$0.016	$0.437
Investor Class	02/09/18	02/09/18	$0.013	$0.437

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $11,396,099, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class and Investor Class designate 100% of the dividends distributed in February and December during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
James C. Curvey
Affirmative	3,005,845,657.89	94.803
Withheld	164,788,708.80	5.197
TOTAL	3,170,634,366.69	100.000
Dennis J. Dirks
Affirmative	3,025,050,303.47	95.409
Withheld	145,584,063.22	4.591
TOTAL	3,170,634,366.69	100.000
Donald F. Donahue
Affirmative	3,024,923,660.98	95.405
Withheld	145,710,705.71	4.595
TOTAL	3,170,634,366.69	100.000
Alan J. Lacy
Affirmative	3,024,272,946.71	95.384
Withheld	146,361,419.98	4.616
TOTAL	3,170,634,366.69	100.00
Ned C. Lautenbach
Affirmative	3,011,847,006.14	94.992
Withheld	158,787,360.55	5.008
TOTAL	3,170,634,366.69	100.000
Joseph Mauriello
Affirmative	3,021,074,746.00	95.283
Withheld	149,559,620.69	4.717
TOTAL	3,170,634,366.69	100.000
Charles S. Morrison
Affirmative	3,025,083,795.43	95.410
Withheld	145,550,571.26	4.590
TOTAL	3,170,634,366.69	100.000
Cornelia M. Small
Affirmative	3,016,566,905.34	95.141
Withheld	154,067,461.35	4.859
TOTAL	3,170,634,366.69	100.000
Garnett A. Smith
Affirmative	3,014,927,605.85	95.090
Withheld	155,706,760.84	4.910
TOTAL	3,170,634,366.69	100.000
David M. Thomas
Affirmative	3,025,900,428.75	95.436
Withheld	144,733,937.94	4.564
TOTAL	3,170,634,366.69	100.000
Michael E. Wiley
Affirmative	3,023,436,110.39	95.358
Withheld	147,198,256.30	4.642
TOTAL	3,170,634,366.69	100.000

PROPOSAL 2

To eliminate a fundamental investment policy.

	# of Votes	% of Votes
Affirmative	630,223,469.39	81.850
Against	79,049,980.89	10.267
Abstain	60,703,358.90	7.883
TOTAL	769,976,809.18	100.000

PROPOSAL 3

To modify the fund's fundamental concentration policy.

	# of Votes	% of Votes
Affirmative	651,023,450.27	84.552
Against	59,374,105.34	7.711
Abstain	59,579,253.57	7.737
TOTAL	769,976,809.18	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

VHCIC-ANN-0218
1.817373.112

Fidelity® Variable Insurance Products:

Utilities Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	17.88%	12.09%	5.92%
Investor Class	17.83%	12.01%	5.83%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Utilities Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$17,782	VIP Utilities Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Douglas Simmons: For the year ending December 31, 2017, the fund's share classes gained roughly 18%, well ahead of the 12.58% return of the sector benchmark, the MSCI IMI U.S. Utilities 25/50 Index, but trailing the broadly based S&P 500^®. In a rising interest rate environment, utilities historically have tended to underperform the broader market. While this scenario played out during 2017, utilities still posted gains, bolstered by strong fundamentals including rising power demand and prices. The fund’s emphasis on companies with above-average dividend growth contributed to its outperformance versus our MSCI benchmark for the year. Successful stock picking was the main driver of relative performance, led by choices in electric utilities. Here, the fund’s large overweighting in Florida-based NextEra Energy proved our biggest individual contributor. In general, the company’s solid, regulated business is complemented by its significant renewable-energy investments, helping make NextEra the largest renewable-energy supplier in the United States. The company executed well this period – posting solid earnings – and also received a boost from the tax-reform legislation passed in December. Stock selection and an overweighting in the independent power producers & energy traders segment also contributed, led by our position in NRG Energy, which more than doubled in value for the year. Conversely, stock picking in multi-utilities detracted. Here, our stake in South Carolina regulated electric and natural gas utility SCANA proved detrimental, as the company encountered numerous obstacles to completing its nuclear projects. Our zero-weighting in water utilities also hurt, as did – even more modestly – the fund's small cash stake in a rising market.

Note to Shareholders: On December 8, 2017, shareholders approved proposals from the Board of Trustees to eliminate each sector/industry fund's fundamental “invests primarily” policy and to modify the fundamental concentration policy for certain funds. The changes took effect on January 1, 2018, and do not impact how the funds are managed.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
NextEra Energy, Inc.	18.2
Exelon Corp.	11.0
Sempra Energy	9.8
NRG Energy, Inc.	6.4
Comcast Corp. Class A	4.9
Great Plains Energy, Inc.	4.8
The AES Corp.	4.8
Avangrid, Inc.	4.4
PG&E Corp.	4.2
Public Service Enterprise Group, Inc.	3.8
	72.3

Top Industries (% of fund's net assets)

As of December 31, 2017
	Electric Utilities	49.5%
	Multi-Utilities	27.0%
	Independent Power and Renewable Electricity Producers	15.1%
	Media	4.9%
	Oil, Gas & Consumable Fuels	2.9%
	All Others*	0.6%

* Includes short-term investments and net other assets (liabilities).

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares	Value
Electric Utilities - 49.5%
Electric Utilities - 49.5%
Exelon Corp.	369,371	$14,556,911
FirstEnergy Corp.	159,623	4,887,656
Great Plains Energy, Inc.	198,806	6,409,505
NextEra Energy, Inc.	154,731	24,167,434
OGE Energy Corp.	54,826	1,804,324
PG&E Corp.	125,847	5,641,721
Vistra Energy Corp. (a)	229,155	4,198,120
Westar Energy, Inc.	74,300	3,923,040
		65,588,711
Equity Real Estate Investment Trusts (REITs) - 0.2%
Specialized REITs - 0.2%
InfraReit, Inc.	12,419	230,745
Independent Power and Renewable Electricity Producers - 15.1%
Independent Power Producers & Energy Traders - 11.7%
NRG Energy, Inc.	299,899	8,541,124
NRG Yield, Inc. Class C	34,574	653,449
The AES Corp.	587,095	6,358,239
		15,552,812
Renewable Electricity - 3.4%
NextEra Energy Partners LP	104,196	4,491,890

TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS		20,044,702

Media - 4.9%
Cable & Satellite - 4.9%
Comcast Corp. Class A	160,900	6,444,045
Multi-Utilities - 27.0%
Multi-Utilities - 27.0%
Avangrid, Inc. (a)	114,697	5,801,374
CenterPoint Energy, Inc.	148,668	4,216,224
Dominion Resources, Inc.	62,035	5,028,557
E.ON AG	63,611	689,300
Public Service Enterprise Group, Inc.	98,000	5,047,000
SCANA Corp.	48,345	1,923,164
Sempra Energy	121,781	13,020,825
		35,726,444
Oil, Gas & Consumable Fuels - 2.9%
Oil & Gas Storage & Transport - 2.9%
Cheniere Energy Partners LP Holdings LLC	59,924	1,659,296
Cheniere Energy, Inc. (b)	39,900	2,148,216
		3,807,512
TOTAL COMMON STOCKS
(Cost $106,229,485)		131,842,159

Money Market Funds - 5.8%
Fidelity Cash Central Fund, 1.36% (c)	678,097	678,232
Fidelity Securities Lending Cash Central Fund 1.36% (c)(d)	7,013,246	7,014,648
TOTAL MONEY MARKET FUNDS
(Cost $7,692,185)		7,692,880
TOTAL INVESTMENT IN SECURITIES - 105.4%
(Cost $113,921,670)		139,535,039
NET OTHER ASSETS (LIABILITIES) - (5.4)%		(7,118,667)
NET ASSETS - 100%		$132,416,372

Legend

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

(b) Non-income producing

(c) 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.

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$16,645
Fidelity Securities Lending Cash Central Fund	4,382
Total	$21,027

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$131,842,159	$131,152,859	$689,300	$--
Money Market Funds	7,692,880	7,692,880	--	--
Total Investments in Securities:	$139,535,039	$138,845,739	$689,300	$--

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (including securities loaned of $6,884,754) — See accompanying schedule: Unaffiliated issuers (cost $106,229,485)	$131,842,159
Fidelity Central Funds (cost $7,692,185)	7,692,880
Total Investment in Securities (cost $113,921,670)		$139,535,039
Receivable for fund shares sold		21,141
Dividends receivable		217,170
Distributions receivable from Fidelity Central Funds		2,274
Prepaid expenses		627
Other receivables		3,379
Total assets		139,779,630
Liabilities
Payable for fund shares redeemed	$227,274
Accrued management fee	61,548
Other affiliated payables	19,385
Other payables and accrued expenses	40,901
Collateral on securities loaned	7,014,150
Total liabilities		7,363,258
Net Assets		$132,416,372
Net Assets consist of:
Paid in capital		$101,034,518
Undistributed net investment income		582,016
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		5,186,358
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		25,613,480
Net Assets		$132,416,372
Initial Class:
Net Asset Value, offering price and redemption price per share ($26,376,623 ÷ 1,576,570 shares)		$16.73
Investor Class:
Net Asset Value, offering price and redemption price per share ($106,039,749 ÷ 6,374,368 shares)		$16.64

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$3,624,822
Income from Fidelity Central Funds		21,027
Total income		3,645,849
Expenses
Management fee	$723,059
Transfer agent fees	173,469
Accounting and security lending fees	51,935
Custodian fees and expenses	5,079
Independent trustees' fees and expenses	3,000
Audit	39,872
Legal	3,314
Miscellaneous	8,540
Total expenses before reductions	1,008,268
Expense reductions	(15,448)	992,820
Net investment income (loss)		2,653,029
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	7,404,637
Fidelity Central Funds	(337)
Foreign currency transactions	449
Total net realized gain (loss)		7,404,749
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	11,097,183
Fidelity Central Funds	695
Assets and liabilities in foreign currencies	277
Total change in net unrealized appreciation (depreciation)		11,098,155
Net gain (loss)		18,502,904
Net increase (decrease) in net assets resulting from operations		$21,155,933

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,653,029	$2,876,654
Net realized gain (loss)	7,404,749	(1,377,168)
Change in net unrealized appreciation (depreciation)	11,098,155	10,056,594
Net increase (decrease) in net assets resulting from operations	21,155,933	11,556,080
Distributions to shareholders from net investment income	(2,747,634)	(2,188,643)
Distributions to shareholders from net realized gain	–	(1,735,380)
Total distributions	(2,747,634)	(3,924,023)
Share transactions - net increase (decrease)	(10,559,513)	37,214,122
Redemption fees	13,440	103,806
Total increase (decrease) in net assets	7,862,226	44,949,985
Net Assets
Beginning of period	124,554,146	79,604,161
End of period	$132,416,372	$124,554,146
Other Information
Undistributed net investment income end of period	$582,016	$676,171

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

Financial Highlights

VIP Utilities Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$14.49	$13.17	$15.62	$13.45	$11.41
Income from Investment Operations
Net investment income (loss)^A	.33	.34	.31	.31	.32
Net realized and unrealized gain (loss)	2.26	1.49	(1.98)	2.63	2.06
Total from investment operations	2.59	1.83	(1.67)	2.94	2.38
Distributions from net investment income	(.35)	(.26)	(.33)^B	(.27)	(.35)
Distributions from net realized gain	–	(.25)	(.45)^B	(.51)	–
Total distributions	(.35)	(.52)^C	(.78)	(.77)^D	(.35)
Redemption fees added to paid in capital^A	–^E	.01	–^E	–^E	.01
Net asset value, end of period	$16.73	$14.49	$13.17	$15.62	$13.45
Total Return^F,^G	17.88%	14.17%	(10.78)%	21.77%	21.02%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.69%	.70%	.71%	.70%	.74%
Expenses net of fee waivers, if any	.69%	.70%	.71%	.70%	.73%
Expenses net of all reductions	.68%	.69%	.70%	.69%	.71%
Net investment income (loss)	2.06%	2.30%	2.17%	2.01%	2.44%
Supplemental Data
Net assets, end of period (000 omitted)	$26,377	$26,194	$21,960	$36,599	$25,824
Portfolio turnover rate^J	52%	83%	88%	113%	156%

^A Calculated based on average shares outstanding during the period.

^B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^C Total distributions of $.52 per share is comprised of distributions from net investment income of $.263 and distributions from net realized gain of $.253 per share.

^D Total distributions of $.77 per share is comprised of distributions from net investment income of $.267 and distributions from net realized gain of $.506 per share.

^E Amount represents less than $.005 per share.

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

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

^H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Utilities Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$14.41	$13.11	$15.54	$13.39	$11.36
Income from Investment Operations
Net investment income (loss)^A	.32	.32	.30	.29	.30
Net realized and unrealized gain (loss)	2.25	1.48	(1.96)	2.62	2.06
Total from investment operations	2.57	1.80	(1.66)	2.91	2.36
Distributions from net investment income	(.34)	(.26)	(.31)^B	(.26)	(.34)
Distributions from net realized gain	–	(.25)	(.45)^B	(.51)	–
Total distributions	(.34)	(.51)	(.77)^C	(.76)^D	(.34)
Redemption fees added to paid in capital^A	–^E	.01	–^E	–^E	.01
Net asset value, end of period	$16.64	$14.41	$13.11	$15.54	$13.39
Total Return^F,^G	17.83%	14.03%	(10.80)%	21.64%	20.92%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.77%	.78%	.79%	.78%	.82%
Expenses net of fee waivers, if any	.77%	.78%	.79%	.78%	.81%
Expenses net of all reductions	.76%	.77%	.78%	.77%	.79%
Net investment income (loss)	1.98%	2.22%	2.09%	1.93%	2.36%
Supplemental Data
Net assets, end of period (000 omitted)	$106,040	$98,360	$57,645	$96,217	$51,308
Portfolio turnover rate^J	52%	83%	88%	113%	156%

^A Calculated based on average shares outstanding during the period.

^B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^C Total distributions of $.77 per share is comprised of distributions from net investment income of $.314 and distributions from net realized gain of $.454 per share.

^D Total distributions of $.76 per share is comprised of distributions from net investment income of $.257 and distributions from net realized gain of $.506 per share.

^E Amount represents less than $.005 per share.

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

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

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Utilities 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.

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 – 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, 2017 is included at the end of the Fund's Schedule of Investments.

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	$28,317,764
Gross unrealized depreciation	(2,873,285)
Net unrealized appreciation (depreciation)	$25,444,479
Tax Cost	$114,090,560

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

Undistributed ordinary income	$582,016
Undistributed long-term capital gain	$5,355,248
Net unrealized appreciation (depreciation) on securities and other investments	$25,444,590

The tax character of distributions paid was as follows:

	December 31, 2017	December 31,2016
Ordinary Income	$2,747,634	$ 2,188,643
Long-term Capital Gains	-	1,735,380
Total	$2,747,634	$ 3,924,023

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $68,176,049 and $76,554,985, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$17,649
Investor Class	155,820
	$173,469

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $418 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,242.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$563,202	$473,942
Investor Class	2,184,432	1,714,701
Total	$2,747,634	$2,188,643
From net realized gain
Initial Class	$–	$470,790
Investor Class	–	1,264,590
Total	$–	$1,735,380

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	112,872	1,560,739	$1,838,537	$22,897,589
Reinvestment of distributions	33,747	68,510	563,202	944,732
Shares redeemed	(377,929)	(1,488,181)	(6,004,954)	(21,844,831)
Net increase (decrease)	(231,310)	141,068	$(3,603,215)	$1,997,490
Investor Class
Shares sold	860,996	4,383,728	$13,865,966	$63,843,246
Reinvestment of distributions	131,493	215,675	2,184,432	2,979,291
Shares redeemed	(1,444,025)	(2,170,596)	(23,006,696)	(31,605,905)
Net increase (decrease)	(451,536)	2,428,807	$(6,956,298)	$35,216,632

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 100% of the total outstanding shares of the fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Utilities Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the “Fund”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017,including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 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, 2017 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 15, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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. Each of the Trustees oversees 91 funds.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman of the Board of Trustees

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

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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

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, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.69%
Actual		$1,000.00	$1,056.90	$3.58
Hypothetical-^C		$1,000.00	$1,021.73	$3.52
Investor Class	.77%
Actual		$1,000.00	$1,056.60	$3.99
Hypothetical-^C		$1,000.00	$1,021.32	$3.92

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Utilities Portfolio Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Utilities Portfolio
Initial Class	02/09/18	02/09/18	$0.081	$0.712
Investor Class	02/09/18	02/09/18	$0.079	$0.712

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $5,355,248, or, if subsequently determined to be different, the net capital gain of such year.

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
James C. Curvey
Affirmative	3,005,845,657.89	94.803
Withheld	164,788,708.80	5.197
TOTAL	3,170,634,366.69	100.000
Dennis J. Dirks
Affirmative	3,025,050,303.47	95.409
Withheld	145,584,063.22	4.591
TOTAL	3,170,634,366.69	100.000
Donald F. Donahue
Affirmative	3,024,923,660.98	95.405
Withheld	145,710,705.71	4.595
TOTAL	3,170,634,366.69	100.000
Alan J. Lacy
Affirmative	3,024,272,946.71	95.384
Withheld	146,361,419.98	4.616
TOTAL	3,170,634,366.69	100.00
Ned C. Lautenbach
Affirmative	3,011,847,006.14	94.992
Withheld	158,787,360.55	5.008
TOTAL	3,170,634,366.69	100.000
Joseph Mauriello
Affirmative	3,021,074,746.00	95.283
Withheld	149,559,620.69	4.717
TOTAL	3,170,634,366.69	100.000
Charles S. Morrison
Affirmative	3,025,083,795.43	95.410
Withheld	145,550,571.26	4.590
TOTAL	3,170,634,366.69	100.000
Cornelia M. Small
Affirmative	3,016,566,905.34	95.141
Withheld	154,067,461.35	4.859
TOTAL	3,170,634,366.69	100.000
Garnett A. Smith
Affirmative	3,014,927,605.85	95.090
Withheld	155,706,760.84	4.910
TOTAL	3,170,634,366.69	100.000
David M. Thomas
Affirmative	3,025,900,428.75	95.436
Withheld	144,733,937.94	4.564
TOTAL	3,170,634,366.69	100.000
Michael E. Wiley
Affirmative	3,023,436,110.39	95.358
Withheld	147,198,256.30	4.642
TOTAL	3,170,634,366.69	100.000

PROPOSAL 2

To eliminate a fundamental investment policy.

	# of Votes	% of Votes
Affirmative	105,682,164.70	76.916
Against	18,311,731.65	13.327
Abstain	13,406,419.66	9.757
TOTAL	137,400,316.01	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

VTELIC-ANN-0218
1.817391.112

Fidelity® Variable Insurance Products:

Financial Services Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	21.25%	15.52%	3.67%
Investor Class	21.18%	15.42%	3.59%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Financial Services Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$14,342	VIP Financial Services Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Christopher Lee: For the year, the fund’s share classes gained about 21%, ahead of the 18.81% advance of the MSCI U.S. IMI Financials 5% Capped Linked Index and slightly behind the broad-market S&P 500^®index. The financials sector slowed in the first half of 2017 as optimism for regulatory easing and lower tax rates began to fade, then brightened due to favorable stress-test results for big banks, a major tax overhaul and higher short-term interest rates. The fund's outperformance of the MSCI sector index was driven by favorable stock picking in several industries, led by regional banks and property & casualty insurance. Top individual relative contributors included financial exchange Cboe Global Markets, which benefited from increased hedging activity and a recent acquisition. Shares of online broker E*TRADE Financial gained from the equity-market rally and turnaround initiatives. Mortgage-title insurer FNF Group was helped by the firm's improved profitability. Conversely, picks in consumer finance notably detracted from relative performance. The biggest individual disappointment,was regional bank Popular in Puerto Rico, which was hurt by the economic downturn there following Hurricane Maria. Not owning shares of credit-rating company and index component S&P Global also hampered relative results, as the stock market rally and increased bond issuance drove the stock’s strong gain.

Note to shareholders: On December 8, 2017, shareholders agreed to proposals from the Board of Trustees to eliminate each sector/industry fund's fundamental “invests primarily” policy and to modify the fundamental concentration policy for certain funds. Additionally, shareholders approved a proposal to reclassify VIP Financial Services Portfolio as a non-diversified fund, which would allow it to focus its investments more heavily in securities of fewer issuers. These changes took effect on January 1, 2018.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
Capital One Financial Corp.	5.1
Berkshire Hathaway, Inc. Class B	5.0
Citigroup, Inc.	5.0
Huntington Bancshares, Inc.	4.9
Bank of America Corp.	4.9
TD Ameritrade Holding Corp.	4.3
E*TRADE Financial Corp.	4.0
The Travelers Companies, Inc.	3.8
Wells Fargo & Co.	3.8
PNC Financial Services Group, Inc.	3.5
	44.3

Top Industries (% of fund's net assets)

As of December 31, 2017
	Banks	34.0%
	Capital Markets	24.8%
	Insurance	20.2%
	Consumer Finance	9.5%
	Diversified Financial Services	5.0%
	All Others*	6.5%

* Includes short-term investments and net other assets (liabilities).

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares	Value
Banks - 34.0%
Diversified Banks - 17.1%
Bank of America Corp.	390,396	$11,524,490
Citigroup, Inc.	157,039	11,685,272
HDFC Bank Ltd. sponsored ADR	2,500	254,175
JPMorgan Chase & Co.	73,354	7,844,477
Wells Fargo & Co.	146,796	8,906,113
		40,214,527
Regional Banks - 16.9%
Bank of the Ozarks, Inc.	54,100	2,621,145
CoBiz, Inc.	77,756	1,554,342
East West Bancorp, Inc.	36,200	2,202,046
First Republic Bank	18,300	1,585,512
Huntington Bancshares, Inc.	796,770	11,600,971
PNC Financial Services Group, Inc.	57,400	8,282,246
Popular, Inc.	45,769	1,624,342
Preferred Bank, Los Angeles	9,300	546,654
Regions Financial Corp.	108,700	1,878,336
Signature Bank (a)	20,700	2,841,282
SunTrust Banks, Inc.	78,800	5,089,692
		39,826,568

TOTAL BANKS		80,041,095

Capital Markets - 24.8%
Asset Management & Custody Banks - 8.1%
Affiliated Managers Group, Inc.	17,384	3,568,066
BlackRock, Inc. Class A	9,700	4,982,987
Invesco Ltd.	120,800	4,414,032
Northern Trust Corp.	55,650	5,558,879
State Street Corp.	6,577	641,981
		19,165,945
Financial Exchanges & Data - 4.4%
CBOE Holdings, Inc.	41,127	5,124,013
IntercontinentalExchange, Inc.	73,780	5,205,917
		10,329,930
Investment Banking & Brokerage - 12.3%
E*TRADE Financial Corp. (a)	188,400	9,338,988
Goldman Sachs Group, Inc.	28,170	7,176,589
Hamilton Lane, Inc. Class A	13,400	474,226
Investment Technology Group, Inc.	64,846	1,248,286
Lazard Ltd. Class A	3,700	194,250
PJT Partners, Inc.	9,100	414,960
TD Ameritrade Holding Corp.	197,100	10,077,723
		28,925,022

TOTAL CAPITAL MARKETS		58,420,897

Consumer Finance - 9.5%
Consumer Finance - 9.5%
Capital One Financial Corp.	120,035	11,953,084
Discover Financial Services	27,600	2,122,992
OneMain Holdings, Inc.(a)	37,300	969,427
Synchrony Financial	186,900	7,216,209
		22,261,712
Diversified Financial Services - 5.0%
Multi-Sector Holdings - 5.0%
Berkshire Hathaway, Inc. Class B (a)	59,168	11,728,281
Insurance - 20.2%
Life & Health Insurance - 4.6%
MetLife, Inc.	118,300	5,981,248
Torchmark Corp.	53,390	4,843,007
		10,824,255
Multi-Line Insurance - 4.1%
American International Group, Inc.	36,200	2,156,796
Hartford Financial Services Group, Inc.	132,500	7,457,100
		9,613,896
Property & Casualty Insurance - 9.7%
Allstate Corp.	31,670	3,316,166
Chubb Ltd.	51,156	7,475,426
FNF Group	76,570	3,004,607
The Travelers Companies, Inc.	66,112	8,967,432
		22,763,631
Reinsurance - 1.8%
Reinsurance Group of America, Inc.	27,900	4,350,447

TOTAL INSURANCE		47,552,229

IT Services - 2.6%
Data Processing & Outsourced Services - 2.6%
Visa, Inc. Class A	19,840	2,262,157
WEX, Inc. (a)	27,900	3,940,317
		6,202,474
Software - 0.4%
Application Software - 0.4%
Black Knight, Inc. (a)	22,799	1,006,576
Thrifts & Mortgage Finance - 0.9%
Thrifts & Mortgage Finance - 0.9%
MGIC Investment Corp. (a)	91,400	1,289,654
Radian Group, Inc.	36,000	741,960
		2,031,614
TOTAL COMMON STOCKS
(Cost $176,646,910)		229,244,878

Money Market Funds - 1.3%
Fidelity Cash Central Fund, 1.36% (b)
(Cost $3,069,223)	3,068,609	3,069,223
TOTAL INVESTMENT IN SECURITIES - 98.7%
(Cost $179,716,133)		232,314,101
NET OTHER ASSETS (LIABILITIES) - 1.3%		3,134,873
NET ASSETS - 100%		$235,448,974

Legend

(a) Non-income producing

(b) 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.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$33,876
Fidelity Securities Lending Cash Central Fund	557
Total	$34,433

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $176,646,910)	$229,244,878
Fidelity Central Funds (cost $3,069,223)	3,069,223
Total Investment in Securities (cost $179,716,133)		$232,314,101
Receivable for investments sold		475,600
Receivable for fund shares sold		3,848,567
Dividends receivable		206,313
Distributions receivable from Fidelity Central Funds		5,153
Prepaid expenses		841
Other receivables		1,804
Total assets		236,852,379
Liabilities
Payable for investments purchased	$1,160,762
Payable for fund shares redeemed	64,348
Accrued management fee	100,820
Other affiliated payables	31,860
Other payables and accrued expenses	45,615
Total liabilities		1,403,405
Net Assets		$235,448,974
Net Assets consist of:
Paid in capital		$178,168,000
Undistributed net investment income		490,596
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		4,192,533
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		52,597,845
Net Assets		$235,448,974
Initial Class:
Net Asset Value, offering price and redemption price per share ($44,248,037 ÷ 3,225,061 shares)		$13.72
Investor Class:
Net Asset Value, offering price and redemption price per share ($191,200,937 ÷ 13,995,643 shares)		$13.66

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$2,929,557
Income from Fidelity Central Funds		34,433
Total income		2,963,990
Expenses
Management fee	$1,009,093
Transfer agent fees	242,760
Accounting and security lending fees	72,206
Custodian fees and expenses	14,304
Independent trustees' fees and expenses	4,098
Audit	41,863
Legal	5,273
Interest	405
Miscellaneous	10,967
Total expenses before reductions	1,400,969
Expense reductions	(9,778)	1,391,191
Net investment income (loss)		1,572,799
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	7,177,227
Fidelity Central Funds	(27)
Foreign currency transactions	1,561
Total net realized gain (loss)		7,178,761
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	26,181,535
Fidelity Central Funds	(171)
Assets and liabilities in foreign currencies	17
Total change in net unrealized appreciation (depreciation)		26,181,381
Net gain (loss)		33,360,142
Net increase (decrease) in net assets resulting from operations		$34,932,941

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,572,799	$1,124,101
Net realized gain (loss)	7,178,761	1,133,494
Change in net unrealized appreciation (depreciation)	26,181,381	15,393,610
Net increase (decrease) in net assets resulting from operations	34,932,941	17,651,205
Distributions to shareholders from net investment income	(1,318,016)	(866,490)
Distributions to shareholders from net realized gain	(1,932,141)	–
Total distributions	(3,250,157)	(866,490)
Share transactions - net increase (decrease)	32,415,148	42,992,223
Redemption fees	35,115	18,785
Total increase (decrease) in net assets	64,133,047	59,795,723
Net Assets
Beginning of period	171,315,927	111,520,204
End of period	$235,448,974	$171,315,927
Other Information
Undistributed net investment income end of period	$490,596	$231,292

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

Financial Highlights

VIP Financial Services Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.50	$9.74	$10.23	$9.33	$7.05
Income from Investment Operations
Net investment income (loss)^A	.11	.12	.10	.12	.11
Net realized and unrealized gain (loss)	2.33	1.70	(.48)	.90	2.27
Total from investment operations	2.44	1.82	(.38)	1.02	2.38
Distributions from net investment income	(.09)	(.06)	(.11)	(.12)	(.10)
Distributions from net realized gain	(.13)	–	–	–	–
Total distributions	(.22)	(.06)	(.11)	(.12)	(.10)
Redemption fees added to paid in capital^A,^B	–	–	–	–	–
Net asset value, end of period	$13.72	$11.50	$9.74	$10.23	$9.33
Total Return^C,^D	21.25%	18.72%	(3.69)%	10.88%	33.86%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.69%	.72%	.71%	.73%	.81%
Expenses net of fee waivers, if any	.69%	.72%	.71%	.72%	.81%
Expenses net of all reductions	.69%	.71%	.71%	.72%	.79%
Net investment income (loss)	.91%	1.18%	1.02%	1.21%	1.29%
Supplemental Data
Net assets, end of period (000 omitted)	$44,248	$41,404	$20,570	$23,351	$27,726
Portfolio turnover rate^G	72%	87%	59%	58%	211%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Financial Services Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.45	$9.71	$10.19	$9.30	$7.03
Income from Investment Operations
Net investment income (loss)^A	.10	.11	.09	.11	.10
Net realized and unrealized gain (loss)	2.32	1.69	(.47)	.89	2.27
Total from investment operations	2.42	1.80	(.38)	1.00	2.37
Distributions from net investment income	(.08)	(.06)	(.10)	(.11)	(.10)
Distributions from net realized gain	(.13)	–	–	–	–
Total distributions	(.21)	(.06)	(.10)	(.11)	(.10)
Redemption fees added to paid in capital^A,^B	–	–	–	–	–
Net asset value, end of period	$13.66	$11.45	$9.71	$10.19	$9.30
Total Return^C,^D	21.18%	18.51%	(3.68)%	10.75%	33.74%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.77%	.80%	.79%	.80%	.89%
Expenses net of fee waivers, if any	.77%	.80%	.79%	.80%	.89%
Expenses net of all reductions	.77%	.79%	.78%	.79%	.87%
Net investment income (loss)	.83%	1.10%	.95%	1.14%	1.22%
Supplemental Data
Net assets, end of period (000 omitted)	$191,201	$129,912	$90,950	$83,817	$60,357
Portfolio turnover rate^G	72%	87%	59%	58%	211%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Financial Services Portfolio (the Fund) is a 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. Effective January 1, 2018, the shareholders of the Fund approved to change the Fund from diversified to non-diversified. 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.

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 – 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.

Book-tax differences are primarily due to foreign currency transactions, certain deemed distributions 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	$52,408,684
Gross unrealized depreciation	(654,162)
Net unrealized appreciation (depreciation)	$51,754,522
Tax Cost	$180,559,579

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

Undistributed ordinary income	$726,636
Undistributed long-term capital gain	$4,799,939
Net unrealized appreciation (depreciation) on securities and other investments	$51,754,399

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$3,250,157	$ 866,490

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $159,950,579 and $130,946,733, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$24,107
Investor Class	218,653
	$242,760

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's 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
Borrower	$5,949,333	.82%	$405

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $530 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. At period end, there were no security loans outstanding. 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. Total security lending income during the period amounted to $557.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,581.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$277,930	$228,889
Investor Class	1,040,086	637,601
Total	$1,318,016	$866,490
From net realized gain
Initial Class	$355,165	$–
Investor Class	1,576,976	–
Total	$1,932,141	$–

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	2,128,839	2,053,972	$26,596,431	$22,916,293
Reinvestment of distributions	47,511	19,647	633,094	228,889
Shares redeemed	(2,552,381)	(583,592)	(30,424,794)	(5,455,615)
Net increase (decrease)	(376,031)	1,490,027	$(3,195,269)	$17,689,567
Investor Class
Shares sold	6,400,195	4,529,275	$79,447,825	$48,842,893
Reinvestment of distributions	196,433	54,966	2,617,062	637,601
Shares redeemed	(3,946,164)	(2,608,193)	(46,454,470)	(24,177,838)
Net increase (decrease)	2,650,464	1,976,048	$35,610,417	$25,302,656

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and Shareholders of VIP Financial Services Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Financial Services Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 15, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman 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 SelectCo.

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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

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, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.69%
Actual		$1,000.00	$1,146.90	$3.73
Hypothetical-^C		$1,000.00	$1,021.73	$3.52
Investor Class	.77%
Actual		$1,000.00	$1,146.00	$4.17
Hypothetical-^C		$1,000.00	$1,021.32	$3.92

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Financial Services Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Financial Services Portfolio
Initial Class	02/09/2018	02/09/2018	$0.030	$0.294
Investor Class	02/09/2018	02/09/2018	$0.028	$0.294

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31 2017, $4,799,939, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class designates 95% and 88%, and Investor Class designates 100% and 91%; of the dividends distributed in February 2017 and December 2017, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
James C. Curvey
Affirmative	3,005,845,657.89	94.803
Withheld	164,788,708.80	5.197
TOTAL	3,170,634,366.69	100.000
Dennis J. Dirks
Affirmative	3,025,050,303.47	95.409
Withheld	145,584,063.22	4.591
TOTAL	3,170,634,366.69	100.000
Donald F. Donahue
Affirmative	3,024,923,660.98	95.405
Withheld	145,710,705.71	4.595
TOTAL	3,170,634,366.69	100.000
Alan J. Lacy
Affirmative	3,024,272,946.71	95.384
Withheld	146,361,419.98	4.616
TOTAL	3,170,634,366.69	100.00
Ned C. Lautenbach
Affirmative	3,011,847,006.14	94.992
Withheld	158,787,360.55	5.008
TOTAL	3,170,634,366.69	100.000
Joseph Mauriello
Affirmative	3,021,074,746.00	95.283
Withheld	149,559,620.69	4.717
TOTAL	3,170,634,366.69	100.000
Charles S. Morrison
Affirmative	3,025,083,795.43	95.410
Withheld	145,550,571.26	4.590
TOTAL	3,170,634,366.69	100.000
Cornelia M. Small
Affirmative	3,016,566,905.34	95.141
Withheld	154,067,461.35	4.859
TOTAL	3,170,634,366.69	100.000
Garnett A. Smith
Affirmative	3,014,927,605.85	95.090
Withheld	155,706,760.84	4.910
TOTAL	3,170,634,366.69	100.000
David M. Thomas
Affirmative	3,025,900,428.75	95.436
Withheld	144,733,937.94	4.564
TOTAL	3,170,634,366.69	100.000
Michael E. Wiley
Affirmative	3,023,436,110.39	95.358
Withheld	147,198,256.30	4.642
TOTAL	3,170,634,366.69	100.000

PROPOSAL 2

To eliminate a fundamental investment policy.

	# of Votes	% of Votes
Affirmative	153,447,468.67	80.314
Against	24,132,596.19	12.631
Abstain	13,480,990.70	7.055
TOTAL	191,061,055.56	100.000

PROPOSAL 3

To modify the fund's fundamental concentration policy.

	# of Votes	% of Votes
Affirmative	159,830,326.46	83.655
Against	19,482,694.75	10.197
Abstain	11,748,034.35	6.148
TOTAL	191,061,055.56	100.000

PROPOSAL 4

To change the fund from a diversified fund to a non-diversified fund.

	# of Votes	% of Votes
Affirmative	144,927,526.66	75.855
Against	32,682,064.47	17.105
Abstain	13,451,464.43	7.040
TOTAL	191,061,055.56	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

VFSIC-ANN-0218
1.817367.113

Fidelity® Variable Insurance Products:

Industrials Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	20.15%	15.19%	9.87%
Investor Class	20.05%	15.10%	9.77%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Industrials Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$25,623	VIP Industrials Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Tobias Welo: For the year, the fund’s share classes gained roughly 20%, trailing the 21.60% return of the MSCI U.S. IMI Industrials 25/50 Index and also lagging the broad-market S&P 500^®. Versus the MSCI sector benchmark, stock selection in aerospace & defense – especially underweighting strong-performing index constituent Boeing – hindered the fund's performance, along with positioning in trading companies & distributors and picks in industrial machinery. Commercial aircraft manufacturer Boeing, by far the fund’s largest relative detractor, returned 95%. A sizable overweighting in multinational engineering firm Aecom also detracted. In this case, our position roughly broke even for the year but considerably lagged the MSCI index. Shares of HD Supply Holdings, another large holding, also hampered fund performance, and I exited the position. Conversely, a large underweighting in the weak-performing industrial conglomerates category worked in our favor, as did overweighting construction machinery & heavy trucks. The performance lift from industrial conglomerates was largely due to an underweighting in index heavyweight General Electric, which returned -43% this period due to disappointing quarterly earnings and the company's first dividend cut since 2009. The fund also benefited from an overweighted stake in heavy-equipment manufacturer Caterpillar, which gained 75%.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
United Technologies Corp.	6.2
Caterpillar, Inc.	5.2
Honeywell International, Inc.	4.9
Northrop Grumman Corp.	4.4
General Dynamics Corp.	3.6
Union Pacific Corp.	2.9
Raytheon Co.	2.7
Fortive Corp.	2.6
IHS Markit Ltd.	2.6
Norfolk Southern Corp.	2.5
	37.6

Top Industries (% of fund's net assets)

As of December 31, 2017
	Aerospace & Defense	24.7%
	Machinery	24.0%
	Road & Rail	9.3%
	Industrial Conglomerates	8.2%
	Airlines	6.1%
	All Others*	27.7%

* Includes short-term investments and net other assets (liabilities).

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value
Aerospace & Defense - 24.7%
Aerospace & Defense - 24.7%
Astronics Corp. (a)	23,900	$991,133
Astronics Corp. Class B (a)	1,590	66,224
Axon Enterprise, Inc. (a)(b)	45,600	1,208,400
Elbit Systems Ltd.	6,500	866,385
General Dynamics Corp.	39,100	7,954,895
Huntington Ingalls Industries, Inc.	7,700	1,814,890
Northrop Grumman Corp.	31,600	9,698,356
Raytheon Co.	31,700	5,954,845
Spirit AeroSystems Holdings, Inc. Class A	11,700	1,020,825
Teledyne Technologies, Inc. (a)	19,778	3,582,785
The Boeing Co.	17,700	5,219,907
TransDigm Group, Inc.	7,500	2,059,650
United Technologies Corp.	105,923	13,512,595
		53,950,890
Air Freight & Logistics - 1.6%
Air Freight & Logistics - 1.6%
XPO Logistics, Inc. (a)	38,900	3,562,851
Airlines - 6.1%
Airlines - 6.1%
Alaska Air Group, Inc.	11,600	852,716
Allegiant Travel Co.	7,600	1,176,100
Delta Air Lines, Inc.	81,500	4,564,000
Ryanair Holdings PLC sponsored ADR (a)	3,600	375,084
Southwest Airlines Co.	78,800	5,157,460
Spirit Airlines, Inc. (a)	27,900	1,251,315
		13,376,675
Building Products - 3.9%
Building Products - 3.9%
A.O. Smith Corp.	25,984	1,592,300
Fortune Brands Home & Security, Inc.	26,800	1,834,192
Johnson Controls International PLC	51,400	1,958,854
Masco Corp.	71,000	3,119,740
		8,505,086
Commercial Services & Supplies - 3.1%
Diversified Support Services - 2.0%
Cintas Corp.	13,800	2,150,454
KAR Auction Services, Inc.	42,100	2,126,471
		4,276,925
Environmental & Facility Services - 1.1%
Waste Connection, Inc. (United States)	34,100	2,419,054

TOTAL COMMERCIAL SERVICES & SUPPLIES		6,695,979

Construction & Engineering - 4.1%
Construction & Engineering - 4.1%
AECOM (a)	54,034	2,007,363
Dycom Industries, Inc. (a)	14,200	1,582,306
Fluor Corp.	31,300	1,616,645
Jacobs Engineering Group, Inc.	25,000	1,649,000
KBR, Inc.	107,300	2,127,759
		8,983,073
Electrical Equipment - 5.6%
Electrical Components & Equipment - 5.3%
Acuity Brands, Inc.	8,800	1,548,800
AMETEK, Inc.	60,100	4,355,447
Fortive Corp.	78,392	5,671,661
		11,575,908
Heavy Electrical Equipment - 0.3%
TPI Composites, Inc. (a)	29,387	601,258

TOTAL ELECTRICAL EQUIPMENT		12,177,166

Household Durables - 0.3%
Homebuilding - 0.3%
Lennar Corp. Class A	9,000	569,160
Industrial Conglomerates - 8.2%
Industrial Conglomerates - 8.2%
General Electric Co.	243,646	4,251,623
Honeywell International, Inc.	70,027	10,739,341
ITT, Inc.	56,600	3,020,742
		18,011,706
Machinery - 24.0%
Agricultural & Farm Machinery - 1.6%
Deere & Co.	22,600	3,537,126
Construction Machinery & Heavy Trucks - 9.7%
Allison Transmission Holdings, Inc.	112,000	4,823,840
Caterpillar, Inc.	71,700	11,298,486
WABCO Holdings, Inc. (a)	27,800	3,989,300
Wabtec Corp. (b)	13,400	1,091,162
		21,202,788
Industrial Machinery - 12.7%
Flowserve Corp.	48,400	2,039,092
Gardner Denver Holdings, Inc.	90,200	3,060,486
IDEX Corp.	21,340	2,816,240
Ingersoll-Rand PLC	48,500	4,325,715
Lincoln Electric Holdings, Inc.	15,500	1,419,490
Nordson Corp.	8,100	1,185,840
Parker Hannifin Corp.	23,000	4,590,340
Pentair PLC	20,294	1,433,162
Snap-On, Inc.	30,400	5,298,720
Xylem, Inc.	24,000	1,636,800
		27,805,885

TOTAL MACHINERY		52,545,799

Professional Services - 3.9%
Human Resource & Employment Services - 0.8%
Robert Half International, Inc.	29,900	1,660,646
Research & Consulting Services - 3.1%
Equifax, Inc.	10,300	1,214,576
IHS Markit Ltd. (a)	125,210	5,653,232
		6,867,808

TOTAL PROFESSIONAL SERVICES		8,528,454

Road & Rail - 9.3%
Railroads - 7.8%
CSX Corp.	69,200	3,806,692
Genesee & Wyoming, Inc. Class A (a)	18,400	1,448,632
Norfolk Southern Corp.	37,200	5,390,280
Union Pacific Corp.	47,900	6,423,390
		17,068,994
Trucking - 1.5%
J.B. Hunt Transport Services, Inc.	15,246	1,752,985
Old Dominion Freight Lines, Inc.	12,300	1,618,065
		3,371,050

TOTAL ROAD & RAIL		20,440,044

Specialty Retail - 0.5%
Home Improvement Retail - 0.5%
Lowe's Companies, Inc.	11,900	1,105,986
Trading Companies & Distributors - 3.3%
Trading Companies & Distributors - 3.3%
Bunzl PLC	38,800	1,085,434
MSC Industrial Direct Co., Inc. Class A	11,200	1,082,592
United Rentals, Inc. (a)	9,400	1,615,954
Univar, Inc. (a)	110,400	3,417,984
		7,201,964
Water Utilities - 0.4%
Water Utilities - 0.4%
AquaVenture Holdings Ltd. (a)	62,000	962,240
TOTAL COMMON STOCKS
(Cost $158,730,876)		216,617,073

Money Market Funds - 1.6%
Fidelity Cash Central Fund, 1.36% (c)	2,593,684	2,594,203
Fidelity Securities Lending Cash Central Fund 1.36% (c)(d)	881,040	881,217
TOTAL MONEY MARKET FUNDS
(Cost $3,475,332)		3,475,420
TOTAL INVESTMENT IN SECURITIES - 100.6%
(Cost $162,206,208)		220,092,493
NET OTHER ASSETS (LIABILITIES) - (0.6)%		(1,242,256)
NET ASSETS - 100%		$218,850,237

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$23,681
Fidelity Securities Lending Cash Central Fund	10,373
Total	$34,054

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (including securities loaned of $859,491) — See accompanying schedule: Unaffiliated issuers (cost $158,730,876)	$216,617,073
Fidelity Central Funds (cost $3,475,332)	3,475,420
Total Investment in Securities (cost $162,206,208)		$220,092,493
Receivable for investments sold		510,082
Receivable for fund shares sold		360,795
Dividends receivable		96,694
Distributions receivable from Fidelity Central Funds		3,330
Prepaid expenses		935
Other receivables		1,665
Total assets		221,065,994
Liabilities
Payable for investments purchased	$1,163,649
Payable for fund shares redeemed	118
Accrued management fee	96,005
Other affiliated payables	30,167
Other payables and accrued expenses	44,793
Collateral on securities loaned	881,025
Total liabilities		2,215,757
Net Assets		$218,850,237
Net Assets consist of:
Paid in capital		$152,744,372
Undistributed net investment income		216,694
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		8,002,886
Net unrealized appreciation (depreciation) on investments		57,886,285
Net Assets		$218,850,237
Initial Class:
Net Asset Value, offering price and redemption price per share ($44,205,124 ÷ 1,853,470 shares)		$23.85
Investor Class:
Net Asset Value, offering price and redemption price per share ($174,645,113 ÷ 7,371,327 shares)		$23.69

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$2,809,240
Income from Fidelity Central Funds		34,054
Total income		2,843,294
Expenses
Management fee	$1,104,713
Transfer agent fees	264,055
Accounting and security lending fees	79,787
Custodian fees and expenses	12,204
Independent trustees' fees and expenses	4,584
Audit	41,069
Legal	4,269
Miscellaneous	11,247
Total expenses before reductions	1,521,928
Expense reductions	(11,194)	1,510,734
Net investment income (loss)		1,332,560
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	9,395,405
Fidelity Central Funds	464
Foreign currency transactions	(363)
Total net realized gain (loss)		9,395,506
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	25,929,477
Fidelity Central Funds	(270)
Total change in net unrealized appreciation (depreciation)		25,929,207
Net gain (loss)		35,324,713
Net increase (decrease) in net assets resulting from operations		$36,657,273

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,332,560	$1,322,093
Net realized gain (loss)	9,395,506	8,047,219
Change in net unrealized appreciation (depreciation)	25,929,207	12,638,869
Net increase (decrease) in net assets resulting from operations	36,657,273	22,008,181
Distributions to shareholders from net investment income	(1,349,019)	(1,088,641)
Distributions to shareholders from net realized gain	(9,072,190)	(13,584,564)
Total distributions	(10,421,209)	(14,673,205)
Share transactions - net increase (decrease)	(1,684,948)	40,670,901
Redemption fees	9,710	20,824
Total increase (decrease) in net assets	24,560,826	48,026,701
Net Assets
Beginning of period	194,289,411	146,262,710
End of period	$218,850,237	$194,289,411
Other Information
Undistributed net investment income end of period	$216,694	$233,516

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

Financial Highlights

VIP Industrials Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$20.88	$20.25	$22.92	$22.17	$16.88
Income from Investment Operations
Net investment income (loss)^A	.16	.18	.17	.18	.17
Net realized and unrealized gain (loss)	3.91	2.50	(.55)	1.17	6.48
Total from investment operations	4.07	2.68	(.38)	1.35	6.65
Distributions from net investment income	(.16)	(.13)	(.18)	(.20)	(.16)
Distributions from net realized gain	(.94)	(1.92)	(2.11)	(.40)	(1.20)
Total distributions	(1.10)	(2.05)	(2.29)	(.60)	(1.36)
Redemption fees added to paid in capital^A,^B	–	–	–	–	–
Net asset value, end of period	$23.85	$20.88	$20.25	$22.92	$22.17
Total Return^C,^D	20.15%	15.87%	(1.89)%	6.21%	39.80%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.69%	.70%	.69%	.69%	.72%
Expenses net of fee waivers, if any	.68%	.70%	.69%	.69%	.72%
Expenses net of all reductions	.68%	.69%	.69%	.69%	.72%
Net investment income (loss)	.72%	.94%	.83%	.81%	.84%
Supplemental Data
Net assets, end of period (000 omitted)	$44,205	$42,322	$35,852	$46,692	$55,234
Portfolio turnover rate^G	64%	62%	69%	70%	64%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Industrials Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$20.75	$20.15	$22.82	$22.07	$16.81
Income from Investment Operations
Net investment income (loss)^A	.14	.16	.16	.16	.15
Net realized and unrealized gain (loss)	3.88	2.48	(.56)	1.17	6.46
Total from investment operations	4.02	2.64	(.40)	1.33	6.61
Distributions from net investment income	(.15)	(.12)	(.17)	(.18)	(.15)
Distributions from net realized gain	(.94)	(1.92)	(2.11)	(.40)	(1.20)
Total distributions	(1.08)^B	(2.04)	(2.27)^C	(.58)	(1.35)
Redemption fees added to paid in capital^A,^D	–	–	–	–	–
Net asset value, end of period	$23.69	$20.75	$20.15	$22.82	$22.07
Total Return^E,^F	20.05%	15.73%	(1.97)%	6.16%	39.72%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.77%	.78%	.77%	.77%	.80%
Expenses net of fee waivers, if any	.77%	.78%	.77%	.77%	.80%
Expenses net of all reductions	.76%	.77%	.77%	.77%	.79%
Net investment income (loss)	.64%	.86%	.76%	.73%	.77%
Supplemental Data
Net assets, end of period (000 omitted)	$174,645	$151,967	$110,411	$126,131	$136,117
Portfolio turnover rate^I	64%	62%	69%	70%	64%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.08 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.937 per share.

^C Total distributions of $2.27 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $2.105 per share.

^D Amount represents less than $.005 per share.

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

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

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

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.

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 – 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.

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

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

Gross unrealized appreciation	$59,461,168
Gross unrealized depreciation	(1,674,537)
Net unrealized appreciation (depreciation)	$57,786,631
Tax Cost	$162,305,862

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

Undistributed ordinary income	$1,458,960
Undistributed long-term capital gain	$6,860,273
Net unrealized appreciation (depreciation) on securities and other investments	$57,786,631

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$2,431,943	$ 1,088,641
Long-term Capital Gains	7,989,266	13,584,564
Total	$10,421,209	$ 14,673,205

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $128,110,346 and $135,556,304, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by Fidelity Management & Research Company (FMR) and the investment adviser. 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 .54% of the Fund's average net assets.

Initial Class	$27,746
Investor Class	236,309
	$264,055

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $620 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,885.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	298,116	254,160
Investor Class	1,050,903	834,481
Total	$1,349,019	$1,088,641
From net realized gain
Initial Class	1,894,536	3,274,688
Investor Class	7,177,654	10,309,876
Total	$9,072,190	$13,584,564

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	205,198	366,918	$4,489,427	$7,447,757
Reinvestment of distributions	102,942	211,467	2,192,652	3,528,848
Shares redeemed	(481,745)	(321,699)	(10,255,941)	(6,144,469)
Net increase (decrease)	(173,605)	256,686	$(3,573,862)	$4,832,136
Investor Class
Shares sold	1,534,565	2,019,265	$33,316,997	$40,663,972
Reinvestment of distributions	388,964	671,102	8,228,557	11,144,357
Shares redeemed	(1,876,036)	(847,086)	(39,656,640)	(15,969,564)
Net increase (decrease)	47,493	1,843,281	$1,888,914	$35,838,765

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

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, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 15, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman 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 SelectCo.

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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

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, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.69%
Actual		$1,000.00	$1,135.70	$3.71
Hypothetical-^C		$1,000.00	$1,021.73	$3.52
Investor Class	.77%
Actual		$1,000.00	$1,135.00	$4.14
Hypothetical-^C		$1,000.00	$1,021.32	$3.92

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Industrials Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Industrials Portfolio
Initial Class	02/09/18	02/09/18	$0.026	$0.885
Investor Class	02/09/18	02/09/18	$0.023	$0.885

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $ 6,866,829, or, if subsequently determined to be different, the net capital gain of such year.

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
James C. Curvey
Affirmative	3,005,845,657.89	94.803
Withheld	164,788,708.80	5.197
TOTAL	3,170,634,366.69	100.000
Dennis J. Dirks
Affirmative	3,025,050,303.47	95.409
Withheld	145,584,063.22	4.591
TOTAL	3,170,634,366.69	100.000
Donald F. Donahue
Affirmative	3,024,923,660.98	95.405
Withheld	145,710,705.71	4.595
TOTAL	3,170,634,366.69	100.000
Alan J. Lacy
Affirmative	3,024,272,946.71	95.384
Withheld	146,361,419.98	4.616
TOTAL	3,170,634,366.69	100.00
Ned C. Lautenbach
Affirmative	3,011,847,006.14	94.992
Withheld	158,787,360.55	5.008
TOTAL	3,170,634,366.69	100.000
Joseph Mauriello
Affirmative	3,021,074,746.00	95.283
Withheld	149,559,620.69	4.717
TOTAL	3,170,634,366.69	100.000
Charles S. Morrison
Affirmative	3,025,083,795.43	95.410
Withheld	145,550,571.26	4.590
TOTAL	3,170,634,366.69	100.000
Cornelia M. Small
Affirmative	3,016,566,905.34	95.141
Withheld	154,067,461.35	4.859
TOTAL	3,170,634,366.69	100.000
Garnett A. Smith
Affirmative	3,014,927,605.85	95.090
Withheld	155,706,760.84	4.910
TOTAL	3,170,634,366.69	100.000
David M. Thomas
Affirmative	3,025,900,428.75	95.436
Withheld	144,733,937.94	4.564
TOTAL	3,170,634,366.69	100.000
Michael E. Wiley
Affirmative	3,023,436,110.39	95.358
Withheld	147,198,256.30	4.642
TOTAL	3,170,634,366.69	100.000

PROPOSAL 2

To eliminate a fundamental investment policy.

	# of Votes	% of Votes
Affirmative	161,930,104.92	81.757
Against	20,493,437.74	10.346
Abstain	15,641,265.09	7.897
TOTAL	198,064,807.75	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

VCYLIC-ANN-0218
1.817361.112

Fidelity® Variable Insurance Products:

Consumer Discretionary Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	22.16%	15.80%	11.53%
Investor Class	22.07%	15.73%	11.45%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Consumer Discretionary Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$29,792	VIP Consumer Discretionary Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Katherine Shaw: For the year, the fund's share classes gained about 22%, roughly in line with the 22.90% result of the MSCI U.S. IMI Consumer Discretionary 25/50 Index, as well as the broad-market S&P 500^® index. Consumer discretionary stocks benefited from a surge in business and consumer sentiment, low unemployment and wage growth, and a sweeping tax reform bill that could boost consumers' discretionary spending in 2018. Versus the MSCI sector index, the biggest detractor by a considerable margin was a position in apparel maker and retailer L Brands. The firm continued to struggle this period, particularly in July, when it reported a worse-than-anticipated decline in June same-store sales. Exacerbating this weakness was the slowing foot traffic that has affected mall retailers. We substantially cut the fund’s position in L Brands in 2017, moving from a sizable overweighting to a significant underweighting at year-end. Elsewhere, underexposure to fast-food giant McDonald's for most of the period hurt, as the stock gained 45% the past 12 months on positive changes to the business, including all-day breakfast. We notably increased our allocation to McDonald's after I established a stake in August, placing it among our largest year-end positions, as well as a significant overweighting. Conversely, the fund's biggest individual contributor also was by far its largest holding this year: Amazon.com (+56%). The big news was the firm's $13.5 billion buyout of grocer Whole Foods Market, which shook the broader retailing industry and sent Amazon shares higher. The firm also found continued success with its Amazon Web Services cloud-computing division.

Note to shareholders: On August 3, 2017, Katherine Shaw became Portfolio Manager of the fund, succeeding Peter Dixon. On December 8, 2017, shareholders approved proposals from the Board of Trustees to eliminate each sector/industry fund's fundamental “invests primarily” policy and to modify the fundamental concentration policy for certain funds. The changes took effect on January 1, 2018, and do not impact how the funds are managed.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
Amazon.com, Inc.	14.9
Home Depot, Inc.	8.4
The Walt Disney Co.	4.4
McDonald's Corp.	4.1
Charter Communications, Inc. Class A	4.0
Comcast Corp. Class A	4.0
Dollar Tree, Inc.	3.5
Starbucks Corp.	2.9
Lowe's Companies, Inc.	2.8
Priceline Group, Inc.	2.7
	51.7

Top Industries (% of fund's net assets)

As of December 31, 2017
	Hotels, Restaurants & Leisure	24.9%
	Internet & Direct Marketing Retail	20.7%
	Specialty Retail	18.9%
	Media	14.2%
	Textiles, Apparel & Luxury Goods	4.7%
	All Others^*	16.6%

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

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value
Air Freight & Logistics - 0.1%
Air Freight & Logistics - 0.1%
XPO Logistics, Inc. (a)	1,600	$146,544
Auto Components - 0.2%
Auto Parts & Equipment - 0.2%
Aptiv PLC	3,500	296,905
Tenneco, Inc.	200	11,708
		308,613
Automobiles - 2.1%
Automobile Manufacturers - 2.1%
Ferrari NV	2,300	241,132
General Motors Co.	1,600	65,584
Tesla, Inc. (a)	7,900	2,459,665
Thor Industries, Inc.	2,700	406,944
		3,173,325
Beverages - 0.8%
Distillers & Vintners - 0.7%
Constellation Brands, Inc. Class A (sub. vtg.)	4,800	1,097,136
Soft Drinks - 0.1%
Monster Beverage Corp. (a)	2,690	170,250

TOTAL BEVERAGES		1,267,386

Building Products - 0.2%
Building Products - 0.2%
Masco Corp.	5,100	224,094
Commercial Services & Supplies - 0.2%
Diversified Support Services - 0.2%
Copart, Inc. (a)	6,300	272,097
Distributors - 0.7%
Distributors - 0.7%
LKQ Corp. (a)	20,700	841,869
Pool Corp.	2,100	272,265
		1,114,134
Diversified Consumer Services - 0.6%
Education Services - 0.4%
Adtalem Global Education, Inc.	3,200	134,560
Grand Canyon Education, Inc. (a)	3,400	304,402
New Oriental Education & Technology Group, Inc. sponsored ADR	1,900	178,600
		617,562
Specialized Consumer Services - 0.2%
Service Corp. International	2,200	82,104
ServiceMaster Global Holdings, Inc. (a)	4,700	240,969
		323,073

TOTAL DIVERSIFIED CONSUMER SERVICES		940,635

Food & Staples Retailing - 1.2%
Food Distributors - 0.9%
Performance Food Group Co. (a)	39,700	1,314,070
Hypermarkets & Super Centers - 0.3%
Costco Wholesale Corp.	1,000	186,120
Wal-Mart Stores, Inc.	3,400	335,750
		521,870

TOTAL FOOD & STAPLES RETAILING		1,835,940

Health Care Providers & Services - 0.0%
Health Care Services - 0.0%
National Vision Holdings, Inc.	1,600	64,976
Hotels, Restaurants & Leisure - 24.9%
Casinos & Gaming - 4.1%
Boyd Gaming Corp.	6,300	220,815
Caesars Entertainment Corp. (a)	22,900	289,685
Churchill Downs, Inc.	1,400	325,780
Eldorado Resorts, Inc. (a)	18,424	610,756
Las Vegas Sands Corp.	35,159	2,443,199
Melco Crown Entertainment Ltd. sponsored ADR	6,891	200,115
MGM Mirage, Inc.	41,200	1,375,668
Penn National Gaming, Inc. (a)	13,172	412,679
Wynn Resorts Ltd.	1,800	303,462
		6,182,159
Hotels, Resorts & Cruise Lines - 8.3%
Bluegreen Corp.	21,100	385,286
Carnival Corp.	17,000	1,128,290
Hilton Grand Vacations, Inc.	11,611	487,081
Hilton Worldwide Holdings, Inc.	34,000	2,715,240
ILG, Inc.	5,800	165,184
Marriott International, Inc. Class A	18,300	2,483,859
Marriott Vacations Worldwide Corp.	6,000	811,260
Royal Caribbean Cruises Ltd.	20,400	2,433,312
Wyndham Worldwide Corp.	16,200	1,877,094
		12,486,606
Leisure Facilities - 1.1%
Cedar Fair LP (depositary unit)	2,000	129,980
Drive Shack, Inc.	5,400	29,862
Vail Resorts, Inc.	7,080	1,504,288
		1,664,130
Restaurants - 11.4%
ARAMARK Holdings Corp.	12,000	512,880
Compass Group PLC	3,400	73,448
Darden Restaurants, Inc.	9,300	892,986
Del Taco Restaurants, Inc. (a)	3,000	36,360
Domino's Pizza, Inc.	3,900	736,944
Dunkin' Brands Group, Inc.	7,716	497,451
Jack in the Box, Inc.	4,800	470,928
McDonald's Corp.	35,700	6,144,684
Restaurant Brands International, Inc.	11,600	713,072
Ruth's Hospitality Group, Inc.	4,200	90,930
Shake Shack, Inc. Class A (a)	4,600	198,720
Starbucks Corp.	74,870	4,299,784
Texas Roadhouse, Inc. Class A	8,000	421,440
U.S. Foods Holding Corp. (a)	33,100	1,056,883
Wingstop, Inc.	11,088	432,210
Yum! Brands, Inc.	5,100	416,211
		16,994,931

TOTAL HOTELS, RESTAURANTS & LEISURE		37,327,826

Household Durables - 2.3%
Consumer Electronics - 0.0%
Roku, Inc. Class A	7	362
Home Furnishings - 0.3%
Mohawk Industries, Inc. (a)	1,500	413,850
Homebuilding - 1.9%
Cavco Industries, Inc. (a)	1,300	198,380
D.R. Horton, Inc.	21,600	1,103,112
Lennar Corp.:
Class A	11,900	752,556
Class B	228	11,783
LGI Homes, Inc. (a)	1,300	97,539
NVR, Inc. (a)	100	350,822
TRI Pointe Homes, Inc. (a)	17,600	315,392
		2,829,584
Household Appliances - 0.1%
Techtronic Industries Co. Ltd.	34,408	224,385

TOTAL HOUSEHOLD DURABLES		3,468,181

Internet & Direct Marketing Retail - 20.7%
Internet & Direct Marketing Retail - 20.7%
Amazon.com, Inc. (a)	19,138	22,381,317
Boohoo.Com PLC (a)	67,500	171,790
Liberty Interactive Corp. QVC Group Series A (a)	29,800	727,716
Netflix, Inc. (a)	19,200	3,685,632
Priceline Group, Inc. (a)	2,300	3,996,802
Wayfair LLC Class A (a)(b)	400	32,108
YOOX SpA (a)(b)	1,800	62,891
		31,058,256
Internet Software & Services - 1.1%
Internet Software & Services - 1.1%
2U, Inc. (a)	6,505	419,638
Alphabet, Inc. Class A (a)	800	842,720
CarGurus, Inc. Class A	400	11,992
Facebook, Inc. Class A (a)	2,200	388,212
		1,662,562
IT Services - 0.4%
Data Processing & Outsourced Services - 0.4%
Global Payments, Inc.	2,200	220,528
PayPal Holdings, Inc. (a)	5,000	368,100
		588,628
Leisure Products - 0.6%
Leisure Products - 0.6%
Mattel, Inc. (b)	58,100	893,578
Media - 14.2%
Broadcasting - 0.1%
CBS Corp. Class B	3,200	188,800
Cable & Satellite - 8.4%
Charter Communications, Inc. Class A (a)	17,877	6,005,957
Comcast Corp. Class A	149,180	5,974,659
DISH Network Corp. Class A (a)	3,900	186,225
Naspers Ltd. Class N	1,540	429,545
		12,596,386
Movies & Entertainment - 5.7%
Cinemark Holdings, Inc.	17,500	609,350
Liberty Media Corp. Liberty Formula One Group Series C (a)	4,100	140,056
Lions Gate Entertainment Corp. Class B	600	19,044
Live Nation Entertainment, Inc. (a)	4,700	200,079
The Walt Disney Co.	60,757	6,531,985
Time Warner, Inc.	8,800	804,936
Twenty-First Century Fox, Inc. Class A	4,500	155,385
		8,460,835

TOTAL MEDIA		21,246,021

Multiline Retail - 4.2%
Department Stores - 0.1%
Macy's, Inc.	5,500	138,545
General Merchandise Stores - 4.1%
B&M European Value Retail S.A.	48,129	275,261
Dollar General Corp.	5,100	474,351
Dollar Tree, Inc. (a)	48,900	5,247,459
Ollie's Bargain Outlet Holdings, Inc. (a)	1,500	79,875
		6,076,946

TOTAL MULTILINE RETAIL		6,215,491

Personal Products - 0.1%
Personal Products - 0.1%
Estee Lauder Companies, Inc. Class A	600	76,344
Real Estate Management & Development - 0.1%
Real Estate Services - 0.1%
Redfin Corp. (b)	3,400	106,488
Software - 0.2%
Application Software - 0.1%
Adobe Systems, Inc. (a)	600	105,144
Home Entertainment Software - 0.1%
Activision Blizzard, Inc.	2,300	145,636

TOTAL SOFTWARE		250,780

Specialty Retail - 18.9%
Apparel Retail - 4.9%
Burlington Stores, Inc. (a)	12,300	1,513,269
Inditex SA	4,783	166,313
L Brands, Inc.	700	42,154
Ross Stores, Inc.	35,382	2,839,406
The Children's Place Retail Stores, Inc.	1,700	247,095
TJX Companies, Inc.	33,117	2,532,126
		7,340,363
Automotive Retail - 2.2%
AutoZone, Inc. (a)	1,900	1,351,603
O'Reilly Automotive, Inc. (a)	7,773	1,869,717
		3,221,320
Home Improvement Retail - 11.3%
Floor & Decor Holdings, Inc. Class A	3,500	170,380
Home Depot, Inc.	66,200	12,546,886
Lowe's Companies, Inc.	44,600	4,145,124
		16,862,390
Specialty Stores - 0.5%
Tiffany & Co., Inc.	1,200	124,740
Ulta Beauty, Inc.	3,000	670,980
		795,720

TOTAL SPECIALTY RETAIL		28,219,793

Technology Hardware, Storage & Peripherals - 0.4%
Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc.	3,600	609,228
Textiles, Apparel & Luxury Goods - 4.7%
Apparel, Accessories & Luxury Goods - 2.2%
adidas AG	1,584	317,679
Canada Goose Holdings, Inc.	5,300	167,433
Carter's, Inc.	4,600	540,454
G-III Apparel Group Ltd. (a)	4,400	162,316
Kering SA	300	141,462
LVMH Moet Hennessy - Louis Vuitton SA	1,429	419,419
PVH Corp.	9,500	1,303,495
Tapestry, Inc.	6,100	269,803
		3,322,061
Footwear - 2.5%
NIKE, Inc. Class B	58,970	3,688,574

TOTAL TEXTILES, APPAREL & LUXURY GOODS		7,010,635

TOTAL COMMON STOCKS
(Cost $105,523,104)		148,081,555

Money Market Funds - 2.1%
Fidelity Cash Central Fund, 1.36% (c)	2,025,165	2,025,570
Fidelity Securities Lending Cash Central Fund 1.36% (c)(d)	1,053,897	1,054,108
TOTAL MONEY MARKET FUNDS
(Cost $3,079,573)		3,079,678
TOTAL INVESTMENT IN SECURITIES - 101.0%
(Cost $108,602,677)		151,161,233
NET OTHER ASSETS (LIABILITIES) - (1.0)%		(1,453,124)
NET ASSETS - 100%		$149,708,109

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$14,009
Fidelity Securities Lending Cash Central Fund	38,614
Total	$52,623

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$148,081,555	$147,495,823	$585,732	$--
Money Market Funds	3,079,678	3,079,678	--	--
Total Investments in Securities:	$151,161,233	$150,575,501	$585,732	$--

The following is a summary of transfers between Level 1 and Level 2 for the period ended December 31, 2017. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers	Total
Level 1 to Level 2	$0
Level 2 to Level 1	$2,682,731

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (including securities loaned of $1,032,781) — See accompanying schedule: Unaffiliated issuers (cost $105,523,104)	$148,081,555
Fidelity Central Funds (cost $3,079,573)	3,079,678
Total Investment in Securities (cost $108,602,677)		$151,161,233
Receivable for fund shares sold		201,168
Dividends receivable		98,668
Distributions receivable from Fidelity Central Funds		3,953
Prepaid expenses		676
Other receivables		5,505
Total assets		151,471,203
Liabilities
Payable for investments purchased	$579,507
Payable for fund shares redeemed	186
Accrued management fee	65,796
Other affiliated payables	21,219
Other payables and accrued expenses	42,926
Collateral on securities loaned	1,053,460
Total liabilities		1,763,094
Net Assets		$149,708,109
Net Assets consist of:
Paid in capital		$100,854,105
Undistributed net investment income		156,092
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		6,139,221
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		42,558,691
Net Assets		$149,708,109
Initial Class:
Net Asset Value, offering price and redemption price per share ($22,057,161 ÷ 990,365 shares)		$22.27
Investor Class:
Net Asset Value, offering price and redemption price per share ($127,650,948 ÷ 5,747,081 shares)		$22.21

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$1,790,926
Interest		8,517
Income from Fidelity Central Funds		52,623
Total income		1,852,066
Expenses
Management fee	$785,088
Transfer agent fees	194,198
Accounting and security lending fees	56,732
Custodian fees and expenses	14,351
Independent trustees' fees and expenses	3,312
Audit	53,227
Legal	2,982
Miscellaneous	8,159
Total expenses before reductions	1,118,049
Expense reductions	(10,530)	1,107,519
Net investment income (loss)		744,547
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	8,901,632
Fidelity Central Funds	411
Foreign currency transactions	4,711
Total net realized gain (loss)		8,906,754
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	18,884,041
Fidelity Central Funds	(195)
Assets and liabilities in foreign currencies	1,349
Total change in net unrealized appreciation (depreciation)		18,885,195
Net gain (loss)		27,791,949
Net increase (decrease) in net assets resulting from operations		$28,536,496

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$744,547	$1,305,034
Net realized gain (loss)	8,906,754	(1,793,020)
Change in net unrealized appreciation (depreciation)	18,885,195	6,462,693
Net increase (decrease) in net assets resulting from operations	28,536,496	5,974,707
Distributions to shareholders from net investment income	(694,426)	(1,035,303)
Distributions to shareholders from net realized gain	–	(3,068,756)
Total distributions	(694,426)	(4,104,059)
Share transactions - net increase (decrease)	(26,089,645)	(61,945,625)
Redemption fees	6,759	48,581
Total increase (decrease) in net assets	1,759,184	(60,026,396)
Net Assets
Beginning of period	147,948,925	207,975,321
End of period	$149,708,109	$147,948,925
Other Information
Undistributed net investment income end of period	$156,092	$244,854

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

Financial Highlights

VIP Consumer Discretionary Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.33	$17.88	$19.01	$18.54	$14.24
Income from Investment Operations
Net investment income (loss)^A	.12	.15	.13	.08	.03
Net realized and unrealized gain (loss)	3.93	.73	.73	1.59	5.58
Total from investment operations	4.05	.88	.86	1.67	5.61
Distributions from net investment income	(.11)	(.14)	(.09)	(.10)	(.02)
Distributions from net realized gain	–	(.30)	(1.91)	(1.11)	(1.30)
Total distributions	(.11)	(.44)	(2.00)	(1.20)^B	(1.32)
Redemption fees added to paid in capital^A	–^C	.01	.01	–^C	.01
Net asset value, end of period	$22.27	$18.33	$17.88	$19.01	$18.54
Total Return^D,^E	22.16%	5.24%	4.71%	9.64%	41.10%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.71%	.70%	.70%	.72%	.76%
Expenses net of fee waivers, if any	.71%	.70%	.70%	.72%	.75%
Expenses net of all reductions	.70%	.70%	.69%	.71%	.75%
Net investment income (loss)	.58%	.86%	.69%	.45%	.16%
Supplemental Data
Net assets, end of period (000 omitted)	$22,057	$23,677	$42,048	$21,446	$32,004
Portfolio turnover rate^H	81%	43%	46%	129%	122%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.20 per share is comprised of distributions from net investment income of $0.097 and distributions from net realized gain of $1.106 per share.

^C Amount represents less than $.005 per share.

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

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

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Consumer Discretionary Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.28	$17.84	$18.97	$18.50	$14.21
Income from Investment Operations
Net investment income (loss)^A	.10	.14	.11	.07	.01
Net realized and unrealized gain (loss)	3.93	.71	.74	1.59	5.58
Total from investment operations	4.03	.85	.85	1.66	5.59
Distributions from net investment income	(.10)	(.13)	(.08)	(.08)	(.01)
Distributions from net realized gain	–	(.30)	(1.91)	(1.11)	(1.30)
Total distributions	(.10)	(.42)^B	(1.99)	(1.19)	(1.31)
Redemption fees added to paid in capital^A	–^C	.01	.01	–^C	.01
Net asset value, end of period	$22.21	$18.28	$17.84	$18.97	$18.50
Total Return^D,^E	22.07%	5.12%	4.66%	9.58%	41.05%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.79%	.78%	.78%	.80%	.83%
Expenses net of fee waivers, if any	.79%	.78%	.77%	.79%	.83%
Expenses net of all reductions	.78%	.78%	.77%	.78%	.83%
Net investment income (loss)	.50%	.78%	.61%	.38%	.08%
Supplemental Data
Net assets, end of period (000 omitted)	$127,651	$124,272	$165,927	$86,882	$109,697
Portfolio turnover rate^H	81%	43%	46%	129%	122%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.42 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.298 per share.

^C Amount represents less than $.005 per share.

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

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

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Consumer Discretionary 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.

3. Significant Accounting Policies.

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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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, 2017, including information on transfers between Levels 1 and 2 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 includes proceeds received from litigation. 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, partnerships, 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	$44,248,824
Gross unrealized depreciation	(1,863,893)
Net unrealized appreciation (depreciation)	$42,384,931
Tax Cost	$108,776,302

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

Undistributed ordinary income	$156,092
Undistributed long-term capital gain	$6,312,845
Net unrealized appreciation (depreciation) on securities and other investments	$42,385,066

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$694,426	$ 1,035,303
Long-term Capital Gains	–	3,068,756
Total	$694,426	$ 4,104,059

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $115,920,107 and $142,596,022, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$14,375
Investor Class	179,823
	$194,198

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $2,356 for the period.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $475 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,523.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$117,886	$177,534
Investor Class	576,540	857,769
Total	$694,426	$1,035,303
From net realized gain
Initial Class	$–	$586,354
Investor Class	–	2,482,402
Total	$–	$3,068,756

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	115,416	122,020	$2,361,729	$2,169,098
Reinvestment of distributions	5,687	46,901	117,886	763,888
Shares redeemed	(422,794)	(1,228,235)	(8,310,561)	(21,325,956)
Net increase (decrease)	(301,691)	(1,059,314)	$(5,830,946)	$(18,392,970)
Investor Class
Shares sold	598,518	609,221	$12,226,919	$10,778,576
Reinvestment of distributions	27,972	204,746	576,540	3,340,171
Shares redeemed	(1,679,200)	(3,316,240)	(33,062,158)	(57,671,402)
Net increase (decrease)	(1,052,710)	(2,502,273)	$(20,258,699)	$(43,552,655)

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Consumer Discretionary Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the “Fund”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 15, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman 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 SelectCo.

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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

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, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.70%
Actual		$1,000.00	$1,119.20	$3.74
Hypothetical-^C		$1,000.00	$1,021.68	$3.57
Investor Class	.78%
Actual		$1,000.00	$1,118.80	$4.17
Hypothetical-^C		$1,000.00	$1,021.27	$3.97

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Consumer Discretionary Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Consumer Discretionary Portfolio
Initial Class	02/09/18	02/09/18	$0.026	$0.889
Investor Class	02/09/18	02/09/18	$0.023	$0.889

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31 2017, $6,312,845, or, if subsequently determined to be different, the net capital gain of such year.

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
James C. Curvey
Affirmative	3,005,845,657.89	94.803
Withheld	164,788,708.80	5.197
TOTAL	3,170,634,366.69	100.000
Dennis J. Dirks
Affirmative	3,025,050,303.47	95.409
Withheld	145,584,063.22	4.591
TOTAL	3,170,634,366.69	100.000
Donald F. Donahue
Affirmative	3,024,923,660.98	95.405
Withheld	145,710,705.71	4.595
TOTAL	3,170,634,366.69	100.000
Alan J. Lacy
Affirmative	3,024,272,946.71	95.384
Withheld	146,361,419.98	4.616
TOTAL	3,170,634,366.69	100.00
Ned C. Lautenbach
Affirmative	3,011,847,006.14	94.992
Withheld	158,787,360.55	5.008
TOTAL	3,170,634,366.69	100.000
Joseph Mauriello
Affirmative	3,021,074,746.00	95.283
Withheld	149,559,620.69	4.717
TOTAL	3,170,634,366.69	100.000
Charles S. Morrison
Affirmative	3,025,083,795.43	95.410
Withheld	145,550,571.26	4.590
TOTAL	3,170,634,366.69	100.000
Cornelia M. Small
Affirmative	3,016,566,905.34	95.141
Withheld	154,067,461.35	4.859
TOTAL	3,170,634,366.69	100.000
Garnett A. Smith
Affirmative	3,014,927,605.85	95.090
Withheld	155,706,760.84	4.910
TOTAL	3,170,634,366.69	100.000
David M. Thomas
Affirmative	3,025,900,428.75	95.436
Withheld	144,733,937.94	4.564
TOTAL	3,170,634,366.69	100.000
Michael E. Wiley
Affirmative	3,023,436,110.39	95.358
Withheld	147,198,256.30	4.642
TOTAL	3,170,634,366.69	100.000

PROPOSAL 2

To eliminate a fundamental investment policy.

	# of Votes	% of Votes
Affirmative	111,324,207.36	82.534
Against	12,477,562.16	9.251
Abstain	11,081,305.73	8.215
TOTAL	134,883,075.25	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

VCONIC-ANN-0218
1.817355.112

Fidelity® Variable Insurance Products:

Real Estate Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions

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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	4.07%	8.63%	7.67%
Service Class	3.98%	8.52%	7.56%
Service Class 2	3.77%	8.36%	7.39%
Investor Class	3.99%	8.55%	7.58%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Real Estate Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$20,938	VIP Real Estate Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Samuel Wald: For the year, the fund’s share classes gained roughly 4%, slightly outperforming the benchmark Dow Jones U.S. Select Real Estate Securities Index℠. Against a fundamentally solid market backdrop, the fund’s results were helped by a combination of favorable security selection and sector positioning derived mostly from bottom-up stock picking. On an individual stock basis, data-center real estate investment trusts (REITs) Coresite Realty and Equinix were among the fund’s top relative contributors. These and competing companies have benefited from strong demand for their specialized facilities to store and process data. I found Coresite – which I later sold during the period after its valuation increased – and Equinix more attractively valued than the industry leader, Digital Realty Trust, a strong performer and significant relative detractor that I opted to underweight. This, along with a lack of a position in benchmark component DuPont Fabros Technology, partly offset our relative performance gains with Coresite and Equinix. In June, DuPont Fabros Technology shares rose sharply, after the company agreed to be acquired by Digital Realty. Another contributor was Marriott International, a non-REIT hotel operator whose shares gained 58%. Elsewhere, industrial REITs benefited from the global growth in e-commerce, which in turn has heightened demand for warehouse and distribution facilities. Accordingly, a significant overweight in DCT Industrial Trust boosted results, although that impact was offset by an underweight in another strong-performing industrial REIT, Prologis, the fund's biggest relative detractor.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
Simon Property Group, Inc.	6.9
AvalonBay Communities, Inc.	5.7
Boston Properties, Inc.	4.9
Ventas, Inc.	4.6
Extra Space Storage, Inc.	4.0
Essex Property Trust, Inc.	4.0
Public Storage	3.9
Prologis, Inc.	3.3
DCT Industrial Trust, Inc.	3.2
Mid-America Apartment Communities, Inc.	3.1
	43.6

Top Five REIT Sectors as of December 31, 2017

	% of fund's net assets
REITs - Apartments	19.0
REITs - Office Property	17.2
REITs - Regional Malls	11.2
REITs - Health Care	9.5
REITs - Diversified	8.9

Asset Allocation (% of fund's net assets)

As of December 31, 2017^*
	Stocks	98.6%
	Short-Term Investments and Net Other Assets (Liabilities)	1.4%

* Foreign investments - 0.6%

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares	Value
Equity Real Estate Investment Trusts (REITs) - 97.5%
REITs - Apartments - 19.0%
American Homes 4 Rent Class A	423,900	$9,257,976
AvalonBay Communities, Inc.	136,142	24,289,094
Education Realty Trust, Inc.	168,000	5,866,560
Equity Residential (SBI)	144,670	9,225,606
Essex Property Trust, Inc.	69,248	16,714,390
Mid-America Apartment Communities, Inc.	128,217	12,893,502
UDR, Inc.	45,800	1,764,216
		80,011,344
REITs - Diversified - 8.9%
Corrections Corp. of America	60,300	1,356,750
Digital Realty Trust, Inc.	53,100	6,048,090
Duke Realty Corp.	403,300	10,973,793
Equinix, Inc.	22,200	10,061,484
Washington REIT (SBI)	295,600	9,199,072
		37,639,189
REITs - Health Care - 9.5%
Healthcare Realty Trust, Inc.	267,100	8,579,252
Sabra Health Care REIT, Inc.	64,814	1,216,559
Ventas, Inc.	324,910	19,497,849
Welltower, Inc.	167,128	10,657,753
		39,951,413
REITs - Hotels - 6.9%
DiamondRock Hospitality Co.	772,600	8,722,654
Host Hotels & Resorts, Inc.	544,778	10,813,843
Sunstone Hotel Investors, Inc.	571,300	9,443,589
		28,980,086
REITs - Management/Investment - 1.1%
American Assets Trust, Inc.	96,101	3,674,902
American Tower Corp.	8,200	1,169,894
		4,844,796
REITs - Manufactured Homes - 2.7%
Equity Lifestyle Properties, Inc.	129,910	11,564,588
REITs - Office Property - 17.2%
Boston Properties, Inc.	158,177	20,567,755
Corporate Office Properties Trust (SBI)	200,500	5,854,600
Douglas Emmett, Inc.	300,500	12,338,530
Highwoods Properties, Inc. (SBI)	213,200	10,854,012
Hudson Pacific Properties, Inc.	303,275	10,387,169
SL Green Realty Corp.	127,100	12,828,203
		72,830,269
REITs - Regional Malls - 11.2%
General Growth Properties, Inc.	287,953	6,735,221
Simon Property Group, Inc.	169,599	29,126,932
Taubman Centers, Inc. (a)	75,300	4,926,879
The Macerich Co.	96,300	6,324,984
		47,114,016
REITs - Shopping Centers - 5.6%
Acadia Realty Trust (SBI)	141,400	3,868,704
Cedar Realty Trust, Inc.	562,891	3,422,377
DDR Corp.	502,200	4,499,712
Urban Edge Properties	464,405	11,837,683
		23,628,476
REITs - Storage - 7.9%
Extra Space Storage, Inc.	191,500	16,746,675
Public Storage	79,255	16,564,295
		33,310,970
REITs - Warehouse/Industrial - 7.4%
DCT Industrial Trust, Inc.	231,550	13,610,509
Prologis, Inc.	213,737	13,788,174
Rexford Industrial Realty, Inc.	90,700	2,644,812
Terreno Realty Corp.	28,881	1,012,568
		31,056,063
Specialized REITs - 0.1%
Safety Income and Growth, Inc.	34,700	610,720

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		411,541,930

Hotels, Restaurants & Leisure - 0.5%
Hotels, Resorts & Cruise Lines - 0.5%
Marriott International, Inc. Class A	16,100	2,185,253
Real Estate Management & Development - 0.6%
Real Estate Operating Companies - 0.6%
Vonovia SE	49,700	2,468,191
TOTAL COMMON STOCKS
(Cost $325,581,310)		416,195,374

Money Market Funds - 1.9%
Fidelity Cash Central Fund, 1.36% (b)	3,094,132	3,094,751
Fidelity Securities Lending Cash Central Fund 1.36% (b)(c)	5,024,074	5,025,079
TOTAL MONEY MARKET FUNDS
(Cost $8,119,813)		8,119,830
TOTAL INVESTMENT IN SECURITIES - 100.5%
(Cost $333,701,123)		424,315,204
NET OTHER ASSETS (LIABILITIES) - (0.5)%		(2,231,903)
NET ASSETS - 100%		$422,083,301

Legend

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$56,918
Fidelity Securities Lending Cash Central Fund	740
Total	$57,658

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (including securities loaned of $4,907,250) — See accompanying schedule: Unaffiliated issuers (cost $325,581,310)	$416,195,374
Fidelity Central Funds (cost $8,119,813)	8,119,830
Total Investment in Securities (cost $333,701,123)		$424,315,204
Receivable for investments sold		1,177,864
Receivable for fund shares sold		276,356
Dividends receivable		2,112,848
Distributions receivable from Fidelity Central Funds		5,433
Prepaid expenses		2,032
Other receivables		6,927
Total assets		427,896,664
Liabilities
Payable for investments purchased	$293,940
Payable for fund shares redeemed	161,396
Accrued management fee	190,778
Distribution and service plan fees payable	25,541
Other affiliated payables	49,801
Other payables and accrued expenses	66,907
Collateral on securities loaned	5,025,000
Total liabilities		5,813,363
Net Assets		$422,083,301
Net Assets consist of:
Paid in capital		$309,321,837
Undistributed net investment income		1,947,274
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		20,200,109
Net unrealized appreciation (depreciation) on investments		90,614,081
Net Assets		$422,083,301
Initial Class:
Net Asset Value, offering price and redemption price per share ($107,037,763 ÷ 5,506,838 shares)		$19.44
Service Class:
Net Asset Value, offering price and redemption price per share ($7,877,195 ÷ 406,674 shares)		$19.37
Service Class 2:
Net Asset Value, offering price and redemption price per share ($119,797,789 ÷ 6,258,118 shares)		$19.14
Investor Class:
Net Asset Value, offering price and redemption price per share ($187,370,554 ÷ 9,690,576 shares)		$19.34

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$11,409,362
Income from Fidelity Central Funds		57,658
Total income		11,467,020
Expenses
Management fee	$2,491,880
Transfer agent fees	468,450
Distribution and service plan fees	356,497
Accounting and security lending fees	177,108
Custodian fees and expenses	30,412
Independent trustees' fees and expenses	10,766
Audit	49,681
Legal	6,867
Miscellaneous	27,208
Total expenses before reductions	3,618,869
Expense reductions	(46,223)	3,572,646
Net investment income (loss)		7,894,374
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	25,450,539
Fidelity Central Funds	(190)
Foreign currency transactions	1,337
Total net realized gain (loss)		25,451,686
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(17,612,238)
Fidelity Central Funds	17
Total change in net unrealized appreciation (depreciation)		(17,612,221)
Net gain (loss)		7,839,465
Net increase (decrease) in net assets resulting from operations		$15,733,839

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$7,894,374	$9,159,703
Net realized gain (loss)	25,451,686	31,868,209
Change in net unrealized appreciation (depreciation)	(17,612,221)	(16,580,487)
Net increase (decrease) in net assets resulting from operations	15,733,839	24,447,425
Distributions to shareholders from net investment income	(7,708,495)	(7,510,703)
Distributions to shareholders from net realized gain	(32,575,424)	(5,482,348)
Total distributions	(40,283,919)	(12,993,051)
Share transactions - net increase (decrease)	(109,317,815)	23,397,951
Total increase (decrease) in net assets	(133,867,895)	34,852,325
Net Assets
Beginning of period	555,951,196	521,098,871
End of period	$422,083,301	$555,951,196
Other Information
Undistributed net investment income end of period	$1,947,274	$1,726,474

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

Financial Highlights

VIP Real Estate Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$20.21	$19.61	$19.73	$16.35	$17.22
Income from Investment Operations
Net investment income (loss)^A	.36	.36^B	.38	.35	.29
Net realized and unrealized gain (loss)	.42	.74	.33	4.53	–^C
Total from investment operations	.78	1.10	.71	4.88	.29
Distributions from net investment income	(.36)	(.30)	(.39)	(.31)^D	(.33)
Distributions from net realized gain	(1.19)	(.20)	(.44)	(1.19)^D	(.83)
Total distributions	(1.55)	(.50)	(.83)	(1.50)	(1.16)
Net asset value, end of period	$19.44	$20.21	$19.61	$19.73	$16.35
Total Return^E,^F	4.07%	5.75%	3.71%	30.18%	1.82%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.68%	.67%	.67%	.68%	.69%
Expenses net of fee waivers, if any	.68%	.67%	.67%	.68%	.68%
Expenses net of all reductions	.67%	.66%	.67%	.67%	.68%
Net investment income (loss)	1.84%	1.79%^B	1.92%	1.84%	1.61%
Supplemental Data
Net assets, end of period (000 omitted)	$107,038	$102,666	$99,804	$91,749	$57,396
Portfolio turnover rate^I	52%	65%	72%	65%	59%

^A Calculated based on average shares outstanding during the period.

^B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.47%.

^C Amount represents less than $.005 per share.

^D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

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

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

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Real Estate Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$20.14	$19.56	$19.68	$16.32	$17.20
Income from Investment Operations
Net investment income (loss)^A	.34	.34^B	.36	.33	.27
Net realized and unrealized gain (loss)	.42	.74	.33	4.51	.01^C
Total from investment operations	.76	1.08	.69	4.84	.28
Distributions from net investment income	(.34)	(.29)	(.37)	(.29)^D	(.32)
Distributions from net realized gain	(1.19)	(.20)	(.44)	(1.19)^D	(.83)
Total distributions	(1.53)	(.50)^E	(.81)	(1.48)	(1.16)^F
Net asset value, end of period	$19.37	$20.14	$19.56	$19.68	$16.32
Total Return^G,^H	3.98%	5.63%	3.61%	29.98%	1.73%
Ratios to Average Net Assets^I,^J
Expenses before reductions	.78%	.77%	.77%	.78%	.78%
Expenses net of fee waivers, if any	.78%	.77%	.77%	.78%	.78%
Expenses net of all reductions	.77%	.76%	.76%	.77%	.78%
Net investment income (loss)	1.74%	1.69%^B	1.82%	1.75%	1.52%
Supplemental Data
Net assets, end of period (000 omitted)	$7,877	$8,781	$4,060	$4,056	$3,255
Portfolio turnover rate^K	52%	65%	72%	65%	59%

^A Calculated based on average shares outstanding during the period.

^C The 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.

^D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^E Total distributions of $.50 per share is comprised of distributions from net investment income of $.292 and distributions from net realized gain of $.204 per share.

^F Total distributions of $1.16 per share is comprised of distributions from net investment income of $.324 and distributions from net realized gain of $.833 per share.

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

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

^I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Real Estate Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$19.92	$19.35	$19.47	$16.16	$17.03
Income from Investment Operations
Net investment income (loss)^A	.31	.31^B	.33	.30	.24
Net realized and unrealized gain (loss)	.41	.72	.33	4.46	.01^C
Total from investment operations	.72	1.03	.66	4.76	.25
Distributions from net investment income	(.31)	(.26)	(.34)	(.26)^D	(.29)
Distributions from net realized gain	(1.19)	(.20)	(.44)	(1.19)^D	(.83)
Total distributions	(1.50)	(.46)	(.78)	(1.45)	(1.12)
Net asset value, end of period	$19.14	$19.92	$19.35	$19.47	$16.16
Total Return^E,^F	3.77%	5.46%	3.49%	29.80%	1.61%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.93%	.92%	.92%	.93%	.94%
Expenses net of fee waivers, if any	.93%	.92%	.92%	.93%	.93%
Expenses net of all reductions	.92%	.91%	.91%	.92%	.93%
Net investment income (loss)	1.59%	1.54%^B	1.67%	1.60%	1.37%
Supplemental Data
Net assets, end of period (000 omitted)	$119,798	$213,984	$194,640	$200,481	$165,134
Portfolio turnover rate^I	52%	65%	72%	65%	59%

^A Calculated based on average shares outstanding during the period.

^D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

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

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

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Real Estate Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$20.11	$19.52	$19.64	$16.29	$17.15
Income from Investment Operations
Net investment income (loss)^A	.34	.35^B	.36	.33	.28
Net realized and unrealized gain (loss)	.42	.73	.33	4.50	.01^C
Total from investment operations	.76	1.08	.69	4.83	.29
Distributions from net investment income	(.35)	(.28)	(.37)	(.30)^D	(.32)
Distributions from net realized gain	(1.19)	(.20)	(.44)	(1.19)^D	(.83)
Total distributions	(1.53)^E	(.49)^F	(.81)	(1.48)^G	(1.15)
Net asset value, end of period	$19.34	$20.11	$19.52	$19.64	$16.29
Total Return^H,^I	3.99%	5.65%	3.64%	30.02%	1.81%
Ratios to Average Net Assets^J,^K
Expenses before reductions	.76%	.75%	.75%	.76%	.77%
Expenses net of fee waivers, if any	.76%	.75%	.75%	.76%	.76%
Expenses net of all reductions	.75%	.74%	.74%	.75%	.76%
Net investment income (loss)	1.76%	1.71%^B	1.84%	1.76%	1.53%
Supplemental Data
Net assets, end of period (000 omitted)	$187,371	$230,521	$222,596	$219,550	$138,855
Portfolio turnover rate^L	52%	65%	72%	65%	59%

^A Calculated based on average shares outstanding during the period.

^D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^E Total distributions of $1.53 per share is comprised of distributions from net investment income of $.345 and distributions from net realized gain of $1.189 per share.

^F Total distributions of $.49 per share is comprised of distributions from net investment income of $.282 and distributions from net realized gain of $.204 per share.

^G Total distributions of $1.48 per share is comprised of distributions from net investment income of $.296 and distributions from net realized gain of $1.188 per share.

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

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

^J Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

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.

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 – 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Book-tax differences are primarily due to short-term capital gains, foreign currency transactions, 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	$97,177,369
Gross unrealized depreciation	(7,655,109)
Net unrealized appreciation (depreciation)	$89,522,260
Tax Cost	$334,792,944

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

Undistributed ordinary income	$1,947,275
Undistributed long-term capital gain	$21,291,930
Net unrealized appreciation (depreciation) on securities and other investments	$89,522,260

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$7,708,495	$ 10,428,962
Long-term Capital Gains	32,575,424	2,564,089
Total	$40,283,919	$ 12,993,051

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $234,515,594 and $369,914,074, respectively.

5. Fees and Other Transactions with Affiliates.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .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	$7,646
Service Class 2	348,851
	$356,497

Initial Class	$69,051
Service Class	5,040
Service Class 2	92,004
Investor Class	302,355
	$468,450

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,602 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $40,551 for the period. In addition, 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, these credits reduced the Fund's custody expenses by $175.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,497.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$1,944,865	$1,479,452
Service Class	137,817	122,867
Service Class 2	2,176,827	2,720,253
Investor Class	3,448,986	3,188,131
Total	$7,708,495	$7,510,703
From net realized gain
Initial Class	$5,887,635	$1,022,548
Service Class	517,241	65,959
Service Class 2	12,818,755	2,089,069
Investor Class	13,351,793	2,304,772
Total	$32,575,424	$5,482,348

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	1,328,932	912,880	$25,892,801	$18,825,356
Reinvestment of distributions	408,095	129,764	7,832,500	2,502,000
Shares redeemed	(1,310,835)	(1,051,234)	(25,436,492)	(21,038,349)
Net increase (decrease)	426,192	(8,590)	$8,288,809	$289,007
Service Class
Shares sold	106,242	378,336	$2,065,928	$7,872,935
Reinvestment of distributions	34,280	9,704	655,058	188,826
Shares redeemed	(169,763)	(159,632)	(3,268,034)	(3,149,906)
Net increase (decrease)	(29,241)	228,408	$(547,048)	$4,911,855
Service Class 2
Shares sold	1,470,560	3,592,079	$28,220,688	$73,409,037
Reinvestment of distributions	794,853	253,108	14,995,582	4,809,322
Shares redeemed	(6,751,913)	(3,162,022)	(126,077,833)	(63,089,300)
Net increase (decrease)	(4,486,500)	683,165	$(82,861,563)	$15,129,059
Investor Class
Shares sold	171,163	1,914,454	$3,348,089	$40,035,719
Reinvestment of distributions	880,677	286,439	16,800,778	5,492,903
Shares redeemed	(2,825,724)	(2,141,295)	(54,346,880)	(42,460,592)
Net increase (decrease)	(1,773,884)	59,598	$(34,198,013)	$3,068,030

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 54% of the total outstanding shares of the Fund and one otherwise unaffiliated shareholder was the owner of record of 14% of the total outstanding shares of the Fund.

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, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 15, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman 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 SelectCo.

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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, 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 the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.68%
Actual		$1,000.00	$1,018.30	$3.46
Hypothetical-^C		$1,000.00	$1,021.78	$3.47
Service Class	.78%
Actual		$1,000.00	$1,017.50	$3.97
Hypothetical-^C		$1,000.00	$1,021.27	$3.97
Service Class 2	.93%
Actual		$1,000.00	$1,016.50	$4.73
Hypothetical-^C		$1,000.00	$1,020.52	$4.74
Investor Class	.76%
Actual		$1,000.00	$1,018.10	$3.87
Hypothetical-^C		$1,000.00	$1,021.37	$3.87

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Real Estate Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Real Estate Portfolio
Initial Class	02/09/18	02/09/18	$0.097	$1.004
Service Class	02/09/18	02/09/18	$0.094	$1.004
Service Class 2	02/09/18	02/09/18	$0.089	$1.004
Investor Class	02/09/18	02/09/18	$0.094	$1.004

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $21,291,930, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Investments

VIPRE-ANN-0218
1.781992.115

Fidelity® Variable Insurance Products:

Consumer Staples Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	14.66%	12.90%	9.62%
Investor Class	14.52%	12.82%	9.53%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Consumer Staples Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$25,050	VIP Consumer Staples Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager James McElligott: For the year, the fund’s share classes gained about 15%, topping the 11.91% advance of the MSCI U.S. IMI Consumer Staples 25/50 Index but underperforming the broad-market S&P 500^® index. The consumer staples sector benefited from improved profitability, easing currency headwinds and better global economic growth, but lagged more economically sensitive groups. Versus the MSCI sector index, the biggest contributors were stock picks in the soft drinks and packaged foods & meats industries. The fund's top individual contributor by a wide margin was timely ownership of infant-formula company Mead Johnson Nutrition, which benefited from a generous buyout offer in February 2017. We subsequently eliminated our position. An overweighting in energy-drink company Monster Beverage also helped, as the company’s access to Coca-Cola’s huge distribution network led to market-share gains. Coca-Cola has a 17% ownership stake in Monster. Elsewhere, a non-index stake in Sweden's Svenska Cellulosa rose when the forest and paper products company split into two separate entities. I should also note that the fund had more exposure to international markets than the sector index, which helped performance amid improved economic growth and a broadly weaker U.S. dollar. Conversely, stock picks in the personal products category and underexposure to the hypermarkets & super centers segment hampered relative performance most. Notable individual detractors versus the MSCI index included a sizable underweighting in Wal-Mart Stores, which gained from better-than-expected earnings, and an overweighting in London-based Avon Products, which lost ground due to bad debt expenses, disappointing turnaround execution and an earnings shortfall.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
Procter & Gamble Co.	9.4
The Coca-Cola Co.	9.1
Philip Morris International, Inc.	7.8
PepsiCo, Inc.	7.7
Altria Group, Inc.	4.1
CVS Health Corp.	4.1
Mondelez International, Inc.	3.7
Monster Beverage Corp.	3.6
Costco Wholesale Corp.	3.2
Coty, Inc. Class A	3.1
	55.8

Top Industries (% of fund's net assets)

As of December 31, 2017
	Beverages	25.7%
	Food Products	18.9%
	Household Products	15.0%
	Tobacco	14.3%
	Food & Staples Retailing	13.3%
	All Others*	12.8%

* Includes short-term investments and net other assets (liabilities).

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value
Beverages - 25.7%
Brewers - 0.5%
China Resources Beer Holdings Co. Ltd.	18,666	$67,015
Molson Coors Brewing Co. Class B	15,900	1,304,913
		1,371,928
Distillers & Vintners - 1.9%
Constellation Brands, Inc. Class A (sub. vtg.)	23,400	5,348,538
Kweichow Moutai Co. Ltd. (A Shares)	1,550	166,155
		5,514,693
Soft Drinks - 23.3%
Britvic PLC	58,800	647,019
Coca-Cola Bottling Co. Consolidated	11,730	2,525,000
Coca-Cola European Partners PLC	99,100	3,949,135
Coca-Cola HBC AG	6,720	219,567
Coca-Cola West Co. Ltd.	11,550	421,817
Fever-Tree Drinks PLC	14,694	451,736
Monster Beverage Corp. (a)	164,500	10,411,205
PepsiCo, Inc.	185,606	22,257,872
The Coca-Cola Co.	569,438	26,125,815
		67,009,166

TOTAL BEVERAGES		73,895,787

Capital Markets - 0.6%
Diversified Capital Markets - 0.6%
Beijing Yanjing Brewery Co. Ltd. ELS (UBS Warrant Programme) warrants 9/24/18 (a)(b)	1,724,279	1,786,117
Chemicals - 0.3%
Specialty Chemicals - 0.3%
Frutarom Industries Ltd.	8,100	760,033
Food & Staples Retailing - 13.3%
Drug Retail - 6.5%
CVS Health Corp.	159,839	11,588,328
Rite Aid Corp. (a)(c)	181,900	358,343
Walgreens Boots Alliance, Inc.	91,400	6,637,468
		18,584,139
Food Distributors - 1.4%
Sysco Corp.	55,100	3,346,223
United Natural Foods, Inc. (a)	12,200	601,094
		3,947,317
Food Retail - 1.3%
Kroger Co.	98,852	2,713,487
Sprouts Farmers Market LLC (a)	41,100	1,000,785
		3,714,272
Hypermarkets & Super Centers - 4.1%
Costco Wholesale Corp.	49,300	9,175,716
Wal-Mart Stores, Inc.	27,204	2,686,395
		11,862,111

TOTAL FOOD & STAPLES RETAILING		38,107,839

Food Products - 18.9%
Agricultural Products - 1.4%
Bunge Ltd.	25,700	1,723,956
Darling International, Inc. (a)	80,600	1,461,278
Ingredion, Inc.	5,900	824,820
		4,010,054
Packaged Foods & Meats - 17.5%
Blue Buffalo Pet Products, Inc. (a)(c)	30,900	1,013,211
ConAgra Foods, Inc.	99,300	3,740,631
Danone SA	20,759	1,739,416
Hostess Brands, Inc. Class A (a)	9,400	139,214
JBS SA	571,500	1,690,156
Kellogg Co.	59,100	4,017,618
Mondelez International, Inc.	248,900	10,652,920
Post Holdings, Inc. (a)	21,400	1,695,522
The Hain Celestial Group, Inc. (a)	81,880	3,470,893
The Hershey Co.	11,300	1,282,663
The J.M. Smucker Co.	43,600	5,416,864
The Kraft Heinz Co.	94,500	7,348,320
The Simply Good Foods Co.	296,600	4,229,516
TreeHouse Foods, Inc. (a)	79,600	3,937,016
		50,373,960

TOTAL FOOD PRODUCTS		54,384,014

Hotels, Restaurants & Leisure - 1.0%
Restaurants - 1.0%
U.S. Foods Holding Corp. (a)	90,800	2,899,244
Household Durables - 0.1%
Housewares & Specialties - 0.1%
Newell Brands, Inc.	5,772	178,355
Household Products - 15.0%
Household Products - 15.0%
Colgate-Palmolive Co.	67,190	5,069,486
Essity AB Class B	129,300	3,672,624
Procter & Gamble Co.	292,907	26,912,295
Reckitt Benckiser Group PLC	7,976	744,109
Spectrum Brands Holdings, Inc. (c)	60,300	6,777,720
		43,176,234
Internet & Direct Marketing Retail - 0.5%
Internet & Direct Marketing Retail - 0.5%
Amazon.com, Inc. (a)	1,200	1,403,364
Paper & Forest Products - 0.2%
Forest Products - 0.2%
Svenska Cellulosa AB (SCA) (B Shares)	60,100	619,455
Personal Products - 9.0%
Personal Products - 9.0%
Avon Products, Inc. (a)	1,439,000	3,093,850
Coty, Inc. Class A	454,948	9,048,916
Estee Lauder Companies, Inc. Class A	26,800	3,410,032
Herbalife Ltd. (a)	34,800	2,356,656
Ontex Group NV	23,100	764,283
Unilever NV (Certificaten Van Aandelen) (Bearer)	126,286	7,110,281
		25,784,018
Tobacco - 14.3%
Tobacco - 14.3%
Altria Group, Inc.	167,296	11,946,607
British American Tobacco PLC sponsored ADR	97,396	6,524,558
Imperial Tobacco Group PLC	172	7,352
Japan Tobacco, Inc.	8,900	286,806
Philip Morris International, Inc.	212,134	22,411,957
		41,177,280
TOTAL COMMON STOCKS
(Cost $226,612,573)		284,171,740

Convertible Preferred Stocks - 0.7%
Internet & Direct Marketing Retail - 0.7%
Internet & Direct Marketing Retail - 0.7%
The Honest Co., Inc.:
Series D (a)(d)(e)	32,783	1,105,879
Series E (d)(e)	51,008	1,000,002
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $2,499,988)		2,105,881

Money Market Funds - 1.7%
Fidelity Cash Central Fund, 1.36% (f)	757,988	758,139
Fidelity Securities Lending Cash Central Fund 1.36% (f)(g)	4,141,688	4,142,516
TOTAL MONEY MARKET FUNDS
(Cost $4,900,403)		4,900,655
TOTAL INVESTMENT IN SECURITIES - 101.3%
(Cost $234,012,964)		291,178,276
NET OTHER ASSETS (LIABILITIES) - (1.3)%		(3,699,090)
NET ASSETS - 100%		$287,479,186

Security Type Abbreviations

ELS – Equity-Linked Security

Legend

(a) Non-income producing

(e) Level 3 security

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
The Honest Co., Inc. Series D	8/3/15	$1,499,986
The Honest Co., Inc. Series E	9/28/17	$1,000,002

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$6,180
Fidelity Securities Lending Cash Central Fund	254,205
Total	$260,385

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$284,171,740	$272,791,817	$11,379,923	$--
Convertible Preferred Stocks	2,105,881	--	--	2,105,881
Money Market Funds	4,900,655	4,900,655	--	--
Total Investments in Securities:	$291,178,276	$277,692,472	$11,379,923	$2,105,881

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	89.9%
United Kingdom	2.6%
Netherlands	2.5%
Sweden	1.5%
Others (Individually Less Than 1%)	3.5%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (including securities loaned of $4,031,812) — See accompanying schedule: Unaffiliated issuers (cost $229,112,561)	$286,277,621
Fidelity Central Funds (cost $4,900,403)	4,900,655
Total Investment in Securities (cost $234,012,964)		$291,178,276
Receivable for investments sold		52,775
Receivable for fund shares sold		11,338
Dividends receivable		654,044
Distributions receivable from Fidelity Central Funds		3,079
Prepaid expenses		1,495
Other receivables		1,699
Total assets		291,902,706
Liabilities
Payable to custodian bank	$22,803
Payable for fund shares redeemed	36,954
Accrued management fee	128,985
Other affiliated payables	42,501
Other payables and accrued expenses	50,941
Collateral on securities loaned	4,141,336
Total liabilities		4,423,520
Net Assets		$287,479,186
Net Assets consist of:
Paid in capital		$214,308,323
Undistributed net investment income		952,935
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		15,052,734
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		57,165,194
Net Assets		$287,479,186
Initial Class:
Net Asset Value, offering price and redemption price per share ($29,387,625 ÷ 1,490,502 shares)		$19.72
Investor Class:
Net Asset Value, offering price and redemption price per share ($258,091,561 ÷ 13,141,585 shares)		$19.64

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$7,102,636
Income from Fidelity Central Funds		260,385
Total income		7,363,021
Expenses
Management fee	$1,687,969
Transfer agent fees	428,177
Accounting and security lending fees	123,525
Custodian fees and expenses	23,318
Independent trustees' fees and expenses	7,159
Audit	50,880
Legal	4,968
Miscellaneous	18,229
Total expenses before reductions	2,344,225
Expense reductions	(9,797)	2,334,428
Net investment income (loss)		5,028,593
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	16,423,603
Fidelity Central Funds	(650)
Foreign currency transactions	(6,176)
Total net realized gain (loss)		16,416,777
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	19,912,489
Fidelity Central Funds	211
Assets and liabilities in foreign currencies	1,419
Total change in net unrealized appreciation (depreciation)		19,914,119
Net gain (loss)		36,330,896
Net increase (decrease) in net assets resulting from operations		$41,359,489

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$5,028,593	$5,694,084
Net realized gain (loss)	16,416,777	6,782,504
Change in net unrealized appreciation (depreciation)	19,914,119	(4,727,690)
Net increase (decrease) in net assets resulting from operations	41,359,489	7,748,898
Distributions to shareholders from net investment income	(4,398,396)	(5,680,637)
Distributions to shareholders from net realized gain	–	(16,432,186)
Total distributions	(4,398,396)	(22,112,823)
Share transactions - net increase (decrease)	(66,674,321)	89,838,556
Redemption fees	8,394	57,248
Total increase (decrease) in net assets	(29,704,834)	75,531,879
Net Assets
Beginning of period	317,184,020	241,652,141
End of period	$287,479,186	$317,184,020
Other Information
Undistributed net investment income end of period	$952,935	$–

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

Financial Highlights

VIP Consumer Staples Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$17.48	$18.25	$18.08	$16.44	$14.03
Income from Investment Operations
Net investment income (loss)^A	.32	.33	.28	.28	.31
Net realized and unrealized gain (loss)	2.24	.30	1.34	2.21	2.73
Total from investment operations	2.56	.63	1.62	2.49	3.04
Distributions from net investment income	(.32)	(.33)^B	(.27)	(.24)	(.31)
Distributions from net realized gain	–	(1.07)^B	(1.18)	(.61)	(.32)
Total distributions	(.32)	(1.40)	(1.45)	(.85)	(.63)
Redemption fees added to paid in capital^A,^C	–	–	–	–	–
Net asset value, end of period	$19.72	$17.48	$18.25	$18.08	$16.44
Total Return^D,^E	14.66%	3.72%	9.46%	15.66%	21.80%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.68%	.68%	.69%	.71%	.73%
Expenses net of fee waivers, if any	.68%	.68%	.69%	.70%	.72%
Expenses net of all reductions	.68%	.67%	.68%	.70%	.72%
Net investment income (loss)	1.69%	1.79%	1.61%	1.66%	1.94%
Supplemental Data
Net assets, end of period (000 omitted)	$29,388	$38,192	$28,077	$22,943	$25,736
Portfolio turnover rate^H	41%	45%	38%	78%	36%

^A Calculated based on average shares outstanding during the period.

^B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^C Amount represents less than $.005 per share.

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

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

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Consumer Staples Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$17.42	$18.19	$18.02	$16.40	$13.99
Income from Investment Operations
Net investment income (loss)^A	.31	.32	.27	.26	.30
Net realized and unrealized gain (loss)	2.21	.30	1.34	2.20	2.73
Total from investment operations	2.52	.62	1.61	2.46	3.03
Distributions from net investment income	(.30)	(.32)^B	(.26)	(.23)	(.30)
Distributions from net realized gain	–	(1.07)^B	(1.18)	(.61)	(.32)
Total distributions	(.30)	(1.39)	(1.44)	(.84)	(.62)
Redemption fees added to paid in capital^A,^C	–	–	–	–	–
Net asset value, end of period	$19.64	$17.42	$18.19	$18.02	$16.40
Total Return^D,^E	14.52%	3.67%	9.41%	15.52%	21.79%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.76%	.76%	.77%	.78%	.80%
Expenses net of fee waivers, if any	.76%	.76%	.76%	.78%	.80%
Expenses net of all reductions	.76%	.75%	.76%	.77%	.80%
Net investment income (loss)	1.61%	1.71%	1.53%	1.59%	1.86%
Supplemental Data
Net assets, end of period (000 omitted)	$258,092	$278,992	$213,575	$160,591	$140,485
Portfolio turnover rate^H	41%	45%	38%	78%	36%

^A Calculated based on average shares outstanding during the period.

^B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^C Amount represents less than $.005 per share.

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

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

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

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 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.

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 – 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, 2017 is included at the end of the Fund's Schedule of Investments.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) 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	$62,414,138
Gross unrealized depreciation	(6,382,250)
Net unrealized appreciation (depreciation)	$56,031,888
Tax Cost	$235,146,388

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

Undistributed ordinary income	$1,272,094
Undistributed long-term capital gain	$15,866,999
Net unrealized appreciation (depreciation) on securities and other investments	$56,031,770

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$4,398,396	$ 11,855,056
Long-term Capital Gains	–	10,257,767
Total	$4,398,396	$ 22,112,823

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $124,923,217 and $193,170,985, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$22,229
Investor Class	405,948
	$428,177

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,044 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,215.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$462,346	$706,116
Investor Class	3,936,050	4,974,521
Total	$4,398,396	$5,680,637
From net realized gain
Initial Class	$–	$1,949,556
Investor Class	–	14,482,630
Total	$–	$16,432,186

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	107,109	1,382,930	$2,071,040	$25,523,374
Reinvestment of distributions	23,968	153,384	462,346	2,655,672
Shares redeemed	(825,192)	(890,562)	(15,503,391)	(16,436,352)
Net increase (decrease)	(694,115)	645,752	$(12,970,005)	$11,742,694
Investor Class
Shares sold	570,245	5,846,766	$10,950,378	$107,736,321
Reinvestment of distributions	204,789	1,128,506	3,936,050	19,457,151
Shares redeemed	(3,651,453)	(2,701,599)	(68,590,744)	(49,097,610)
Net increase (decrease)	(2,876,419)	4,273,673	$(53,704,316)	$78,095,862

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

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, 2017, the related statements of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 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, 2017 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 15, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman 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 SelectCo.

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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.68%
Actual		$1,000.00	$1,034.70	$3.49
Hypothetical-^C		$1,000.00	$1,021.78	$3.47
Investor Class	.77%
Actual		$1,000.00	$1,034.20	$3.95
Hypothetical-^C		$1,000.00	$1,021.32	$3.92

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Consumer Staples Portfolio Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Consumer Staples Portfolio
Initial Class	02/09/18	02/09/18	$0.071	$1.167
Investor Class	02/09/18	02/09/18	$0.068	$1.167

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $15,866,999, or, if subsequently determined to be different, the net capital gain of such year.

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
James C. Curvey
Affirmative	3,005,845,657.89	94.803
Withheld	164,788,708.80	5.197
TOTAL	3,170,634,366.69	100.000
Dennis J. Dirks
Affirmative	3,025,050,303.47	95.409
Withheld	145,584,063.22	4.591
TOTAL	3,170,634,366.69	100.000
Donald F. Donahue
Affirmative	3,024,923,660.98	95.405
Withheld	145,710,705.71	4.595
TOTAL	3,170,634,366.69	100.000
Alan J. Lacy
Affirmative	3,024,272,946.71	95.384
Withheld	146,361,419.98	4.616
TOTAL	3,170,634,366.69	100.00
Ned C. Lautenbach
Affirmative	3,011,847,006.14	94.992
Withheld	158,787,360.55	5.008
TOTAL	3,170,634,366.69	100.000
Joseph Mauriello
Affirmative	3,021,074,746.00	95.283
Withheld	149,559,620.69	4.717
TOTAL	3,170,634,366.69	100.000
Charles S. Morrison
Affirmative	3,025,083,795.43	95.410
Withheld	145,550,571.26	4.590
TOTAL	3,170,634,366.69	100.000
Cornelia M. Small
Affirmative	3,016,566,905.34	95.141
Withheld	154,067,461.35	4.859
TOTAL	3,170,634,366.69	100.000
Garnett A. Smith
Affirmative	3,014,927,605.85	95.090
Withheld	155,706,760.84	4.910
TOTAL	3,170,634,366.69	100.000
David M. Thomas
Affirmative	3,025,900,428.75	95.436
Withheld	144,733,937.94	4.564
TOTAL	3,170,634,366.69	100.000
Michael E. Wiley
Affirmative	3,023,436,110.39	95.358
Withheld	147,198,256.30	4.642
TOTAL	3,170,634,366.69	100.000

PROPOSAL 2

To eliminate a fundamental investment policy.

	# of Votes	% of Votes
Affirmative	226,010,271.06	75.931
Against	43,627,547.84	14.657
Abstain	28,015,366.40	9.412
TOTAL	297,653,185.30	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

VCSP-ANN-0218
1.850994.110

Fidelity® Variable Insurance Products:

Materials Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	26.08%	9.55%	7.79%
Investor Class	26.02%	9.47%	7.70%

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Materials Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$21,164	VIP Materials Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Richard Malnight: For the year, the fund’s share classes gained roughly 26%, handily outpacing the 23.59% return of the MSCI U.S. IMI Materials 25/50 Index and also topping the broad-market S&P 500^®. Versus the MSCI sector benchmark, stock selection in diversified chemicals, a sizable underweighting in steel and positioning in commodity chemicals all made noteworthy contributions to the fund’s performance. A sizable overweighting in Chemours was the fund’s top relative contributor. The company manufactures titanium dioxide (TiO2), a pigment used in paint and toothpaste, among other products. Our position here received a boost in February after the company settled a multimillion dollar lawsuit over drinking-water contamination in Ohio and West Virginia. Overweighting Westlake Chemical also proved to be a good decision. Ethylene manufacturer LyondellBasell Industries, the fund’s second-largest holding, was another strong contributor. Conversely, positioning in industrial gases and metal & glass containers dampened the fund’s relative performance. Among individual holdings, the top relative detractor was Ball Corp., a maker of metal containers. Not owning MSCI index stalwart Praxair, a producer and distributor of industrial gases, also dampened relative results, as the stock returned 35% this period.

Notes to shareholders: On November 17, 2017, Richard Malnight succeeded Tobias Welo as Portfolio Manager of the fund.

On December 8, 2017, shareholders approved proposals from the Board of Trustees to eliminate each sector/industry fund's fundamental “invests primarily” policy and to modify the fundamental concentration policy for certain funds. The changes took effect on January 1, 2018, and do not impact how the funds are managed.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
DowDuPont, Inc.	21.5
LyondellBasell Industries NV Class A	9.1
Linde AG	4.4
Sherwin-Williams Co.	3.7
WestRock Co.	3.6
The Chemours Co. LLC	3.4
Ball Corp.	3.2
Westlake Chemical Corp.	3.0
Freeport-McMoRan, Inc.	2.9
Steel Dynamics, Inc.	2.7
	57.5

Top Industries (% of fund's net assets)

As of December 31, 2017
	Chemicals	66.1%
	Containers & Packaging	12.9%
	Metals & Mining	12.0%
	Construction Materials	4.5%
	Trading Companies & Distributors	1.8%
	All Others*	2.7%

* Includes short-term investments and net other assets (liabilities).

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares	Value
Building Products - 0.2%
Building Products - 0.2%
GCP Applied Technologies, Inc. (a)	7,300	$232,870
Chemicals - 65.8%
Commodity Chemicals - 15.8%
Alpek SA de CV	162,400	193,682
Ciner Resources LP	7,200	181,584
LG Chemical Ltd.	1,665	631,760
LyondellBasell Industries NV Class A	80,216	8,849,429
Olin Corp.	17,800	633,324
Orion Engineered Carbons SA	21,900	560,640
Tronox Ltd. Class A	68,532	1,405,591
Westlake Chemical Corp.	27,300	2,908,269
		15,364,279
Diversified Chemicals - 27.9%
Ashland Global Holdings, Inc.	12,700	904,240
DowDuPont, Inc.	294,597	20,981,200
Eastman Chemical Co.	14,535	1,346,522
Huntsman Corp.	20,100	669,129
The Chemours Co. LLC	66,200	3,313,972
		27,215,063
Fertilizers & Agricultural Chemicals - 7.1%
Agrium, Inc.	8,100	931,661
CF Industries Holdings, Inc.	29,300	1,246,422
FMC Corp.	21,800	2,063,588
Monsanto Co.	20,927	2,443,855
The Scotts Miracle-Gro Co. Class A	1,900	203,281
		6,888,807
Industrial Gases - 4.6%
Air Products & Chemicals, Inc.	1,500	246,120
Linde AG (a)	18,200	4,250,625
		4,496,745
Specialty Chemicals - 10.4%
Axalta Coating Systems Ltd. (a)	27,900	902,844
Celanese Corp. Class A	15,500	1,659,740
Frutarom Industries Ltd.	5,400	506,689
Kraton Performance Polymers, Inc. (a)	3,100	149,327
Platform Specialty Products Corp. (a)	95,400	946,368
PolyOne Corp.	8,200	356,700
PPG Industries, Inc.	6,500	759,330
PQ Group Holdings, Inc.	17,700	291,165
Sensient Technologies Corp.	4,300	314,545
Sherwin-Williams Co.	8,900	3,649,356
W.R. Grace & Co.	8,146	571,279
		10,107,343

TOTAL CHEMICALS		64,072,237

Construction Materials - 4.5%
Construction Materials - 4.5%
CRH PLC sponsored ADR	11,200	404,208
Eagle Materials, Inc.	18,988	2,151,340
Summit Materials, Inc.	56,451	1,774,819
		4,330,367
Containers & Packaging - 12.9%
Metal & Glass Containers - 4.8%
Aptargroup, Inc.	9,500	819,660
Ball Corp.	82,000	3,103,700
Berry Global Group, Inc. (a)	13,500	792,045
		4,715,405
Paper Packaging - 8.1%
Avery Dennison Corp.	8,800	1,010,768
Graphic Packaging Holding Co.	141,900	2,192,355
Packaging Corp. of America	9,400	1,133,170
WestRock Co.	55,698	3,520,671
		7,856,964

TOTAL CONTAINERS & PACKAGING		12,572,369

Metals & Mining - 12.0%
Copper - 2.9%
Freeport-McMoRan, Inc. (a)	147,800	2,802,288
Diversified Metals & Mining - 2.3%
Alcoa Corp. (a)	20,600	1,109,722
Glencore Xstrata PLC	168,393	886,688
Ivanhoe Mines Ltd. (a)	62,800	211,831
		2,208,241
Gold - 2.5%
Newmont Mining Corp.	45,800	1,718,416
Randgold Resources Ltd. sponsored ADR	7,900	781,231
		2,499,647
Steel - 4.3%
Allegheny Technologies, Inc. (a)(b)	12,800	308,992
Reliance Steel & Aluminum Co.	10,200	875,058
Ryerson Holding Corp. (a)	26,600	276,640
Steel Dynamics, Inc.	59,700	2,574,861
United States Steel Corp.	3,500	123,165
		4,158,716

TOTAL METALS & MINING		11,668,892

Trading Companies & Distributors - 1.8%
Trading Companies & Distributors - 1.8%
Univar, Inc. (a)	55,300	1,712,088
TOTAL COMMON STOCKS
(Cost $72,729,263)		94,588,823

Nonconvertible Preferred Stocks - 0.3%
Chemicals - 0.3%
Commodity Chemicals - 0.3%
Braskem SA (PN-A)
(Cost $407,609)	27,700	357,993

Money Market Funds - 2.0%
Fidelity Cash Central Fund, 1.36% (c)	1,791,183	1,791,541
Fidelity Securities Lending Cash Central Fund 1.36% (c)(d)	156,535	156,566
TOTAL MONEY MARKET FUNDS
(Cost $1,948,091)		1,948,107
TOTAL INVESTMENT IN SECURITIES - 99.5%
(Cost $75,084,963)		96,894,923
NET OTHER ASSETS (LIABILITIES) - 0.5%		443,044
NET ASSETS - 100%		$97,337,967

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$15,729
Fidelity Securities Lending Cash Central Fund	1,820
Total	$17,549

Investment Valuation

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	78.7%
Netherlands	9.1%
Germany	4.4%
Bailiwick of Jersey	1.7%
Australia	1.4%
Canada	1.2%
Others (Individually Less Than 1%)	3.5%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (including securities loaned of $149,668) — See accompanying schedule: Unaffiliated issuers (cost $73,136,872)	$94,946,816
Fidelity Central Funds (cost $1,948,091)	1,948,107
Total Investment in Securities (cost $75,084,963)		$96,894,923
Receivable for investments sold		73,040
Receivable for fund shares sold		666,461
Dividends receivable		54,904
Distributions receivable from Fidelity Central Funds		2,562
Prepaid expenses		351
Other receivables		464
Total assets		97,692,705
Liabilities
Payable for investments purchased	$99,133
Payable for fund shares redeemed	2,129
Accrued management fee	42,349
Other affiliated payables	13,330
Other payables and accrued expenses	41,247
Collateral on securities loaned	156,550
Total liabilities		354,738
Net Assets		$97,337,967
Net Assets consist of:
Paid in capital		$70,120,065
Undistributed net investment income		237,872
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		5,170,018
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		21,810,012
Net Assets		$97,337,967
Initial Class:
Net Asset Value, offering price and redemption price per share ($19,126,195 ÷ 1,182,135 shares)		$16.18
Investor Class:
Net Asset Value, offering price and redemption price per share ($78,211,772 ÷ 4,837,732 shares)		$16.17

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$1,400,055
Income from Fidelity Central Funds		17,549
Total income		1,417,604
Expenses
Management fee	$433,756
Transfer agent fees	104,064
Accounting and security lending fees	31,114
Custodian fees and expenses	12,823
Independent trustees' fees and expenses	1,754
Audit	43,510
Legal	1,029
Miscellaneous	4,904
Total expenses before reductions	632,954
Expense reductions	(4,540)	628,414
Net investment income (loss)		789,190
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	6,232,332
Fidelity Central Funds	(42)
Foreign currency transactions	138
Total net realized gain (loss)		6,232,428
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	10,999,045
Fidelity Central Funds	(29)
Assets and liabilities in foreign currencies	60
Total change in net unrealized appreciation (depreciation)		10,999,076
Net gain (loss)		17,231,504
Net increase (decrease) in net assets resulting from operations		$18,020,694

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$789,190	$697,744
Net realized gain (loss)	6,232,428	779,643
Change in net unrealized appreciation (depreciation)	10,999,076	4,464,552
Net increase (decrease) in net assets resulting from operations	18,020,694	5,941,939
Distributions to shareholders from net investment income	(708,148)	(539,128)
Distributions to shareholders from net realized gain	(1,380,860)	(1,246,661)
Total distributions	(2,089,008)	(1,785,789)
Share transactions - net increase (decrease)	15,883,386	10,103,624
Redemption fees	11,397	12,221
Total increase (decrease) in net assets	31,826,469	14,271,995
Net Assets
Beginning of period	65,511,498	51,239,503
End of period	$97,337,967	$65,511,498
Other Information
Undistributed net investment income end of period	$237,872	$156,830

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

Financial Highlights

VIP Materials Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$13.16	$12.18	$14.84	$15.53	$13.27
Income from Investment Operations
Net investment income (loss)^A	.15	.17	.17	.15	.11
Net realized and unrealized gain (loss)	3.25	1.23	(1.33)	(.09)	2.77
Total from investment operations	3.40	1.40	(1.16)	.06	2.88
Distributions from net investment income	(.13)	(.11)	(.19)	(.15)	(.17)
Distributions from net realized gain	(.25)	(.31)	(1.32)	(.60)	(.45)
Total distributions	(.38)	(.42)	(1.50)^B	(.75)	(.62)
Redemption fees added to paid in capital^A,^C	–	–	–	–	–
Net asset value, end of period	$16.18	$13.16	$12.18	$14.84	$15.53
Total Return^D,^E	26.08%	12.20%	(9.01)%	.37%	22.15%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.73%	.77%	.75%	.75%	.76%
Expenses net of fee waivers, if any	.73%	.77%	.75%	.74%	.76%
Expenses net of all reductions	.72%	.76%	.75%	.73%	.75%
Net investment income (loss)	1.05%	1.37%	1.23%	1.00%	.77%
Supplemental Data
Net assets, end of period (000 omitted)	$19,126	$12,726	$11,432	$17,469	$21,067
Portfolio turnover rate^H	64%	56%	68%	78%	68%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.50 per share is comprised of distributions from net investment income of $.185 and distributions from net realized gain of $1.319 per share.

^C Amount represents less than $.005 per share.

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

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

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Materials Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$13.15	$12.18	$14.84	$15.53	$13.27
Income from Investment Operations
Net investment income (loss)^A	.14	.16	.16	.14	.10
Net realized and unrealized gain (loss)	3.25	1.23	(1.33)	(.09)	2.77
Total from investment operations	3.39	1.39	(1.17)	.05	2.87
Distributions from net investment income	(.12)	(.11)	(.17)	(.14)	(.16)
Distributions from net realized gain	(.25)	(.31)	(1.32)	(.60)	(.45)
Total distributions	(.37)	(.42)	(1.49)	(.74)	(.61)
Redemption fees added to paid in capital^A,^B	–	–	–	–	–
Net asset value, end of period	$16.17	$13.15	$12.18	$14.84	$15.53
Total Return^C,^D	26.02%	12.06%	(9.09)%	.32%	22.07%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.81%	.85%	.83%	.82%	.83%
Expenses net of fee waivers, if any	.81%	.85%	.83%	.81%	.83%
Expenses net of all reductions	.80%	.85%	.82%	.81%	.83%
Net investment income (loss)	.97%	1.29%	1.16%	.93%	.69%
Supplemental Data
Net assets, end of period (000 omitted)	$78,212	$52,786	$39,807	$54,837	$54,561
Portfolio turnover rate^G	64%	56%	68%	78%	68%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

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

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

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Materials Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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 – 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 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.

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

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

Gross unrealized appreciation	$22,243,110
Gross unrealized depreciation	(550,933)
Net unrealized appreciation (depreciation)	$21,692,177
Tax Cost	$75,202,746

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

Undistributed ordinary income	$467,464
Undistributed long-term capital gain	$5,058,209
Net unrealized appreciation (depreciation) on securities and other investments	$21,692,229

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$1,465,198	$ 547,250
Long-term Capital Gains	623,810	1,238,539
Total	$2,089,008	$ 1,785,789

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $63,470,296 and $50,081,339, respectively.

5. Fees and Other Transactions with Affiliates.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (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, equal to an annual rate of class-level average net assets. The annual rate for Investor Class is .15% and the annual rate for Initial Class is .07%. For the period, transfer agent fees for each class were as follows:

Initial Class	$10,596
Investor Class	93,468
	$104,064

Interfund Trades. The 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $227 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $651.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$150,503	$109,829
Investor Class	557,645	429,299
Total	$708,148	$539,128
From net realized gain
Initial Class	$276,391	$277,716
Investor Class	1,104,469	968,945
Total	$1,380,860	$1,246,661

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	501,204	231,288	$7,305,805	$2,906,388
Reinvestment of distributions	28,510	35,033	426,894	387,545
Shares redeemed	(314,876)	(237,474)	(4,507,729)	(2,850,671)
Net increase (decrease)	214,838	28,847	$3,224,970	$443,262
Investor Class
Shares sold	1,981,885	1,455,195	$29,318,309	$18,450,449
Reinvestment of distributions	111,128	125,686	1,662,114	1,398,244
Shares redeemed	(1,269,883)	(834,774)	(18,322,007)	(10,188,331)
Net increase (decrease)	823,130	746,107	$12,658,416	$9,660,362

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and Shareholders of VIP Materials Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Materials Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 15, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trusts 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. Each of the Trustees oversees 91 funds.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman 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 SelectCo.

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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

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, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.73%
Actual		$1,000.00	$1,145.60	$3.95
Hypothetical-^C		$1,000.00	$1,021.53	$3.72
Investor Class	.81%
Actual		$1,000.00	$1,145.10	$4.38
Hypothetical-^C		$1,000.00	$1,021.12	$4.13

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Materials Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Materials Portfolio
Initial Class	02/09/2018	02/09/2018	$0.040	$0.860
Investor Class	02/09/2018	02/09/2018	$0.038	$0.860

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $5,059,146, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class designates 96% and 78% and Investor Class designates 99% and 82% of the dividends distributed in February and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
James C. Curvey
Affirmative	3,005,845,657.89	94.803
Withheld	164,788,708.80	5.197
TOTAL	3,170,634,366.69	100.000
Dennis J. Dirks
Affirmative	3,025,050,303.47	95.409
Withheld	145,584,063.22	4.591
TOTAL	3,170,634,366.69	100.000
Donald F. Donahue
Affirmative	3,024,923,660.98	95.405
Withheld	145,710,705.71	4.595
TOTAL	3,170,634,366.69	100.000
Alan J. Lacy
Affirmative	3,024,272,946.71	95.384
Withheld	146,361,419.98	4.616
TOTAL	3,170,634,366.69	100.00
Ned C. Lautenbach
Affirmative	3,011,847,006.14	94.992
Withheld	158,787,360.55	5.008
TOTAL	3,170,634,366.69	100.000
Joseph Mauriello
Affirmative	3,021,074,746.00	95.283
Withheld	149,559,620.69	4.717
TOTAL	3,170,634,366.69	100.000
Charles S. Morrison
Affirmative	3,025,083,795.43	95.410
Withheld	145,550,571.26	4.590
TOTAL	3,170,634,366.69	100.000
Cornelia M. Small
Affirmative	3,016,566,905.34	95.141
Withheld	154,067,461.35	4.859
TOTAL	3,170,634,366.69	100.000
Garnett A. Smith
Affirmative	3,014,927,605.85	95.090
Withheld	155,706,760.84	4.910
TOTAL	3,170,634,366.69	100.000
David M. Thomas
Affirmative	3,025,900,428.75	95.436
Withheld	144,733,937.94	4.564
TOTAL	3,170,634,366.69	100.000
Michael E. Wiley
Affirmative	3,023,436,110.39	95.358
Withheld	147,198,256.30	4.642
TOTAL	3,170,634,366.69	100.000

PROPOSAL 2

To eliminate a fundamental investment policy.

	# of Votes	% of Votes
Affirmative	75,253,572.65	86.323
Against	6,582,893.79	7.552
Abstain	5,340,305.58	6.125
TOTAL	87,176,772.02	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

VMATP-ANN-0218
1.850999.110

Fidelity® Variable Insurance Products:

Telecommunications Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

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

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	2.05%	10.01%	5.68%
Investor Class	1.89%	9.94%	5.59%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Telecommunications Portfolio - Initial Class on December 31, 2007.

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.

	Period Ending Values
	$17,370	VIP Telecommunications Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Matthew Drukker: For calendar 2017, the fund share classes gained roughly 2%, strongly outpacing the -5.71% return of the sector benchmark, the MSCI U.S. IMI Telecommunication Services 25/50 Index. However, results trailed the broad-market S&P 500^®. Investors generally shunned telecommunication services stocks for most of the reporting period, instead favoring growth stocks. Equity selection largely drove the fund’s outperformance versus the MSCI benchmark. Choices in integrated telecommunication services and wireless telecommunication services added value, as did underweighting two poor-performing index components: Windstream Holdings and NII Holdings. Conversely, stock picking in application software detracted, as did positioning among alternative carriers – especially, avoiding strong-performing PDVWireless. At period end, Portfolio Manager Matthew Drukker says he plans to continue emphasizing companies that can benefit from the growth of broadband consumption.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
Verizon Communications, Inc.	22.0
AT&T, Inc.	10.4
T-Mobile U.S., Inc.	7.0
CenturyLink, Inc.	4.9
Liberty Global PLC Class C	4.3
Time Warner, Inc.	4.2
Zayo Group Holdings, Inc.	3.8
General Communications, Inc. Class A	3.5
Vonage Holdings Corp.	3.3
Cogent Communications Group, Inc.	3.3
	66.7

Top Industries (% of fund's net assets)

As of December 31, 2017
	Diversified Telecommunication Services	62.7%
	Wireless Telecommunication Services	15.5%
	Media	15.3%
	Equity Real Estate Investment Trusts (Reits)	2.5%
	Internet Software & Services	2.2%
	All Others*	1.8%

* Includes short-term investments and net other assets (liabilities).

Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value
Construction & Engineering - 0.3%
Construction & Engineering - 0.3%
Dycom Industries, Inc. (a)	1,000	$111,430
Diversified Financial Services - 0.7%
Other Diversified Financial Services - 0.7%
Quantenna Communications, Inc. (a)	24,700	301,340
Diversified Telecommunication Services - 62.7%
Alternative Carriers - 19.9%
CenturyLink, Inc.	125,505	2,093,423
Cogent Communications Group, Inc.	30,963	1,402,624
Globalstar, Inc. (a)(b)	265,000	347,150
Iliad SA	581	139,248
Iridium Communications, Inc. (a)(b)	101,563	1,198,443
ORBCOMM, Inc. (a)	26,331	268,050
Vonage Holdings Corp. (a)	138,900	1,412,613
Zayo Group Holdings, Inc. (a)	44,300	1,630,240
		8,491,791
Integrated Telecommunication Services - 42.8%
Altice U.S.A., Inc. Class A (b)	17,800	377,894
AT&T, Inc.	114,318	4,444,684
Atlantic Tele-Network, Inc.	10,200	563,652
Cincinnati Bell, Inc. (a)	61,307	1,278,251
Consolidated Communications Holdings, Inc. (b)	27,547	335,798
Frontier Communications Corp. (b)	27,653	186,934
General Communications, Inc. Class A (a)	38,440	1,499,929
Verizon Communications, Inc.	177,871	9,414,712
Windstream Holdings, Inc.	125,983	233,069
		18,334,923

TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES		26,826,714

Electronic Equipment & Components - 0.2%
Electronic Components - 0.2%
Casa Systems, Inc. (a)	5,700	101,232
Equity Real Estate Investment Trusts (REITs) - 2.5%
Specialized REITs - 2.5%
American Tower Corp.	5,882	839,185
SBA Communications Corp. Class A (a)	1,536	250,921
		1,090,106
Internet Software & Services - 2.2%
Internet Software & Services - 2.2%
Akamai Technologies, Inc. (a)	8,400	546,336
Gogo, Inc. (a)(b)	35,700	402,696
		949,032
Media - 15.3%
Cable & Satellite - 11.0%
Comcast Corp. Class A	33,000	1,321,650
DISH Network Corp. Class A (a)	4,600	219,650
Liberty Broadband Corp. Class A (a)	10,800	918,540
Liberty Global PLC:
Class A (a)	1,200	43,008
Class C (a)	55,100	1,864,584
LiLAC Class C (a)	10,036	199,616
Megacable Holdings S.A.B. de CV unit	41,200	167,650
		4,734,698
Movies & Entertainment - 4.3%
Lions Gate Entertainment Corp. Class B	1,300	41,262
Time Warner, Inc.	19,500	1,783,665
		1,824,927

TOTAL MEDIA		6,559,625

Wireless Telecommunication Services - 15.5%
Wireless Telecommunication Services - 15.5%
Millicom International Cellular SA	2,800	188,748
Shenandoah Telecommunications Co.	21,374	722,441
Sprint Corp. (a)(b)	152,416	897,730
T-Mobile U.S., Inc. (a)	47,428	3,012,152
Telephone & Data Systems, Inc.	43,525	1,209,995
U.S. Cellular Corp. (a)	15,600	587,028
		6,618,094
TOTAL COMMON STOCKS
(Cost $36,408,952)		42,557,573

Money Market Funds - 7.7%
Fidelity Cash Central Fund, 1.36% (c)	713,778	713,920
Fidelity Securities Lending Cash Central Fund 1.36% (c)(d)	2,564,560	2,565,073
TOTAL MONEY MARKET FUNDS
(Cost $3,278,549)		3,278,993
TOTAL INVESTMENT IN SECURITIES - 107.1%
(Cost $39,687,501)		45,836,566
NET OTHER ASSETS (LIABILITIES) - (7.1)%		(3,025,206)
NET ASSETS - 100%		$42,811,360

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$2,082
Fidelity Securities Lending Cash Central Fund	138,417
Total	$140,499

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (including securities loaned of $2,434,056) — See accompanying schedule: Unaffiliated issuers (cost $36,408,952)	$42,557,573
Fidelity Central Funds (cost $3,278,549)	3,278,993
Total Investment in Securities (cost $39,687,501)		$45,836,566
Receivable for fund shares sold		4,925
Dividends receivable		5,800
Distributions receivable from Fidelity Central Funds		7,398
Prepaid expenses		277
Other receivables		2,402
Total assets		45,857,368
Liabilities
Payable for investments purchased	$360,107
Payable for fund shares redeemed	58,290
Accrued management fee	19,055
Other affiliated payables	6,156
Other payables and accrued expenses	38,593
Collateral on securities loaned	2,563,807
Total liabilities		3,046,008
Net Assets		$42,811,360
Net Assets consist of:
Paid in capital		$33,004,464
Undistributed net investment income		74,723
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		3,583,534
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		6,148,639
Net Assets		$42,811,360
Initial Class:
Net Asset Value, offering price and redemption price per share ($6,067,030 ÷ 476,365 shares)		$12.74
Investor Class:
Net Asset Value, offering price and redemption price per share ($36,744,330 ÷ 2,903,989 shares)		$12.65

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

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$1,690,468
Interest		2,353
Income from Fidelity Central Funds (including $138,417 from security lending)		140,499
Total income		1,833,320
Expenses
Management fee	$362,007
Transfer agent fees	88,141
Accounting and security lending fees	27,565
Custodian fees and expenses	21,559
Independent trustees' fees and expenses	1,628
Audit	44,039
Legal	1,071
Miscellaneous	3,520
Total expenses before reductions	549,530
Expense reductions	(12,213)	537,317
Net investment income (loss)		1,296,003
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	5,312,103
Fidelity Central Funds	178
Foreign currency transactions	(3,763)
Total net realized gain (loss)		5,308,518
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(6,314,127)
Fidelity Central Funds	(140)
Assets and liabilities in foreign currencies	287
Total change in net unrealized appreciation (depreciation)		(6,313,980)
Net gain (loss)		(1,005,462)
Net increase (decrease) in net assets resulting from operations		$290,541

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

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,296,003	$972,296
Net realized gain (loss)	5,308,518	61,117
Change in net unrealized appreciation (depreciation)	(6,313,980)	10,317,538
Net increase (decrease) in net assets resulting from operations	290,541	11,350,951
Distributions to shareholders from net investment income	(1,221,677)	(941,662)
Distributions to shareholders from net realized gain	(1,074,140)	(495,524)
Total distributions	(2,295,817)	(1,437,186)
Share transactions - net increase (decrease)	(45,062,427)	51,997,297
Redemption fees	23,031	26,145
Total increase (decrease) in net assets	(47,044,672)	61,937,207
Net Assets
Beginning of period	89,856,032	27,918,825
End of period	$42,811,360	$89,856,032
Other Information
Undistributed net investment income end of period	$74,723	$6,594

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

Financial Highlights

VIP Telecommunications Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$13.10	$10.85	$10.74	$10.77	$9.27
Income from Investment Operations
Net investment income (loss)^A	.26	.19	.15	.36^B	.17
Net realized and unrealized gain (loss)	–^C	2.28	.10^D	.03	1.77
Total from investment operations	.26	2.47	.25	.39	1.94
Distributions from net investment income	(.39)	(.15)	(.13)^E	(.40)	(.15)
Distributions from net realized gain	(.23)	(.08)	(.01)^E	(.02)	(.30)
Total distributions	(.62)	(.22)^F	(.14)	(.42)	(.45)
Redemption fees added to paid in capital^A	–^C	–^C	–^C	–^C	.01
Net asset value, end of period	$12.74	$13.10	$10.85	$10.74	$10.77
Total Return^G,^H	2.05%	22.81%	2.34%	3.59%	21.28%
Ratios to Average Net Assets^I,^J
Expenses before reductions	.76%	.78%	.88%	.96%	1.02%
Expenses net of fee waivers, if any	.76%	.78%	.88%	.95%	1.00%
Expenses net of all reductions	.74%	.77%	.87%	.93%	.99%
Net investment income (loss)	2.02%	1.52%	1.36%	3.31%^B	1.64%
Supplemental Data
Net assets, end of period (000 omitted)	$6,067	$15,797	$4,839	$3,723	$4,535
Portfolio turnover rate^K	74%	100%	64%	99%	136%

^A Calculated based on average shares outstanding during the period.

^C Amount represents less than $.005 per share.

^D The 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.

^E The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^F Total distributions of $.22 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.077 per share.

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

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

^K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

VIP Telecommunications Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$13.02	$10.79	$10.67	$10.71	$9.22
Income from Investment Operations
Net investment income (loss)^A	.25	.18	.14	.35^B	.16
Net realized and unrealized gain (loss)	(.01)	2.27	.11^C	.03	1.77
Total from investment operations	.24	2.45	.25	.38	1.93
Distributions from net investment income	(.37)	(.14)	(.12)^D	(.40)	(.15)
Distributions from net realized gain	(.23)	(.08)	(.01)^D	(.02)	(.30)
Total distributions	(.61)^E	(.22)	(.13)	(.42)	(.45)
Redemption fees added to paid in capital^A	–^F	–^F	–^F	–^F	.01
Net asset value, end of period	$12.65	$13.02	$10.79	$10.67	$10.71
Total Return^G,^H	1.89%	22.69%	2.38%	3.48%	21.27%
Ratios to Average Net Assets^I,^J
Expenses before reductions	.84%	.86%	.95%	1.01%	1.07%
Expenses net of fee waivers, if any	.84%	.86%	.95%	.99%	1.07%
Expenses net of all reductions	.83%	.85%	.94%	.97%	1.06%
Net investment income (loss)	1.94%	1.44%	1.29%	3.27%^B	1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$36,744	$74,059	$23,080	$16,159	$17,112
Portfolio turnover rate^K	74%	100%	64%	99%	136%

^A Calculated based on average shares outstanding during the period.

^D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^E Total distributions of $.61 per share is comprised of distributions from net investment income of $.373 and distributions from net realized gain of $.232 per share.

^F Amount represents less than $.005 per share.

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

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

^K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Telecommunications 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 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.

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 – 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, 2017 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 includes proceeds received from litigation. 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, certain deemed distributions 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	$8,893,248
Gross unrealized depreciation	(3,282,733)
Net unrealized appreciation (depreciation)	$5,610,515
Tax Cost	$40,226,051

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

Undistributed ordinary income	$74,724
Undistributed long-term capital gain	$4,122,083
Net unrealized appreciation (depreciation) on securities and other investments	$5,610,089

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$1,736,926	$ 1,425,624
Long-term Capital Gains	558,891	11,562
Total	$2,295,817	$ 1,437,186

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $48,947,537 and $94,384,566, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$7,724
Investor Class	80,417
	$88,141

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $249 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $858.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$186,059	$168,720
Investor Class	1,035,618	772,942
Total	$1,221,677	$941,662
From net realized gain
Initial Class	$188,175	$85,642
Investor Class	885,965	409,882
Total	$1,074,140	$495,524

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	316,832	1,468,085	$4,207,080	$17,998,963
Reinvestment of distributions	29,505	19,392	374,234	254,362
Shares redeemed	(1,075,454)	(727,804)	(13,955,988)	(9,092,693)
Net increase (decrease)	(729,117)	759,673	$(9,374,674)	$9,160,632
Investor Class
Shares sold	632,227	5,023,638	$8,267,802	$60,915,905
Reinvestment of distributions	152,997	90,815	1,921,583	1,182,824
Shares redeemed	(3,568,494)	(1,566,095)	(45,877,138)	(19,262,064)
Net increase (decrease)	(2,783,270)	3,548,358	$(35,687,753)	$42,836,665

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and Shareholders of VIP Telecommunications Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Telecommunications Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the “Fund”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (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, 2017, 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, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 15, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman 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 SelectCo.

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+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Donald F. Donahue (1950)

Year of Election or Appointment: 2015

Member of the Advisory Board

Carol B. Tomé (1957)

Year of Election or Appointment: 2017

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2013

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2017

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

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, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.80%
Actual		$1,000.00	$1,040.40	$4.11
Hypothetical-^C		$1,000.00	$1,021.17	$4.08
Investor Class	.88%
Actual		$1,000.00	$1,039.70	$4.52
Hypothetical-^C		$1,000.00	$1,020.77	$4.48

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Telecommunications Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Telecommunications Portfolio
Initial Class	02/09/18	02/09/18	$0.026	$1.286
Investor Class	02/09/18	02/09/18	$0.025	$1.286

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $4,128,081, or, if subsequently determined to be different, the net capital gain of such year.

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
James C. Curvey
Affirmative	3,005,845,657.89	94.803
Withheld	164,788,708.80	5.197
TOTAL	3,170,634,366.69	100.000
Dennis J. Dirks
Affirmative	3,025,050,303.47	95.409
Withheld	145,584,063.22	4.591
TOTAL	3,170,634,366.69	100.000
Donald F. Donahue
Affirmative	3,024,923,660.98	95.405
Withheld	145,710,705.71	4.595
TOTAL	3,170,634,366.69	100.000
Alan J. Lacy
Affirmative	3,024,272,946.71	95.384
Withheld	146,361,419.98	4.616
TOTAL	3,170,634,366.69	100.00
Ned C. Lautenbach
Affirmative	3,011,847,006.14	94.992
Withheld	158,787,360.55	5.008
TOTAL	3,170,634,366.69	100.000
Joseph Mauriello
Affirmative	3,021,074,746.00	95.283
Withheld	149,559,620.69	4.717
TOTAL	3,170,634,366.69	100.000
Charles S. Morrison
Affirmative	3,025,083,795.43	95.410
Withheld	145,550,571.26	4.590
TOTAL	3,170,634,366.69	100.000
Cornelia M. Small
Affirmative	3,016,566,905.34	95.141
Withheld	154,067,461.35	4.859
TOTAL	3,170,634,366.69	100.000
Garnett A. Smith
Affirmative	3,014,927,605.85	95.090
Withheld	155,706,760.84	4.910
TOTAL	3,170,634,366.69	100.000
David M. Thomas
Affirmative	3,025,900,428.75	95.436
Withheld	144,733,937.94	4.564
TOTAL	3,170,634,366.69	100.000
Michael E. Wiley
Affirmative	3,023,436,110.39	95.358
Withheld	147,198,256.30	4.642
TOTAL	3,170,634,366.69	100.000

PROPOSAL 2

To eliminate a fundamental investment policy.

	# of Votes	% of Votes
Affirmative	39,014,439.21	77.363
Against	6,453,577.49	12.797
Abstain	4,962,819.02	9.840
TOTAL	50,430,835.72	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

VTELP-ANN-0218
1.851004.110


Date of fiscal year end:	December 31

Date of reporting period:	December 31, 2017


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
VIP Consumer Discretionary Portfolio	$37,000	$3,400	$2,600	$1,400
VIP Consumer Staples Portfolio	$37,000	$3,400	$2,600	$1,400
VIP Energy Portfolio	$36,000	$3,300	$2,800	$1,400
VIP Financial Services Portfolio	$37,000	$3,400	$2,800	$1,400
VIP Health Care Portfolio	$39,000	$3,600	$2,600	$1,500
VIP Industrials Portfolio	$37,000	$3,400	$2,600	$1,400
VIP Materials Portfolio	$37,000	$3,400	$2,600	$1,400
VIP Real Estate Portfolio	$44,000	$4,100	$3,700	$1,700
VIP Technology Portfolio	$41,000	$3,700	$2,600	$1,500
VIP Telecommunications Portfolio	$37,000	$3,400	$2,600	$1,400
VIP Utilities Portfolio	$36,000	$3,300	$2,600	$1,300


	December 31, 2017^A	December 31, 2016^A
Audit-Related Fees	$8,470,000	$6,240,000
Tax Fees	$160,000	$10,000
All Other Fees	$-	$-


Billed By	December 31, 2017^A	December 31, 2016^A,B
PwC	$10,800,000	$7,725,000


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


By:	/s/ Adrien E. Deberghes
	Adrien E. Deberghes
	President and Treasurer

Date:	February 22, 2018


By:	/s/Adrien E. Deberghes
	Adrien E. Deberghes
	President and Treasurer

Date:	February 22, 2018


By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer

Date:	February 22, 2018