Variable Insurance Products Fund Iv NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03759

Variable Insurance Products Fund IV

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

(Address of principal executive offices) (Zip code)

Margaret Carey, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	December 31

Date of reporting period:	June 30, 2024

Item 1.

Reports to Stockholders


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Technology Portfolio VIP Technology Portfolio Initial Class true

This semi-annual shareholder report contains information about VIP Technology Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 33	0.59%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$2,728,580,551
Number of Holdings	94
Portfolio Turnover	46%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	41.1
Software	22.6
Technology Hardware, Storage & Peripherals	18.7
IT Services	4.5
Ground Transportation	2.5
Communications Equipment	2.3
Broadline Retail	1.4
Hotels, Restaurants & Leisure	0.9
Entertainment	0.7
Others	0.7

Common Stocks	94.4
Preferred Stocks	1.0
Bonds	0.0
Preferred Securities	0.0
Short-Term Investments and Net Other Assets (Liabilities)	4.6

ASSET ALLOCATION (% of Fund's net assets)

United States	91.2
China	4.0
Taiwan	2.1
Canada	1.2
Netherlands	1.1
France	0.2
India	0.1
United Kingdom	0.1
Korea (South)	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	20.5
Apple Inc	16.8
Microsoft Corp	12.2
ON Semiconductor Corp	3.9
Servicenow Inc	3.9
NXP Semiconductors NV	3.9
Marvell Technology Inc	3.6
GLOBALFOUNDRIES Inc	2.9
Okta Inc Class A	2.6
Cisco Systems Inc	2.3
	72.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915957.100 913-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Health Care Portfolio VIP Health Care Portfolio Initial Class true

This semi-annual shareholder report contains information about VIP Health Care Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 30	0.60%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$1,138,207,300
Number of Holdings	103
Portfolio Turnover	46%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Health Care Equipment & Supplies	25.2
Biotechnology	22.4
Health Care Providers & Services	20.9
Pharmaceuticals	17.8
Life Sciences Tools & Services	10.7
Health Care Technology	2.2
Financial Services	0.1

Common Stocks	98.0
Preferred Stocks	1.3
Preferred Securities	0.2
Bonds	0.1
Short-Term Investments and Net Other Assets (Liabilities)	0.4

ASSET ALLOCATION (% of Fund's net assets)

United States	91.9
Netherlands	2.6
United Kingdom	1.7
Denmark	1.3
Belgium	1.1
Canada	0.8
Switzerland	0.5
Israel	0.1
China	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Boston Scientific Corp	10.0
Unitedhealth Group Inc	9.5
Eli Lilly & Co	9.3
Danaher Corp	5.8
Regeneron Pharmaceuticals Inc	4.3
Merck & Co Inc	4.2
Penumbra Inc	3.3
Cigna Group/The	3.0
Stryker Corp	2.4
Insulet Corp	2.1
	53.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915963.100 942-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Financials Portfolio VIP Financials Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Financials Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 36	0.70%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$209,086,718
Number of Holdings	67
Portfolio Turnover	29%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Banks	36.0
Financial Services	20.2
Capital Markets	20.2
Insurance	19.0
Consumer Finance	3.6
Professional Services	0.9

Common Stocks	99.9
Short-Term Investments and Net Other Assets (Liabilities)	0.1

ASSET ALLOCATION (% of Fund's net assets)

United States	92.7
United Kingdom	3.8
Puerto Rico	2.0
Grand Cayman (UK Overseas Ter)	0.9
Mexico	0.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	9.8
Wells Fargo & Co	7.5
Bank of America Corp	6.0
Citigroup Inc	3.3
Morgan Stanley	2.9
Chubb Ltd	2.7
Apollo Global Management Inc	2.5
M&T Bank Corp	2.4
Marsh & McLennan Cos Inc	2.3
Moody's Corp	2.3
	41.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916031.100 1476-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Financials Portfolio VIP Financials Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 32	0.62%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$209,086,718
Number of Holdings	67
Portfolio Turnover	29%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Banks	36.0
Financial Services	20.2
Capital Markets	20.2
Insurance	19.0
Consumer Finance	3.6
Professional Services	0.9

Common Stocks	99.9
Short-Term Investments and Net Other Assets (Liabilities)	0.1

ASSET ALLOCATION (% of Fund's net assets)

United States	92.7
United Kingdom	3.8
Puerto Rico	2.0
Grand Cayman (UK Overseas Ter)	0.9
Mexico	0.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	9.8
Wells Fargo & Co	7.5
Bank of America Corp	6.0
Citigroup Inc	3.3
Morgan Stanley	2.9
Chubb Ltd	2.7
Apollo Global Management Inc	2.5
M&T Bank Corp	2.4
Marsh & McLennan Cos Inc	2.3
Moody's Corp	2.3
	41.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916033.100 947-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Utilities Portfolio VIP Utilities Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Utilities Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 37	0.70%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$220,216,244
Number of Holdings	30
Portfolio Turnover	78%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	67.0
Multi-Utilities	19.1
Independent Power and Renewable Electricity Producers	9.9
Gas Utilities	2.3
Oil, Gas & Consumable Fuels	0.7
Electrical Equipment	0.2

Common Stocks	99.2
Short-Term Investments and Net Other Assets (Liabilities)	0.8

ASSET ALLOCATION (% of Fund's net assets)

United States	99.3
Canada	0.5
Australia	0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	15.6
Constellation Energy Corp	7.6
Sempra	7.6
PG&E Corp	6.1
Edison International	5.5
Vistra Corp	4.9
Public Service Enterprise Group Inc	4.8
American Electric Power Co Inc	4.6
Entergy Corp	4.6
Eversource Energy	4.3
	65.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915975.100 1480-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Communication Services Portfolio VIP Communication Services Portfolio Initial Class true

This semi-annual shareholder report contains information about VIP Communication Services Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 34	0.61%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$231,021,160
Number of Holdings	46
Portfolio Turnover	54%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	55.0
Entertainment	22.2
Diversified Telecommunication Services	7.7
Media	7.3
Broadline Retail	4.8
Ground Transportation	2.4
Consumer Staples Distribution & Retail	0.0
Software	0.0

Common Stocks	99.4
Short-Term Investments and Net Other Assets (Liabilities)	0.6

ASSET ALLOCATION (% of Fund's net assets)

United States	93.7
Singapore	2.2
Puerto Rico	1.8
Belgium	1.1
France	0.7
Japan	0.4
Canada	0.1
United Kingdom	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Alphabet Inc Class A	24.5
Meta Platforms Inc Class A	24.1
Amazon.com Inc	4.8
AT&T Inc	4.8
Netflix Inc	4.3
Walt Disney Co/The	4.1
Snap Inc Class A	2.5
Uber Technologies Inc	2.4
Sea Ltd Class A ADR	2.2
Charter Communications Inc Class A	2.2
	75.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916122.100 1843-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Technology Portfolio VIP Technology Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 47	0.83%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$2,728,580,551
Number of Holdings	94
Portfolio Turnover	46%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	41.1
Software	22.6
Technology Hardware, Storage & Peripherals	18.7
IT Services	4.5
Ground Transportation	2.5
Communications Equipment	2.3
Broadline Retail	1.4
Hotels, Restaurants & Leisure	0.9
Entertainment	0.7
Others	0.7

Common Stocks	94.4
Preferred Stocks	1.0
Bonds	0.0
Preferred Securities	0.0
Short-Term Investments and Net Other Assets (Liabilities)	4.6

ASSET ALLOCATION (% of Fund's net assets)

United States	91.2
China	4.0
Taiwan	2.1
Canada	1.2
Netherlands	1.1
France	0.2
India	0.1
United Kingdom	0.1
Korea (South)	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	20.5
Apple Inc	16.8
Microsoft Corp	12.2
ON Semiconductor Corp	3.9
Servicenow Inc	3.9
NXP Semiconductors NV	3.9
Marvell Technology Inc	3.6
GLOBALFOUNDRIES Inc	2.9
Okta Inc Class A	2.6
Cisco Systems Inc	2.3
	72.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915956.100 7361-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Industrials Portfolio VIP Industrials Portfolio Initial Class true

This semi-annual shareholder report contains information about VIP Industrials Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 32	0.61%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$209,536,474
Number of Holdings	50
Portfolio Turnover	32%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Aerospace & Defense	22.5
Machinery	20.2
Ground Transportation	14.2
Electrical Equipment	10.8
Building Products	9.8
Trading Companies & Distributors	5.6
Air Freight & Logistics	4.2
Construction & Engineering	3.8
Professional Services	3.3
Commercial Services & Supplies	3.1
Household Durables	1.2
Construction Materials	0.9

Common Stocks	99.6
Short-Term Investments and Net Other Assets (Liabilities)	0.4

ASSET ALLOCATION (% of Fund's net assets)

United States

100.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
General Electric Co	6.4
Union Pacific Corp	4.9
Ingersoll Rand Inc	4.6
Boeing Co	4.4
FedEx Corp	4.2
Howmet Aerospace Inc	4.1
Trane Technologies PLC	4.1
Parker-Hannifin Corp	4.0
TransDigm Group Inc	3.9
Eaton Corp PLC	3.7
	44.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916035.100 970-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Communication Services Portfolio VIP Communication Services Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 38	0.69%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$231,021,160
Number of Holdings	46
Portfolio Turnover	54%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	55.0
Entertainment	22.2
Diversified Telecommunication Services	7.7
Media	7.3
Broadline Retail	4.8
Ground Transportation	2.4
Consumer Staples Distribution & Retail	0.0
Software	0.0

Common Stocks	99.4
Short-Term Investments and Net Other Assets (Liabilities)	0.6

ASSET ALLOCATION (% of Fund's net assets)

United States	93.7
Singapore	2.2
Puerto Rico	1.8
Belgium	1.1
France	0.7
Japan	0.4
Canada	0.1
United Kingdom	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Alphabet Inc Class A	24.5
Meta Platforms Inc Class A	24.1
Amazon.com Inc	4.8
AT&T Inc	4.8
Netflix Inc	4.3
Walt Disney Co/The	4.1
Snap Inc Class A	2.5
Uber Technologies Inc	2.4
Sea Ltd Class A ADR	2.2
Charter Communications Inc Class A	2.2
	75.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916123.100 1844-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Consumer Discretionary Portfolio VIP Consumer Discretionary Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Consumer Discretionary Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 36	0.70%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$226,142,752
Number of Holdings	59
Portfolio Turnover	22%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	26.9
Specialty Retail	22.9
Hotels, Restaurants & Leisure	20.1
Automobiles	11.2
Textiles, Apparel & Luxury Goods	8.3
Household Durables	4.8
Automobile Components	3.0
Consumer Staples Distribution & Retail	1.1
Building Products	0.6
Food Products	0.6
Commercial Services & Supplies	0.2

Common Stocks	99.7
Short-Term Investments and Net Other Assets (Liabilities)	0.3

ASSET ALLOCATION (% of Fund's net assets)

United States	95.8
Canada	2.4
Brazil	0.9
France	0.4
United Kingdom	0.3
Switzerland	0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	24.8
Tesla Inc	9.3
Home Depot Inc/The	4.7
Lowe's Cos Inc	4.5
TJX Cos Inc/The	3.8
Hilton Worldwide Holdings Inc	3.3
McDonald's Corp	2.7
Booking Holdings Inc	2.4
Dick's Sporting Goods Inc	2.2
Aptiv PLC	2.1
	59.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916036.100 1474-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Health Care Portfolio VIP Health Care Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 43	0.85%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$1,138,207,300
Number of Holdings	103
Portfolio Turnover	46%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Health Care Equipment & Supplies	25.2
Biotechnology	22.4
Health Care Providers & Services	20.9
Pharmaceuticals	17.8
Life Sciences Tools & Services	10.7
Health Care Technology	2.2
Financial Services	0.1

Common Stocks	98.0
Preferred Stocks	1.3
Preferred Securities	0.2
Bonds	0.1
Short-Term Investments and Net Other Assets (Liabilities)	0.4

ASSET ALLOCATION (% of Fund's net assets)

United States	91.9
Netherlands	2.6
United Kingdom	1.7
Denmark	1.3
Belgium	1.1
Canada	0.8
Switzerland	0.5
Israel	0.1
China	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Boston Scientific Corp	10.0
Unitedhealth Group Inc	9.5
Eli Lilly & Co	9.3
Danaher Corp	5.8
Regeneron Pharmaceuticals Inc	4.3
Merck & Co Inc	4.2
Penumbra Inc	3.3
Cigna Group/The	3.0
Stryker Corp	2.4
Insulet Corp	2.1
	53.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915961.100 1021-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Consumer Staples Portfolio VIP Consumer Staples Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Consumer Staples Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 35	0.70%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$240,090,596
Number of Holdings	42
Portfolio Turnover	49%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Beverages	38.6
Household Products	18.9
Food Products	14.9
Consumer Staples Distribution & Retail	11.0
Personal Care Products	9.4
Tobacco	7.2
Oil, Gas & Consumable Fuels	0.1

Common Stocks

100.1

ASSET ALLOCATION (% of Fund's net assets)

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

United States	95.2
United Kingdom	4.5
Canada	0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Procter & Gamble Co/The	14.4
Coca-Cola Co/The	14.2
Keurig Dr Pepper Inc	9.2
Kenvue Inc	6.2
Walmart Inc	5.2
Energizer Holdings Inc	3.9
Philip Morris International Inc	3.9
PepsiCo Inc	3.7
Boston Beer Co Inc/The Class A	3.3
Estee Lauder Cos Inc/The Class A	3.2
	67.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916118.100 1840-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Real Estate Portfolio VIP Real Estate Portfolio Service Class true

This semi-annual shareholder report contains information about VIP Real Estate Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$ 36	0.73%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$345,082,726
Number of Holdings	32
Portfolio Turnover	20%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Specialized REITs	37.8
Residential REITs	15.2
Industrial REITs	15.2
Retail REITs	10.9
Health Care REITs	9.6
Real Estate Management & Development	6.8
Hotel & Resort REITs	2.7
Office REITs	1.0

Common Stocks	99.2
Short-Term Investments and Net Other Assets (Liabilities)	0.8

ASSET ALLOCATION (% of Fund's net assets)

United States

100.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Prologis Inc	9.7
Equinix Inc	8.0
Crown Castle Inc	7.2
Ventas Inc	5.9
CubeSmart	5.6
American Tower Corp	5.5
CBRE Group Inc Class A	5.4
Mid-America Apartment Communities Inc	4.0
Digital Realty Trust Inc	3.9
Welltower Inc	3.7
	58.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916048.100 1156-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Financials Portfolio VIP Financials Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 45	0.87%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$209,086,718
Number of Holdings	67
Portfolio Turnover	29%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Banks	36.0
Financial Services	20.2
Capital Markets	20.2
Insurance	19.0
Consumer Finance	3.6
Professional Services	0.9

Common Stocks	99.9
Short-Term Investments and Net Other Assets (Liabilities)	0.1

ASSET ALLOCATION (% of Fund's net assets)

United States	92.7
United Kingdom	3.8
Puerto Rico	2.0
Grand Cayman (UK Overseas Ter)	0.9
Mexico	0.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	9.8
Wells Fargo & Co	7.5
Bank of America Corp	6.0
Citigroup Inc	3.3
Morgan Stanley	2.9
Chubb Ltd	2.7
Apollo Global Management Inc	2.5
M&T Bank Corp	2.4
Marsh & McLennan Cos Inc	2.3
Moody's Corp	2.3
	41.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916032.100 7360-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Consumer Staples Portfolio VIP Consumer Staples Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 32	0.63%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$240,090,596
Number of Holdings	42
Portfolio Turnover	49%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Beverages	38.6
Household Products	18.9
Food Products	14.9
Consumer Staples Distribution & Retail	11.0
Personal Care Products	9.4
Tobacco	7.2
Oil, Gas & Consumable Fuels	0.1

Common Stocks

100.1

ASSET ALLOCATION (% of Fund's net assets)

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

United States	95.2
United Kingdom	4.5
Canada	0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Procter & Gamble Co/The	14.4
Coca-Cola Co/The	14.2
Keurig Dr Pepper Inc	9.2
Kenvue Inc	6.2
Walmart Inc	5.2
Energizer Holdings Inc	3.9
Philip Morris International Inc	3.9
PepsiCo Inc	3.7
Boston Beer Co Inc/The Class A	3.3
Estee Lauder Cos Inc/The Class A	3.2
	67.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916117.100 1839-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Energy Portfolio VIP Energy Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Energy Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 36	0.68%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$535,196,252
Number of Holdings	42
Portfolio Turnover	18%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	79.5
Energy Equipment & Services	18.0
Independent Power and Renewable Electricity Producers	1.0
Machinery	0.9

Common Stocks	99.4
Short-Term Investments and Net Other Assets (Liabilities)	0.6

ASSET ALLOCATION (% of Fund's net assets)

United States	83.2
Canada	13.2
United Kingdom	2.9
Norway	0.3
Cameroon	0.2
France	0.1
United Arab Emirates	0.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Exxon Mobil Corp	24.8
Cenovus Energy Inc	6.0
Schlumberger NV	5.2
Chevron Corp	4.9
Marathon Petroleum Corp	4.8
Canadian Natural Resources Ltd	4.7
Occidental Petroleum Corp	4.0
Valero Energy Corp	3.9
Cheniere Energy Inc	3.8
Hess Corp	3.4
	65.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915959.100 1478-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Consumer Discretionary Portfolio VIP Consumer Discretionary Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 44	0.87%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$226,142,752
Number of Holdings	59
Portfolio Turnover	22%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	26.9
Specialty Retail	22.9
Hotels, Restaurants & Leisure	20.1
Automobiles	11.2
Textiles, Apparel & Luxury Goods	8.3
Household Durables	4.8
Automobile Components	3.0
Consumer Staples Distribution & Retail	1.1
Building Products	0.6
Food Products	0.6
Commercial Services & Supplies	0.2

Common Stocks	99.7
Short-Term Investments and Net Other Assets (Liabilities)	0.3

ASSET ALLOCATION (% of Fund's net assets)

United States	95.8
Canada	2.4
Brazil	0.9
France	0.4
United Kingdom	0.3
Switzerland	0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	24.8
Tesla Inc	9.3
Home Depot Inc/The	4.7
Lowe's Cos Inc	4.5
TJX Cos Inc/The	3.8
Hilton Worldwide Holdings Inc	3.3
McDonald's Corp	2.7
Booking Holdings Inc	2.4
Dick's Sporting Goods Inc	2.2
Aptiv PLC	2.1
	59.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916037.100 7358-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Energy Portfolio VIP Energy Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 32	0.60%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$535,196,252
Number of Holdings	42
Portfolio Turnover	18%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	79.5
Energy Equipment & Services	18.0
Independent Power and Renewable Electricity Producers	1.0
Machinery	0.9

Common Stocks	99.4
Short-Term Investments and Net Other Assets (Liabilities)	0.6

ASSET ALLOCATION (% of Fund's net assets)

United States	83.2
Canada	13.2
United Kingdom	2.9
Norway	0.3
Cameroon	0.2
France	0.1
United Arab Emirates	0.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Exxon Mobil Corp	24.8
Cenovus Energy Inc	6.0
Schlumberger NV	5.2
Chevron Corp	4.9
Marathon Petroleum Corp	4.8
Canadian Natural Resources Ltd	4.7
Occidental Petroleum Corp	4.0
Valero Energy Corp	3.9
Cheniere Energy Inc	3.8
Hess Corp	3.4
	65.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915960.100 930-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Consumer Staples Portfolio VIP Consumer Staples Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 44	0.87%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$240,090,596
Number of Holdings	42
Portfolio Turnover	49%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Beverages	38.6
Household Products	18.9
Food Products	14.9
Consumer Staples Distribution & Retail	11.0
Personal Care Products	9.4
Tobacco	7.2
Oil, Gas & Consumable Fuels	0.1

Common Stocks

100.1

ASSET ALLOCATION (% of Fund's net assets)

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

United States	95.2
United Kingdom	4.5
Canada	0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Procter & Gamble Co/The	14.4
Coca-Cola Co/The	14.2
Keurig Dr Pepper Inc	9.2
Kenvue Inc	6.2
Walmart Inc	5.2
Energizer Holdings Inc	3.9
Philip Morris International Inc	3.9
PepsiCo Inc	3.7
Boston Beer Co Inc/The Class A	3.3
Estee Lauder Cos Inc/The Class A	3.2
	67.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916119.100 7359-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Materials Portfolio VIP Materials Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Materials Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 38	0.75%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$76,568,556
Number of Holdings	38
Portfolio Turnover	99%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	65.7
Metals & Mining	24.2
Containers & Packaging	6.7
Construction Materials	4.1

Common Stocks

100.7

ASSET ALLOCATION (% of Fund's net assets)

Short-Term Investments and Net Other Assets (Liabilities) - (0.7)%

United States	89.1
Canada	6.0
Zambia	2.4
Chile	1.2
Brazil	0.8
Germany	0.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	19.2
Ecolab Inc	9.8
Dow Inc	7.0
Freeport-McMoRan Inc	5.0
Air Products and Chemicals Inc	4.2
Nucor Corp	4.2
Corteva Inc	4.1
Axalta Coating Systems Ltd	3.8
Tronox Holdings PLC	3.0
Element Solutions Inc	3.0
	63.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916121.100 1842-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Consumer Discretionary Portfolio VIP Consumer Discretionary Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 32	0.62%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$226,142,752
Number of Holdings	59
Portfolio Turnover	22%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	26.9
Specialty Retail	22.9
Hotels, Restaurants & Leisure	20.1
Automobiles	11.2
Textiles, Apparel & Luxury Goods	8.3
Household Durables	4.8
Automobile Components	3.0
Consumer Staples Distribution & Retail	1.1
Building Products	0.6
Food Products	0.6
Commercial Services & Supplies	0.2

Common Stocks	99.7
Short-Term Investments and Net Other Assets (Liabilities)	0.3

ASSET ALLOCATION (% of Fund's net assets)

United States	95.8
Canada	2.4
Brazil	0.9
France	0.4
United Kingdom	0.3
Switzerland	0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	24.8
Tesla Inc	9.3
Home Depot Inc/The	4.7
Lowe's Cos Inc	4.5
TJX Cos Inc/The	3.8
Hilton Worldwide Holdings Inc	3.3
McDonald's Corp	2.7
Booking Holdings Inc	2.4
Dick's Sporting Goods Inc	2.2
Aptiv PLC	2.1
	59.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916038.100 991-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Technology Portfolio VIP Technology Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 37	0.66%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$2,728,580,551
Number of Holdings	94
Portfolio Turnover	46%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	41.1
Software	22.6
Technology Hardware, Storage & Peripherals	18.7
IT Services	4.5
Ground Transportation	2.5
Communications Equipment	2.3
Broadline Retail	1.4
Hotels, Restaurants & Leisure	0.9
Entertainment	0.7
Others	0.7

Common Stocks	94.4
Preferred Stocks	1.0
Bonds	0.0
Preferred Securities	0.0
Short-Term Investments and Net Other Assets (Liabilities)	4.6

ASSET ALLOCATION (% of Fund's net assets)

United States	91.2
China	4.0
Taiwan	2.1
Canada	1.2
Netherlands	1.1
France	0.2
India	0.1
United Kingdom	0.1
Korea (South)	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	20.5
Apple Inc	16.8
Microsoft Corp	12.2
ON Semiconductor Corp	3.9
Servicenow Inc	3.9
NXP Semiconductors NV	3.9
Marvell Technology Inc	3.6
GLOBALFOUNDRIES Inc	2.9
Okta Inc Class A	2.6
Cisco Systems Inc	2.3
	72.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915955.100 1479-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Real Estate Portfolio VIP Real Estate Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 31	0.63%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$345,082,726
Number of Holdings	32
Portfolio Turnover	20%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Specialized REITs	37.8
Residential REITs	15.2
Industrial REITs	15.2
Retail REITs	10.9
Health Care REITs	9.6
Real Estate Management & Development	6.8
Hotel & Resort REITs	2.7
Office REITs	1.0

Common Stocks	99.2
Short-Term Investments and Net Other Assets (Liabilities)	0.8

ASSET ALLOCATION (% of Fund's net assets)

United States

100.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Prologis Inc	9.7
Equinix Inc	8.0
Crown Castle Inc	7.2
Ventas Inc	5.9
CubeSmart	5.6
American Tower Corp	5.5
CBRE Group Inc Class A	5.4
Mid-America Apartment Communities Inc	4.0
Digital Realty Trust Inc	3.9
Welltower Inc	3.7
	58.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916047.100 1155-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Energy Portfolio VIP Energy Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 45	0.85%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$535,196,252
Number of Holdings	42
Portfolio Turnover	18%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	79.5
Energy Equipment & Services	18.0
Independent Power and Renewable Electricity Producers	1.0
Machinery	0.9

Common Stocks	99.4
Short-Term Investments and Net Other Assets (Liabilities)	0.6

ASSET ALLOCATION (% of Fund's net assets)

United States	83.2
Canada	13.2
United Kingdom	2.9
Norway	0.3
Cameroon	0.2
France	0.1
United Arab Emirates	0.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Exxon Mobil Corp	24.8
Cenovus Energy Inc	6.0
Schlumberger NV	5.2
Chevron Corp	4.9
Marathon Petroleum Corp	4.8
Canadian Natural Resources Ltd	4.7
Occidental Petroleum Corp	4.0
Valero Energy Corp	3.9
Cheniere Energy Inc	3.8
Hess Corp	3.4
	65.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915958.100 1438-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Industrials Portfolio VIP Industrials Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 37	0.69%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$209,536,474
Number of Holdings	50
Portfolio Turnover	32%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Aerospace & Defense	22.5
Machinery	20.2
Ground Transportation	14.2
Electrical Equipment	10.8
Building Products	9.8
Trading Companies & Distributors	5.6
Air Freight & Logistics	4.2
Construction & Engineering	3.8
Professional Services	3.3
Commercial Services & Supplies	3.1
Household Durables	1.2
Construction Materials	0.9

Common Stocks	99.6
Short-Term Investments and Net Other Assets (Liabilities)	0.4

ASSET ALLOCATION (% of Fund's net assets)

United States

100.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
General Electric Co	6.4
Union Pacific Corp	4.9
Ingersoll Rand Inc	4.6
Boeing Co	4.4
FedEx Corp	4.2
Howmet Aerospace Inc	4.1
Trane Technologies PLC	4.1
Parker-Hannifin Corp	4.0
TransDigm Group Inc	3.9
Eaton Corp PLC	3.7
	44.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916034.100 1475-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Real Estate Portfolio VIP Real Estate Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 35	0.71%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$345,082,726
Number of Holdings	32
Portfolio Turnover	20%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Specialized REITs	37.8
Residential REITs	15.2
Industrial REITs	15.2
Retail REITs	10.9
Health Care REITs	9.6
Real Estate Management & Development	6.8
Hotel & Resort REITs	2.7
Office REITs	1.0

Common Stocks	99.2
Short-Term Investments and Net Other Assets (Liabilities)	0.8

ASSET ALLOCATION (% of Fund's net assets)

United States

100.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Prologis Inc	9.7
Equinix Inc	8.0
Crown Castle Inc	7.2
Ventas Inc	5.9
CubeSmart	5.6
American Tower Corp	5.5
CBRE Group Inc Class A	5.4
Mid-America Apartment Communities Inc	4.0
Digital Realty Trust Inc	3.9
Welltower Inc	3.7
	58.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916050.100 1469-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Utilities Portfolio VIP Utilities Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 33	0.62%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$220,216,244
Number of Holdings	30
Portfolio Turnover	78%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	67.0
Multi-Utilities	19.1
Independent Power and Renewable Electricity Producers	9.9
Gas Utilities	2.3
Oil, Gas & Consumable Fuels	0.7
Electrical Equipment	0.2

Common Stocks	99.2
Short-Term Investments and Net Other Assets (Liabilities)	0.8

ASSET ALLOCATION (% of Fund's net assets)

United States	99.3
Canada	0.5
Australia	0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	15.6
Constellation Energy Corp	7.6
Sempra	7.6
PG&E Corp	6.1
Edison International	5.5
Vistra Corp	4.9
Public Service Enterprise Group Inc	4.8
American Electric Power Co Inc	4.6
Entergy Corp	4.6
Eversource Energy	4.3
	65.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915976.100 905-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Materials Portfolio VIP Materials Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 34	0.67%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$76,568,556
Number of Holdings	38
Portfolio Turnover	99%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	65.7
Metals & Mining	24.2
Containers & Packaging	6.7
Construction Materials	4.1

Common Stocks

100.7

ASSET ALLOCATION (% of Fund's net assets)

Short-Term Investments and Net Other Assets (Liabilities) - (0.7)%

United States	89.1
Canada	6.0
Zambia	2.4
Chile	1.2
Brazil	0.8
Germany	0.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	19.2
Ecolab Inc	9.8
Dow Inc	7.0
Freeport-McMoRan Inc	5.0
Air Products and Chemicals Inc	4.2
Nucor Corp	4.2
Corteva Inc	4.1
Axalta Coating Systems Ltd	3.8
Tronox Holdings PLC	3.0
Element Solutions Inc	3.0
	63.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916120.100 1841-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Health Care Portfolio VIP Health Care Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 34	0.67%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$1,138,207,300
Number of Holdings	103
Portfolio Turnover	46%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Health Care Equipment & Supplies	25.2
Biotechnology	22.4
Health Care Providers & Services	20.9
Pharmaceuticals	17.8
Life Sciences Tools & Services	10.7
Health Care Technology	2.2
Financial Services	0.1

Common Stocks	98.0
Preferred Stocks	1.3
Preferred Securities	0.2
Bonds	0.1
Short-Term Investments and Net Other Assets (Liabilities)	0.4

ASSET ALLOCATION (% of Fund's net assets)

United States	91.9
Netherlands	2.6
United Kingdom	1.7
Denmark	1.3
Belgium	1.1
Canada	0.8
Switzerland	0.5
Israel	0.1
China	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Boston Scientific Corp	10.0
Unitedhealth Group Inc	9.5
Eli Lilly & Co	9.3
Danaher Corp	5.8
Regeneron Pharmaceuticals Inc	4.3
Merck & Co Inc	4.2
Penumbra Inc	3.3
Cigna Group/The	3.0
Stryker Corp	2.4
Insulet Corp	2.1
	53.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915962.100 1477-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Real Estate Portfolio VIP Real Estate Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 43	0.88%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$345,082,726
Number of Holdings	32
Portfolio Turnover	20%

What did the Fund invest in?
(as of June 30, 2024)

TOP INDUSTRIES (% of Fund's net assets)
Specialized REITs	37.8
Residential REITs	15.2
Industrial REITs	15.2
Retail REITs	10.9
Health Care REITs	9.6
Real Estate Management & Development	6.8
Hotel & Resort REITs	2.7
Office REITs	1.0

Common Stocks	99.2
Short-Term Investments and Net Other Assets (Liabilities)	0.8

ASSET ALLOCATION (% of Fund's net assets)

United States

100.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Prologis Inc	9.7
Equinix Inc	8.0
Crown Castle Inc	7.2
Ventas Inc	5.9
CubeSmart	5.6
American Tower Corp	5.5
CBRE Group Inc Class A	5.4
Mid-America Apartment Communities Inc	4.0
Digital Realty Trust Inc	3.9
Welltower Inc	3.7
	58.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916049.100 1157-TSRS-0824

Item 2.

Code of Ethics

Not applicable.

Item 3.

Audit Committee Financial Expert

Not applicable.

Item 4.

Principal Accountant Fees and Services

Not applicable.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Fidelity® Variable Insurance Products:

VIP Financials Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Financials Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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

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

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Financials Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
Banks - 35.9%
Diversified Banks - 21.7%
Bank of America Corp.	312,900	12,444,033
Citigroup, Inc.	107,200	6,802,912
KeyCorp	253,800	3,606,498
PNC Financial Services Group, Inc.	25,200	3,918,096
U.S. Bancorp	81,600	3,239,520
Wells Fargo & Co.	259,477	15,410,339
		45,421,398
Regional Banks - 14.2%
Associated Banc-Corp.	99,000	2,093,850
BOK Financial Corp.	23,545	2,157,664
Cadence Bank	41,010	1,159,763
East West Bancorp, Inc.	32,200	2,358,006
Eastern Bankshares, Inc.	123,200	1,722,336
First Hawaiian, Inc.	55,800	1,158,408
First Interstate Bancsystem, Inc.	76,069	2,112,436
Heartland Financial U.S.A., Inc.	40,700	1,809,115
Huntington Bancshares, Inc.	670	8,831
M&T Bank Corp.	33,430	5,059,965
Popular, Inc.	47,400	4,191,582
Trico Bancshares	33,800	1,337,466
UMB Financial Corp. (a)	26,900	2,243,998
WesBanco, Inc.	38,800	1,082,908
Wintrust Financial Corp.	11,300	1,113,728
		29,610,056
TOTAL BANKS		75,031,454
Capital Markets - 20.2%
Asset Management & Custody Banks - 7.1%
AllianceBernstein Holding LP	69,800	2,358,542
Bank of New York Mellon Corp.	3,500	209,615
Blue Owl Capital, Inc. Class A	80,600	1,430,650
Carlyle Group LP (a)	52,300	2,099,845
Northern Trust Corp.	38,700	3,250,026
Patria Investments Ltd.	156,700	1,889,802
State Street Corp.	49,700	3,677,800
		14,916,280
Financial Exchanges & Data - 4.4%
Bolsa Mexicana de Valores S.A.B. de CV	682,200	1,155,209
MarketAxess Holdings, Inc.	16,100	3,228,533
Moody's Corp.	11,300	4,756,509
		9,140,251
Investment Banking & Brokerage - 8.7%
Lazard, Inc. Class A	64,500	2,462,610
Morgan Stanley	63,000	6,122,970
Perella Weinberg Partners Class A	132,203	2,148,299
Raymond James Financial, Inc.	20,550	2,540,186
Stifel Financial Corp.	32,400	2,726,460
Virtu Financial, Inc. Class A	97,100	2,179,895
		18,180,420
TOTAL CAPITAL MARKETS		42,236,951
Consumer Finance - 3.6%
Consumer Finance - 3.6%
Discover Financial Services	31,700	4,146,677
FirstCash Holdings, Inc.	19,038	1,996,705
OneMain Holdings, Inc.	28,100	1,362,569
		7,505,951
Financial Services - 20.2%
Commercial & Residential Mortgage Finance - 1.7%
Essent Group Ltd.	32,600	1,831,794
NMI Holdings, Inc. Class A (b)	53,900	1,834,756
		3,666,550
Diversified Financial Services - 4.1%
Apollo Global Management, Inc.	43,400	5,124,238
Corebridge Financial, Inc.	69,500	2,023,840
Voya Financial, Inc.	20,200	1,437,230
		8,585,308
Multi-Sector Holdings - 0.5%
Cannae Holdings, Inc.	59,300	1,075,702
Transaction & Payment Processing Services - 13.9%
Corpay, Inc. (b)	8,400	2,237,844
Fiserv, Inc. (b)	22,500	3,353,400
Global Payments, Inc.	30,400	2,939,680
MasterCard, Inc. Class A	46,400	20,469,822
		29,000,746
TOTAL FINANCIAL SERVICES		42,328,306
Insurance - 19.0%
Insurance Brokers - 5.9%
Arthur J. Gallagher & Co.	15,700	4,071,167
Marsh & McLennan Companies, Inc.	22,600	4,762,272
The Baldwin Insurance Group, Inc. Class A, (b)	97,447	3,456,445
		12,289,884
Multi-Line Insurance - 0.0%
Assurant, Inc.	100	16,625
Property & Casualty Insurance - 10.8%
American Financial Group, Inc.	22,900	2,817,158
Beazley PLC	219,679	1,966,089
Chubb Ltd.	21,700	5,535,236
Direct Line Insurance Group PLC	647,500	1,643,558
Fidelity National Financial, Inc.	38,300	1,892,786
First American Financial Corp.	17,600	949,520
Hartford Financial Services Group, Inc.	34,100	3,428,414
Hiscox Ltd.	197,000	2,863,819
Lancashire Holdings Ltd.	189,200	1,468,490
		22,565,070
Reinsurance - 2.3%
Enstar Group Ltd. (b)	500	152,850
Reinsurance Group of America, Inc.	22,900	4,700,683
		4,853,533
TOTAL INSURANCE		39,725,112
Professional Services - 0.9%
Research & Consulting Services - 0.9%
Dun & Bradstreet Holdings, Inc.	210,100	1,945,526
TOTAL COMMON STOCKS (Cost $159,938,528)		208,773,300

Money Market Funds - 1.9%
	Shares	Value ($)
Fidelity Securities Lending Cash Central Fund 5.38% (c)(d) (Cost $3,964,200)	3,963,804	3,964,200

TOTAL INVESTMENT IN SECURITIES - 101.7% (Cost $163,902,728)	212,737,500
NET OTHER ASSETS (LIABILITIES) - (1.7)%	(3,650,782)
NET ASSETS - 100.0%	209,086,718

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 are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	326,031	11,350,231	11,676,275	8,731	13	-	-	0.0%
Fidelity Securities Lending Cash Central Fund 5.38%	-	19,817,422	15,853,222	2,689	-	-	3,964,200	0.0%
Total	326,031	31,167,653	27,529,497	11,420	13	-	3,964,200

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2024, 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	208,773,300	208,773,300	-	-

Money Market Funds	3,964,200	3,964,200	-	-
Total Investments in Securities:	212,737,500	212,737,500	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $3,926,784) - See accompanying schedule:
Unaffiliated issuers (cost $159,938,528)	$	208,773,300
Fidelity Central Funds (cost $3,964,200)		3,964,200


Total Investment in Securities (cost $163,902,728)			$	212,737,500
Receivable for investments sold				2,199,927
Receivable for fund shares sold				19,779
Dividends receivable				164,232
Distributions receivable from Fidelity Central Funds				763
Prepaid expenses				205
Other receivables				44,135
Total assets				215,166,541
Liabilities
Payable to custodian bank	$	1,540,097
Payable for investments purchased		104,419
Payable for fund shares redeemed		328,710
Accrued management fee		113,702
Distribution and service plan fees payable		169
Other payables and accrued expenses		28,526
Collateral on securities loaned		3,964,200
Total liabilities				6,079,823
Net Assets			$	209,086,718
Net Assets consist of:
Paid in capital			$	155,626,982
Total accumulated earnings (loss)				53,459,736
Net Assets			$	209,086,718

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($24,152,407 ÷ 1,517,092 shares)			$	15.92
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($824,878 ÷ 51,931 shares)			$	15.88
Investor Class :
Net Asset Value, offering price and redemption price per share ($184,109,433 ÷ 11,642,018 shares)			$	15.81

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	2,896,424
Income from Fidelity Central Funds (including $2,689 from security lending)				11,420
Total income				2,907,844
Expenses
Management fee	$	638,029
Transfer agent fees		44,396
Distribution and service plan fees		655
Accounting fees		12,058
Custodian fees and expenses		12,493
Independent trustees' fees and expenses		441
Audit		21,800
Legal		850
Miscellaneous		4,453
Total expenses before reductions		735,175
Expense reductions		(8,798)
Total expenses after reductions				726,377
Net Investment income (loss)				2,181,467
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		4,533,730
Fidelity Central Funds		13
Foreign currency transactions		(1,685)
Total net realized gain (loss)				4,532,058
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		11,450,632
Assets and liabilities in foreign currencies		9
Total change in net unrealized appreciation (depreciation)				11,450,641
Net gain (loss)				15,982,699
Net increase (decrease) in net assets resulting from operations			$	18,164,166

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,181,467	$	4,513,681
Net realized gain (loss)		4,532,058		4,284,448
Change in net unrealized appreciation (depreciation)		11,450,641		13,124,715
Net increase (decrease) in net assets resulting from operations		18,164,166		21,922,844
Distributions to shareholders		(5,986,232)		(14,638,713)

Share transactions - net increase (decrease)		(5,183,604)		(31,707,438)
Total increase (decrease) in net assets		6,994,330		(24,423,307)

Net Assets
Beginning of period		202,092,388		226,515,695
End of period	$	209,086,718	$	202,092,388

Financial Highlights

VIP Financials Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	15.02	$	14.01	$	15.82	$	12.38	$	13.62	$	11.15
Income from Investment Operations
Net investment income (loss) A,B		.17		.33		.30		.32		.26		.22
Net realized and unrealized gain (loss)		1.18		1.68		(1.57)		3.71		(.16)		3.39
Total from investment operations		1.35		2.01		(1.27)		4.03		.10		3.61
Distributions from net investment income		(.08)		(.37)		(.29)		(.27)		(.26)		(.26)
Distributions from net realized gain		(.37)		(.62)		(.25)		(.32)		(1.08)		(.88)
Total distributions		(.45)		(1.00) C		(.54)		(.59)		(1.34)		(1.14)
Net asset value, end of period	$	15.92	$	15.02	$	14.01	$	15.82	$	12.38	$	13.62
Total Return D,E,F		9.19 %		14.73%		(8.33)%		33.19%		.77%		34.33%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.63% I		.67%		.65%		.65%		.69%		.68%
Expenses net of fee waivers, if any		.62 % I		.66%		.65%		.65%		.69%		.68%
Expenses net of all reductions		.62% I		.66%		.65%		.65%		.68%		.67%
Net investment income (loss)		2.15% I		2.44%		2.06%		2.08%		2.47%		1.83%
Supplemental Data
Net assets, end of period (000 omitted)	$	24,152	$	23,853	$	29,116	$	35,491	$	20,134	$	24,758
Portfolio turnover rate J		29 % I		56%		53%		40%		68%		58%

ACalculated based on average shares outstanding during the period.

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

CTotal distributions per share do not sum due to rounding.

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

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

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

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

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

IAnnualized.

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

VIP Financials Portfolio Service Class 2

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	15.00	$	13.36
Income from Investment Operations
Net investment income (loss) B,C		.15		.12
Net realized and unrealized gain (loss)		1.17		1.82
Total from investment operations		1.32		1.94
Distributions from net investment income		(.07)		(.30)
Distributions from net realized gain		(.37)		-
Total distributions		(.44)		(.30)
Net asset value, end of period	$	15.88	$	15.00
Total Return D,E,F		9.05 %		14.69%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.87% I		.92% I
Expenses net of fee waivers, if any		.87 % I		.92% I
Expenses net of all reductions		.87% I		.92% I
Net investment income (loss)		1.91% I		2.30% I
Supplemental Data
Net assets, end of period (000 omitted)	$	825	$	190
Portfolio turnover rate J		29 % I		56%

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

BCalculated based on average shares outstanding during the period.

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

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

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

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

IAnnualized.

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

VIP Financials Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	14.92	$	13.93	$	15.73	$	12.31	$	13.56	$	11.10
Income from Investment Operations
Net investment income (loss) A,B		.16		.32		.29		.30		.25		.21
Net realized and unrealized gain (loss)		1.17		1.65		(1.56)		3.70		(.16)		3.38
Total from investment operations		1.33		1.97		(1.27)		4.00		.09		3.59
Distributions from net investment income		(.07)		(.36)		(.28)		(.26)		(.25)		(.25)
Distributions from net realized gain		(.37)		(.62)		(.25)		(.32)		(1.08)		(.88)
Total distributions		(.44)		(.98)		(.53)		(.58)		(1.34) C		(1.13)
Net asset value, end of period	$	15.81	$	14.92	$	13.93	$	15.73	$	12.31	$	13.56
Total Return D,E,F		9.17 %		14.57%		(8.37)%		33.14%		.63%		34.28%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.71% I		.75%		.73%		.72%		.76%		.76%
Expenses net of fee waivers, if any		.70 % I		.74%		.73%		.72%		.76%		.76%
Expenses net of all reductions		.70% I		.74%		.73%		.72%		.75%		.75%
Net investment income (loss)		2.07% I		2.37%		1.99%		2.01%		2.39%		1.75%
Supplemental Data
Net assets, end of period (000 omitted)	$	184,109	$	178,049	$	197,400	$	246,455	$	121,359	$	139,831
Portfolio turnover rate J		29 % I		56%		53%		40%		68%		58%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

1. Organization.

VIP Financials 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. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2024 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

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

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

Gross unrealized appreciation	$53,359,242
Gross unrealized depreciation	(5,810,771)
Net unrealized appreciation (depreciation)	$47,548,471
Tax cost	$165,189,029

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Financials Portfolio	30,445,403	39,487,863

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

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

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:

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

Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.

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

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

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $655.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement.

During the period January 1, 2024 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	2,527	.0630
Service Class 2	28	.0630
Investor Class	41,841	.1390
	44,396

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.

During the period January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Financials Portfolio	.0353

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

	Amount ($)
VIP Financials Portfolio	623

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

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
VIP Financials Portfolio	873,909	1,814,671	185,512

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount ($)
VIP Financials Portfolio	181

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Financials Portfolio	293	-	-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8,798.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023A
VIP Financials Portfolio
Distributions to shareholders
Initial Class	$702,519	$1,820,078
Service Class 2	10,517	3,079
Investor Class	5,273,196	12,815,556
Total	$5,986,232	$14,638,713

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

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023A	Six months ended June 30, 2024	Year ended December 31, 2023A
VIP Financials Portfolio
Initial Class
Shares sold	89,703	242,237	$1,380,695	$3,366,672
Reinvestment of distributions	47,693	125,808	702,519	1,820,078
Shares redeemed	(208,724)	(857,656)	(3,209,399)	(11,135,817)
Net increase (decrease)	(71,328)	(489,611)	$(1,126,185)	$(5,949,067)
Service Class 2
Shares sold	39,915	14,502	$624,841	$198,005
Reinvestment of distributions	490	63	7,201	871
Shares redeemed	(1,147)	(1,892)	(18,206)	(27,904)
Net increase (decrease)	39,258	12,673	$613,836	$170,972
Investor Class
Shares sold	698,511	2,026,650	$10,701,000	$28,428,804
Reinvestment of distributions	360,437	891,700	5,273,196	12,815,556
Shares redeemed	(1,347,516)	(5,159,906)	(20,645,451)	(67,173,703)
Net increase (decrease)	(288,568)	(2,241,556)	$(4,671,255)	$(25,929,343)

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

11. Other.

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

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

Fund	Affiliated %
VIP Financials Portfolio	99%

12. Risk and Uncertainties.

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

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Financials Portfolio

At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.

Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.

In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.

Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.

The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.

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

Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.

Board Approval of Investment Advisory Contracts and Management Fees

VIP Financials Portfolio

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

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

At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

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

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

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

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

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

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

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

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered a pro forma management fee rate for Initial Class as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

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

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

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

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

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

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

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

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.

1.817370.119

VFSIC-SANN-0824

Fidelity® Variable Insurance Products:

VIP Real Estate Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Real Estate Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Real Estate Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value ($)
Equity Real Estate Investment Trusts (REITs) - 92.4%
REITs - Apartments - 12.2%
Essex Property Trust, Inc.	40,048	10,901,066
Invitation Homes, Inc.	275,500	9,887,695
Mid-America Apartment Communities, Inc.	97,000	13,833,170
UDR, Inc.	178,000	7,324,700
		41,946,631
REITs - Diversified - 20.8%
Crown Castle, Inc.	253,000	24,718,100
Digital Realty Trust, Inc.	88,400	13,441,220
Equinix, Inc.	36,600	27,691,560
Lamar Advertising Co. Class A	48,600	5,809,158
		71,660,038
REITs - Health Care - 9.6%
Ventas, Inc.	397,610	20,381,489
Welltower, Inc.	123,200	12,843,600
		33,225,089
REITs - Hotels - 2.7%
Ryman Hospitality Properties, Inc.	92,600	9,247,036
REITs - Management/Investment - 7.7%
American Tower Corp.	97,900	19,029,802
NNN (REIT), Inc.	174,500	7,433,700
		26,463,502
REITs - Manufactured Homes - 3.0%
Equity Lifestyle Properties, Inc.	160,420	10,448,155
REITs - Office Property - 1.1%
Douglas Emmett, Inc.	273,400	3,638,954
REITs - Regional Malls - 2.3%
Tanger, Inc.	294,400	7,981,184
REITs - Shopping Centers - 5.3%
Federal Realty Investment Trust (SBI)	8,600	868,342
SITE Centers Corp.	761,100	11,035,950
Urban Edge Properties	355,500	6,566,085
		18,470,377
REITs - Single Tenant - 3.9%
Agree Realty Corp.	22,400	1,387,456
Four Corners Property Trust, Inc.	399,100	9,845,797
NETSTREIT Corp. (a)	140,900	2,268,490
		13,501,743
REITs - Storage - 8.6%
CubeSmart	427,000	19,287,590
Extra Space Storage, Inc.	67,700	10,521,257
		29,808,847
REITs - Warehouse/Industrial - 15.2%
Americold Realty Trust	267,700	6,837,058
EastGroup Properties, Inc.	34,100	5,800,410
Prologis, Inc.	296,729	33,325,632
Terreno Realty Corp.	108,200	6,403,276
		52,366,376
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		318,757,932
Real Estate Management & Development - 6.8%
Real Estate Services - 6.8%
CBRE Group, Inc. (b)	210,000	18,713,100
CoStar Group, Inc. (b)	64,000	4,744,960
		23,458,060
TOTAL COMMON STOCKS (Cost $289,337,442)		342,215,992

Money Market Funds - 1.3%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (c)	2,202,940	2,203,381
Fidelity Securities Lending Cash Central Fund 5.38% (c)(d)	2,499,500	2,499,750
TOTAL MONEY MARKET FUNDS (Cost $4,703,131)		4,703,131

TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $294,040,573)	346,919,123
NET OTHER ASSETS (LIABILITIES) - (0.5)%	(1,836,397)
NET ASSETS - 100.0%	345,082,726

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	1,955,778	26,208,943	25,961,307	41,784	(33)	-	2,203,381	0.0%
Fidelity Securities Lending Cash Central Fund 5.38%	-	7,030,019	4,530,269	4,057	-	-	2,499,750	0.0%
Total	1,955,778	33,238,962	30,491,576	45,841	(33)	-	4,703,131

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

Investment Valuation

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

Common Stocks	342,215,992	342,215,992	-	-

Money Market Funds	4,703,131	4,703,131	-	-
Total Investments in Securities:	346,919,123	346,919,123	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $2,439,150) - See accompanying schedule:
Unaffiliated issuers (cost $289,337,442)	$	342,215,992
Fidelity Central Funds (cost $4,703,131)		4,703,131


Total Investment in Securities (cost $294,040,573)			$	346,919,123
Receivable for investments sold				670,619
Receivable for fund shares sold				320,279
Dividends receivable				958,144
Distributions receivable from Fidelity Central Funds				8,216
Prepaid expenses				302
Total assets				348,876,683
Liabilities
Payable for investments purchased	$	324,409
Payable for fund shares redeemed		695,034
Accrued management fee		174,606
Distribution and service plan fees payable		28,537
Other payables and accrued expenses		71,621
Collateral on securities loaned		2,499,750
Total liabilities				3,793,957
Net Assets			$	345,082,726
Net Assets consist of:
Paid in capital			$	300,573,432
Total accumulated earnings (loss)				44,509,294
Net Assets			$	345,082,726

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($60,421,821 ÷ 3,609,380 shares)			$	16.74
Service Class :
Net Asset Value, offering price and redemption price per share ($13,199,299 ÷ 792,856 shares)			$	16.65
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($132,505,795 ÷ 8,094,174 shares)			$	16.37
Investor Class :
Net Asset Value, offering price and redemption price per share ($138,955,811 ÷ 8,362,034 shares)			$	16.62

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	5,336,584
Income from Fidelity Central Funds (including $4,057 from security lending)				45,841
Total income				5,382,425
Expenses
Management fee	$	1,011,793
Transfer agent fees		56,195
Distribution and service plan fees		173,926
Accounting fees		21,144
Custodian fees and expenses		5,293
Independent trustees' fees and expenses		768
Audit		24,910
Legal		238
Miscellaneous		43,022
Total expenses before reductions		1,337,289
Expense reductions		(16,257)
Total expenses after reductions				1,321,032
Net Investment income (loss)				4,061,393
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		839,340
Fidelity Central Funds		(33)
Total net realized gain (loss)				839,307
Change in net unrealized appreciation (depreciation) on investment securities				(15,040,022)
Net gain (loss)				(14,200,715)
Net increase (decrease) in net assets resulting from operations			$	(10,139,322)

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,061,393	$	8,042,984
Net realized gain (loss)		839,307		(11,311,869)
Change in net unrealized appreciation (depreciation)		(15,040,022)		41,214,134
Net increase (decrease) in net assets resulting from operations		(10,139,322)		37,945,249
Distributions to shareholders		(1,172,385)		(22,455,500)

Share transactions - net increase (decrease)		(21,825,434)		30,532,499
Total increase (decrease) in net assets		(33,137,141)		46,022,248

Net Assets
Beginning of period		378,219,867		332,197,619
End of period	$	345,082,726	$	378,219,867

Financial Highlights

VIP Real Estate Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	17.25	$	16.54	$	23.81	$	17.43	$	19.79	$	16.68
Income from Investment Operations
Net investment income (loss) A,B		.20		.40		.34		.23		.31		.43
Net realized and unrealized gain (loss)		(.65)		1.41		(6.76)		6.52		(1.54)		3.41
Total from investment operations		(.45)		1.81		(6.42)		6.75		(1.23)		3.84
Distributions from net investment income		(.06)		(.40)		(.25)		(.22) C		(.37)		(.34)
Distributions from net realized gain		-		(.70)		(.59)		(.15) C		(.76)		(.39)
Total distributions		(.06)		(1.10)		(.85) D		(.37)		(1.13)		(.73)
Net asset value, end of period	$	16.74	$	17.25	$	16.54	$	23.81	$	17.43	$	19.79
Total Return E,F,G		(2.62) %		11.19%		(27.51)%		38.99%		(6.55)%		23.22%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.63% J		.64%		.64%		.64%		.66%		.66%
Expenses net of fee waivers, if any		.63 % J		.64%		.64%		.64%		.66%		.66%
Expenses net of all reductions		.63% J		.64%		.64%		.64%		.65%		.65%
Net investment income (loss)		2.47% J		2.49%		1.80%		1.11%		1.83%		2.21%
Supplemental Data
Net assets, end of period (000 omitted)	$	60,422	$	66,471	$	66,060	$	95,219	$	69,612	$	90,029
Portfolio turnover rate K		20 % J		33%		53%		31%		83%		44%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

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

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

JAnnualized.

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

VIP Real Estate Portfolio Service Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	17.16	$	16.46	$	23.70	$	17.35	$	19.70	$	16.61
Income from Investment Operations
Net investment income (loss) A,B		.19		.39		.32		.21		.29		.41
Net realized and unrealized gain (loss)		(.64)		1.40		(6.73)		6.48		(1.52)		3.39
Total from investment operations		(.45)		1.79		(6.41)		6.69		(1.23)		3.80
Distributions from net investment income		(.06)		(.39)		(.24)		(.19) C		(.36)		(.33)
Distributions from net realized gain		-		(.70)		(.59)		(.15) C		(.76)		(.39)
Total distributions		(.06)		(1.09)		(.83)		(.34)		(1.12)		(.71) D
Net asset value, end of period	$	16.65	$	17.16	$	16.46	$	23.70	$	17.35	$	19.70
Total Return E,F,G		(2.65) %		11.09%		(27.59)%		38.80%		(6.61)%		23.09%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.74% J		.74%		.74%		.74%		.76%		.76%
Expenses net of fee waivers, if any		.73 % J		.74%		.74%		.74%		.76%		.76%
Expenses net of all reductions		.73% J		.74%		.74%		.74%		.75%		.75%
Net investment income (loss)		2.36% J		2.39%		1.70%		1.01%		1.73%		2.11%
Supplemental Data
Net assets, end of period (000 omitted)	$	13,199	$	12,625	$	12,149	$	15,071	$	14,062	$	12,933
Portfolio turnover rate K		20 % J		33%		53%		31%		83%		44%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

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

VIP Real Estate Portfolio Service Class 2

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	16.88	$	16.22	$	23.36	$	17.11	$	19.45	$	16.40
Income from Investment Operations
Net investment income (loss) A,B		.18		.35		.29		.17		.26		.37
Net realized and unrealized gain (loss)		(.64)		1.38		(6.63)		6.40		(1.51)		3.36
Total from investment operations		(.46)		1.73		(6.34)		6.57		(1.25)		3.73
Distributions from net investment income		(.05)		(.37)		(.21)		(.17) C		(.33)		(.30)
Distributions from net realized gain		-		(.70)		(.58)		(.15) C		(.76)		(.39)
Total distributions		(.05)		(1.07)		(.80) D		(.32)		(1.09)		(.68) D
Net asset value, end of period	$	16.37	$	16.88	$	16.22	$	23.36	$	17.11	$	19.45
Total Return E,F,G		(2.72) %		10.89%		(27.69)%		38.64%		(6.79)%		22.95%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.89% J		.89%		.89%		.89%		.91%		.91%
Expenses net of fee waivers, if any		.88 % J		.89%		.89%		.89%		.91%		.91%
Expenses net of all reductions		.88% J		.89%		.89%		.89%		.90%		.90%
Net investment income (loss)		2.21% J		2.24%		1.55%		.86%		1.58%		1.96%
Supplemental Data
Net assets, end of period (000 omitted)	$	132,506	$	146,734	$	97,994	$	158,332	$	105,694	$	124,526
Portfolio turnover rate K		20 % J		33%		53%		31%		83%		44%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

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

VIP Real Estate Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	17.13	$	16.43	$	23.66	$	17.32	$	19.67	$	16.58
Income from Investment Operations
Net investment income (loss) A,B		.20		.39		.33		.21		.30		.41
Net realized and unrealized gain (loss)		(.65)		1.40		(6.73)		6.49		(1.53)		3.40
Total from investment operations		(.45)		1.79		(6.40)		6.70		(1.23)		3.81
Distributions from net investment income		(.06)		(.39)		(.24)		(.21) C		(.36)		(.33)
Distributions from net realized gain		-		(.70)		(.59)		(.15) C		(.76)		(.39)
Total distributions		(.06)		(1.09)		(.83)		(.36)		(1.12)		(.72)
Net asset value, end of period	$	16.62	$	17.13	$	16.43	$	23.66	$	17.32	$	19.67
Total Return D,E,F		(2.65) %		11.12%		(27.58)%		38.92%		(6.61)%		23.15%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.71% I		.72%		.72%		.72%		.74%		.74%
Expenses net of fee waivers, if any		.71 % I		.71%		.72%		.71%		.74%		.73%
Expenses net of all reductions		.71% I		.71%		.72%		.71%		.73%		.73%
Net investment income (loss)		2.39% I		2.42%		1.72%		1.03%		1.75%		2.13%
Supplemental Data
Net assets, end of period (000 omitted)	$	138,956	$	152,390	$	155,995	$	245,326	$	150,117	$	192,874
Portfolio turnover rate J		20 % I		33%		53%		31%		83%		44%

ACalculated based on average shares outstanding during the period.

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

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

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

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

IAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

1. Organization.

VIP Real Estate Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

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

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

Gross unrealized appreciation	$75,208,911
Gross unrealized depreciation	(23,239,758)
Net unrealized appreciation (depreciation)	$51,969,153
Tax cost	$294,949,970

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

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Real Estate Portfolio	35,588,556	52,831,271

5. Fees and Other Transactions with Affiliates.

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

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

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .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	$6,091
Service Class 2	167,835
	$173,926

During the period January 1, 2024 through February 29, 2024, the transfer agent fees for each of class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	6,669	.0630
Service Class	1,274	.0630
Service Class 2	14,491	.0630
Investor Class	33,761	.1390
	56,195

During the period January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Real Estate Portfolio	.0353

	Amount ($)
VIP Real Estate Portfolio	834

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
VIP Real Estate Portfolio	2,854,994	3,418,540	(40,760)

6. Committed Line of Credit.

	Amount ($)
VIP Real Estate Portfolio	330

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Real Estate Portfolio	442	-	-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $16,257.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Real Estate Portfolio
Distributions to shareholders
Initial Class	$218,171	$4,249,940
Service Class	39,824	835,505
Service Class 2	427,181	7,307,505
Investor Class	487,209	10,062,550
Total	$1,172,385	$22,455,500

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Real Estate Portfolio
Initial Class
Shares sold	163,653	420,196	$2,650,763	$6,729,502
Reinvestment of distributions	13,143	251,029	218,171	4,249,940
Shares redeemed	(420,730)	(812,224)	(7,008,719)	(13,305,910)
Net increase (decrease)	(243,934)	(140,999)	$(4,139,785)	$(2,326,468)
Service Class
Shares sold	170,925	190,511	$2,733,997	$3,038,056
Reinvestment of distributions	2,412	49,656	39,824	835,505
Shares redeemed	(116,140)	(242,581)	(1,912,120)	(3,902,446)
Net increase (decrease)	57,197	(2,414)	$861,701	$(28,885)
Service Class 2
Shares sold	471,137	3,603,805	$7,636,980	$56,416,922
Reinvestment of distributions	26,288	443,372	427,181	7,307,505
Shares redeemed	(1,093,726)	(1,398,475)	(17,800,266)	(22,062,376)
Net increase (decrease)	(596,301)	2,648,702	$(9,736,105)	$41,662,051
Investor Class
Shares sold	178,607	457,345	$2,906,427	$7,535,478
Reinvestment of distributions	29,564	597,354	487,209	10,062,550
Shares redeemed	(742,750)	(1,653,432)	(12,204,881)	(26,372,227)
Net increase (decrease)	(534,579)	(598,733)	$(8,811,245)	$(8,774,199)

11. Other.

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

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

12. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Real Estate Portfolio

Board Approval of Investment Advisory Contracts and Management Fees

VIP Real Estate Portfolio

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

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

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

1.787989.121

VIPRE-SANN-0824

Fidelity® Variable Insurance Products:

VIP Energy Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Energy Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Energy Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
Energy Equipment & Services - 16.5%
Oil & Gas Drilling - 4.1%
Noble Corp. PLC	66,200	2,955,830
Odfjell Drilling Ltd.	270,200	1,470,321
Patterson-UTI Energy, Inc.	261,569	2,709,855
Shelf Drilling Ltd. (a)(b)(c)	240,173	511,523
Valaris Ltd. (a)	193,000	14,378,500
		22,026,029
Oil & Gas Equipment & Services - 12.4%
Halliburton Co.	400,220	13,519,432
Liberty Energy, Inc. Class A	153,800	3,212,882
Oceaneering International, Inc. (a)(b)	145,700	3,447,262
Schlumberger Ltd.	595,249	28,083,848
TechnipFMC PLC	602,726	15,761,285
Tidewater, Inc. (a)	14,900	1,418,629
Vallourec SA (a)	45,700	716,762
		66,160,100
TOTAL ENERGY EQUIPMENT & SERVICES		88,186,129
Independent Power and Renewable Electricity Producers - 0.9%
Independent Power Producers & Energy Traders - 0.9%
Vistra Corp.	60,829	5,230,077
Machinery - 0.9%
Industrial Machinery & Supplies & Components - 0.9%
Chart Industries, Inc. (a)	33,700	4,864,258
Oil, Gas & Consumable Fuels - 81.1%
Integrated Oil & Gas - 42.3%
Cenovus Energy, Inc. (Canada)	1,641,500	32,264,855
Chevron Corp.	167,769	26,242,427
Exxon Mobil Corp.	1,151,025	132,505,996
Imperial Oil Ltd.	93,700	6,388,901
Occidental Petroleum Corp.	337,770	21,289,643
Occidental Petroleum Corp. warrants 8/3/27 (a)	11,000	452,760
Suncor Energy, Inc.	184,020	7,014,834
		226,159,416
Oil & Gas Exploration & Production - 22.8%
Antero Resources Corp. (a)	240,060	7,833,158
Canadian Natural Resources Ltd.	702,560	25,025,218
Chord Energy Corp.	19,515	3,272,275
ConocoPhillips Co.	145,309	16,620,443
Devon Energy Corp.	25,940	1,229,556
Diamondback Energy, Inc.	86,300	17,276,397
EOG Resources, Inc.	24,902	3,134,415
Hess Corp.	122,100	18,012,192
National Energy Services Reunited Corp. (a)	922,055	8,759,523
Northern Oil & Gas, Inc.	31,350	1,165,280
Ovintiv, Inc.	242,060	11,345,352
Range Resources Corp.	193,460	6,486,714
SM Energy Co.	42,770	1,848,947
		122,009,470
Oil & Gas Refining & Marketing - 9.7%
Marathon Petroleum Corp.	146,876	25,480,048
Phillips 66 Co.	40,932	5,778,370
Valero Energy Corp.	132,420	20,758,159
		52,016,577
Oil & Gas Storage & Transportation - 6.3%
Cheniere Energy, Inc.	115,590	20,208,600
Energy Transfer LP	783,630	12,710,479
Golar LNG Ltd.	26,730	837,986
		33,757,065
TOTAL OIL, GAS & CONSUMABLE FUELS		433,942,528
TOTAL COMMON STOCKS (Cost $292,355,456)		532,222,992

Money Market Funds - 0.7%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (d)	2,691,798	2,692,336
Fidelity Securities Lending Cash Central Fund 5.38% (d)(e)	951,556	951,651
TOTAL MONEY MARKET FUNDS (Cost $3,643,987)		3,643,987

TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $295,999,443)	535,866,979
NET OTHER ASSETS (LIABILITIES) - (0.1)%	(670,727)
NET ASSETS - 100.0%	535,196,252

Legend

(a)	Non-income producing

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

(c)	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 $511,523 or 0.1% of net assets.

(d)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	556,366	38,045,584	35,909,260	24,548	(354)	-	2,692,336	0.0%
Fidelity Securities Lending Cash Central Fund 5.38%	5,445,626	114,214,218	118,708,193	10,732	-	-	951,651	0.0%
Total	6,001,992	152,259,802	154,617,453	35,280	(354)	-	3,643,987

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

Investment Valuation

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

Common Stocks	532,222,992	532,222,992	-	-

Money Market Funds	3,643,987	3,643,987	-	-
Total Investments in Securities:	535,866,979	535,866,979	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $950,941) - See accompanying schedule:
Unaffiliated issuers (cost $292,355,456)	$	532,222,992
Fidelity Central Funds (cost $3,643,987)		3,643,987


Total Investment in Securities (cost $295,999,443)			$	535,866,979
Foreign currency held at value (cost $26,390)				26,390
Receivable for fund shares sold				56,715
Dividends receivable				744,080
Distributions receivable from Fidelity Central Funds				5,052
Prepaid expenses				222
Other receivables				8,462
Total assets				536,707,900
Liabilities
Payable for fund shares redeemed	$	211,924
Accrued management fee		271,466
Distribution and service plan fees payable		46,987
Other payables and accrued expenses		31,496
Collateral on securities loaned		949,775
Total liabilities				1,511,648
Net Assets			$	535,196,252
Net Assets consist of:
Paid in capital			$	336,348,655
Total accumulated earnings (loss)				198,847,597
Net Assets			$	535,196,252

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($50,377,379 ÷ 1,827,617 shares)			$	27.56
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($231,004,286 ÷ 8,435,493 shares)			$	27.38
Investor Class :
Net Asset Value, offering price and redemption price per share ($253,814,587 ÷ 9,232,807 shares)			$	27.49

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	6,912,850
Income from Fidelity Central Funds (including $10,732 from security lending)				35,280
Total income				6,948,130
Expenses
Management fee	$	1,575,141
Transfer agent fees		84,410
Distribution and service plan fees		282,674
Accounting fees		28,918
Custodian fees and expenses		24,638
Independent trustees' fees and expenses		1,163
Audit		20,996
Legal		1,664
Miscellaneous		8,189
Total expenses before reductions		2,027,793
Expense reductions		(23,213)
Total expenses after reductions				2,004,580
Net Investment income (loss)				4,943,550
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		19,206,560
Fidelity Central Funds		(354)
Foreign currency transactions		3,427
Total net realized gain (loss)				19,209,633
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		33,941,641
Assets and liabilities in foreign currencies		(8,305)
Total change in net unrealized appreciation (depreciation)				33,933,336
Net gain (loss)				53,142,969
Net increase (decrease) in net assets resulting from operations			$	58,086,519

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,943,550	$	12,392,507
Net realized gain (loss)		19,209,633		46,796,237
Change in net unrealized appreciation (depreciation)		33,933,336		(72,571,176)
Net increase (decrease) in net assets resulting from operations		58,086,519		(13,382,432)
Distributions to shareholders		(3,047,015)		(15,602,724)

Share transactions - net increase (decrease)		(44,448,318)		(224,272,519)
Total increase (decrease) in net assets		10,591,186		(253,257,675)

Net Assets
Beginning of period		524,605,066		777,862,741
End of period	$	535,196,252	$	524,605,066

Financial Highlights

VIP Energy Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	24.73	$	25.16	$	15.77	$	10.41	$	15.91	$	14.78
Income from Investment Operations
Net investment income (loss) A,B		.27		.52		.69		.48 C		.41		.29
Net realized and unrealized gain (loss)		2.72		(.27)		9.26		5.24		(5.62)		1.18
Total from investment operations		2.99		.25		9.95		5.72		(5.21)		1.47
Distributions from net investment income		(.16)		(.68)		(.56)		(.36)		(.29)		(.33)
Distributions from net realized gain		-		-		-		-		-		(.01)
Total distributions		(.16)		(.68)		(.56)		(.36)		(.29)		(.34)
Net asset value, end of period	$	27.56	$	24.73	$	25.16	$	15.77	$	10.41	$	15.91
Total Return D,E,F		12.16 %		.98%		63.18%		55.35%		(32.76)%		10.08%
Ratios to Average Net Assets A,G,H
Expenses before reductions		.61% I		.65%		.64%		.65%		.69%		.67%
Expenses net of fee waivers, if any		.60 % I		.64%		.64%		.65%		.69%		.67%
Expenses net of all reductions		.60% I		.64%		.64%		.65%		.68%		.66%
Net investment income (loss)		1.98% I		2.09%		3.02%		3.35% C		3.98%		1.83%
Supplemental Data
Net assets, end of period (000 omitted)	$	50,377	$	50,598	$	101,150	$	30,777	$	16,336	$	27,957
Portfolio turnover rate J		18 % I		24%		50%		65%		71%		58%

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

BCalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.97%.

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

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

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

IAnnualized.

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

VIP Energy Portfolio Service Class 2

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	24.59	$	25.03	$	15.69	$	10.37	$	15.84	$	14.71
Income from Investment Operations
Net investment income (loss) A,B		.23		.46		.62		.44 C		.37		.25
Net realized and unrealized gain (loss)		2.71		(.29)		9.23		5.21		(5.58)		1.18
Total from investment operations		2.94		.17		9.85		5.65		(5.21)		1.43
Distributions from net investment income		(.15)		(.61)		(.51)		(.33)		(.26)		(.29)
Distributions from net realized gain		-		-		-		-		-		(.01)
Total distributions		(.15)		(.61)		(.51)		(.33)		(.26)		(.30)
Net asset value, end of period	$	27.38	$	24.59	$	25.03	$	15.69	$	10.37	$	15.84
Total Return D,E,F		12.02 %		.70%		62.87%		54.83%		(32.88)%		9.82%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.86% I		.90%		.89%		.90%		.94%		.92%
Expenses net of fee waivers, if any		.85 % I		.89%		.88%		.90%		.94%		.92%
Expenses net of all reductions		.85% I		.89%		.88%		.90%		.93%		.91%
Net investment income (loss)		1.73% I		1.84%		2.77%		3.10% C		3.73%		1.58%
Supplemental Data
Net assets, end of period (000 omitted)	$	231,004	$	214,391	$	259,298	$	120,827	$	64,986	$	90,208
Portfolio turnover rate J		18 % I		24%		50%		65%		71%		58%

ACalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

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

VIP Energy Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	24.67	$	25.10	$	15.73	$	10.39	$	15.88	$	14.75
Income from Investment Operations
Net investment income (loss) A,B		.25		.50		.67		.47 C		.39		.28
Net realized and unrealized gain (loss)		2.72		(.27)		9.25		5.22		(5.60)		1.18
Total from investment operations		2.97		.23		9.92		5.69		(5.21)		1.46
Distributions from net investment income		(.15)		(.66)		(.55)		(.35)		(.28)		(.32)
Distributions from net realized gain		-		-		-		-		-		(.01)
Total distributions		(.15)		(.66)		(.55)		(.35)		(.28)		(.33)
Net asset value, end of period	$	27.49	$	24.67	$	25.10	$	15.73	$	10.39	$	15.88
Total Return D,E,F		12.13 %		.91%		63.13%		55.16%		(32.80)%		9.98%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.69% I		.72%		.71%		.72%		.76%		.75%
Expenses net of fee waivers, if any		.68 % I		.72%		.71%		.72%		.76%		.75%
Expenses net of all reductions		.68% I		.72%		.71%		.72%		.75%		.74%
Net investment income (loss)		1.91% I		2.01%		2.94%		3.28% C		3.90%		1.75%
Supplemental Data
Net assets, end of period (000 omitted)	$	253,815	$	259,615	$	417,415	$	162,978	$	70,268	$	78,339
Portfolio turnover rate J		18 % I		24%		50%		65%		71%		58%

ACalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

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.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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	$239,645,414
Gross unrealized depreciation	(2,222,317)
Net unrealized appreciation (depreciation)	$237,423,097
Tax cost	$298,443,882

Short-term	$(61,436,271)
Long-term	(-)
Total capital loss carryforward	$(61,436,271)

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Energy Portfolio	49,238,852	94,049,862

5. Fees and Other Transactions with Affiliates.

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

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

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 $282,674.

During the period January 1, 2024 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	5,071	.0630
Service Class 2	22,099	.0630
Investor Class	57,240	.1390
	84,410

During the period January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Energy Portfolio	.0343

	Amount ($)
VIP Energy Portfolio	1,688

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
VIP Energy Portfolio	1,748,482	3,213,416	625,717

6. Committed Line of Credit.

	Amount ($)
VIP Energy Portfolio	510

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Energy Portfolio	1,149	-	-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $23,213.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Energy Portfolio
Distributions to shareholders
Initial Class	$298,159	$1,754,288
Service Class 2	1,250,807	5,650,488
Investor Class	1,498,049	8,197,948
Total	$3,047,015	$15,602,724

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Energy Portfolio
Initial Class
Shares sold	145,070	944,833	$4,115,265	$24,775,086
Reinvestment of distributions	12,295	70,770	298,159	1,754,288
Shares redeemed	(376,046)	(2,989,083)	(9,750,194)	(72,497,431)
Net increase (decrease)	(218,681)	(1,973,480)	$(5,336,770)	$(45,968,057)
Service Class 2
Shares sold	1,192,645	2,558,652	$31,640,001	$64,485,576
Reinvestment of distributions	51,858	229,217	1,250,807	5,650,488
Shares redeemed	(1,527,862)	(4,429,982)	(39,883,557)	(107,489,362)
Net increase (decrease)	(283,359)	(1,642,113)	$(6,992,749)	$(37,353,298)
Investor Class
Shares sold	687,198	1,726,184	$19,317,791	$44,924,306
Reinvestment of distributions	61,903	331,500	1,498,049	8,197,948
Shares redeemed	(2,040,465)	(8,160,589)	(52,934,639)	(194,073,418)
Net increase (decrease)	(1,291,364)	(6,102,905)	$(32,118,799)	$(140,951,164)

11. Other.

Fund	Affiliated %	Number of Unaffiliated Shareholders	Unaffiliated Shareholders %
VIP Energy Portfolio	56%	1	25%

12. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Energy Portfolio

Board Approval of Investment Advisory Contracts and Management Fees

VIP Energy Portfolio

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

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

1.817382.119

VNRIC-SANN-0824

Fidelity® Variable Insurance Products:

VIP Utilities Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Utilities Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Utilities Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value ($)
Electric Utilities - 67.0%
Electric Utilities - 67.0%
American Electric Power Co., Inc.	115,700	10,151,518
Constellation Energy Corp.	83,276	16,677,685
Edison International	168,658	12,111,331
Entergy Corp.	94,426	10,103,582
Eversource Energy	166,600	9,447,886
Exelon Corp.	49,920	1,727,731
FirstEnergy Corp.	240,400	9,200,108
NextEra Energy, Inc.	484,161	34,283,441
NRG Energy, Inc.	82,437	6,418,545
PG&E Corp.	767,438	13,399,467
Pinnacle West Capital Corp.	25,804	1,970,910
PPL Corp.	287,299	7,943,817
Southern Co.	116,362	9,026,200
Xcel Energy, Inc.	96,200	5,138,042
		147,600,263
Electrical Equipment - 0.2%
Electrical Components & Equipment - 0.2%
Eaton Corp. PLC	1,100	344,905
Gas Utilities - 2.3%
Gas Utilities - 2.3%
Southwest Gas Holdings, Inc.	32,322	2,274,822
UGI Corp.	120,200	2,752,580
		5,027,402
Independent Power and Renewable Electricity Producers - 9.9%
Independent Power Producers & Energy Traders - 7.3%
The AES Corp.	308,700	5,423,859
Vistra Corp.	124,950	10,743,201
		16,167,060
Renewable Electricity - 2.6%
NextEra Energy Partners LP	204,983	5,665,730
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS		21,832,790
Multi-Utilities - 19.1%
Multi-Utilities - 19.1%
Ameren Corp.	20,200	1,436,422
Consolidated Edison, Inc.	24,600	2,199,732
Dominion Energy, Inc.	84,500	4,140,500
NiSource, Inc.	244,038	7,030,735
Public Service Enterprise Group, Inc.	143,506	10,576,392
Sempra	219,230	16,674,634
		42,058,415
Oil, Gas & Consumable Fuels - 0.7%
Coal & Consumable Fuels - 0.7%
Cameco Corp. (a)	20,600	1,013,520
Paladin Energy Ltd. (Australia) (b)	69,435	578,075
		1,591,595
TOTAL COMMON STOCKS (Cost $165,018,958)		218,455,370

Money Market Funds - 1.1%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (c)	1,564,176	1,564,489
Fidelity Securities Lending Cash Central Fund 5.38% (c)(d)	885,012	885,100
TOTAL MONEY MARKET FUNDS (Cost $2,449,589)		2,449,589

TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $167,468,547)	220,904,959
NET OTHER ASSETS (LIABILITIES) - (0.3)%	(688,715)
NET ASSETS - 100.0%	220,216,244

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	654,656	27,149,622	26,239,713	63,324	(76)	-	1,564,489	0.0%
Fidelity Securities Lending Cash Central Fund 5.38%	1,783,550	14,736,655	15,635,105	626	-	-	885,100	0.0%
Total	2,438,206	41,886,277	41,874,818	63,950	(76)	-	2,449,589

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

Investment Valuation

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

Common Stocks	218,455,370	218,455,370	-	-

Money Market Funds	2,449,589	2,449,589	-	-
Total Investments in Securities:	220,904,959	220,904,959	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $821,640) - See accompanying schedule:
Unaffiliated issuers (cost $165,018,958)	$	218,455,370
Fidelity Central Funds (cost $2,449,589)		2,449,589


Total Investment in Securities (cost $167,468,547)			$	220,904,959
Cash				1
Receivable for fund shares sold				19,790
Dividends receivable				315,612
Distributions receivable from Fidelity Central Funds				15,376
Prepaid expenses				98
Total assets				221,255,836
Liabilities
Payable for fund shares redeemed	$	3,809
Accrued management fee		122,053
Other payables and accrued expenses		28,630
Collateral on securities loaned		885,100
Total liabilities				1,039,592
Net Assets			$	220,216,244
Net Assets consist of:
Paid in capital			$	161,780,939
Total accumulated earnings (loss)				58,435,305
Net Assets			$	220,216,244

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($35,790,735 ÷ 1,671,412 shares)			$	21.41
Investor Class :
Net Asset Value, offering price and redemption price per share ($184,425,509 ÷ 8,687,263 shares)			$	21.23

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	3,328,326
Income from Fidelity Central Funds (including $626 from security lending)				63,950
Total income				3,392,276
Expenses
Management fee	$	627,754
Transfer agent fees		41,085
Accounting fees		11,462
Custodian fees and expenses		9,094
Independent trustees' fees and expenses		440
Audit		20,372
Legal		138
Miscellaneous		6,548
Total expenses before reductions		716,893
Expense reductions		(8,979)
Total expenses after reductions				707,914
Net Investment income (loss)				2,684,362
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		3,551,841
Fidelity Central Funds		(76)
Foreign currency transactions		385
Total net realized gain (loss)				3,552,150
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		15,300,123
Assets and liabilities in foreign currencies		(93)
Total change in net unrealized appreciation (depreciation)				15,300,030
Net gain (loss)				18,852,180
Net increase (decrease) in net assets resulting from operations			$	21,536,542

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,684,362	$	4,900,769
Net realized gain (loss)		3,552,150		9,052,304
Change in net unrealized appreciation (depreciation)		15,300,030		(19,619,540)
Net increase (decrease) in net assets resulting from operations		21,536,542		(5,666,467)
Distributions to shareholders		(9,843,169)		(11,906,248)

Share transactions - net increase (decrease)		1,671,821		(59,879,890)
Total increase (decrease) in net assets		13,365,194		(77,452,605)

Net Assets
Beginning of period		206,851,050		284,303,655
End of period	$	220,216,244	$	206,851,050

Financial Highlights

VIP Utilities Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	20.23	$	21.53	$	20.80	$	18.05	$	18.79	$	16.81
Income from Investment Operations
Net investment income (loss) A,B		.27		.44		.38		.40		.34		.43
Net realized and unrealized gain (loss)		1.92		(.71)		.75		2.71		(.35)		3.22
Total from investment operations		2.19		(.27)		1.13		3.11		(.01)		3.65
Distributions from net investment income		(.11)		(.46)		(.34)		(.36)		(.45)		(.39)
Distributions from net realized gain		(.91)		(.58)		(.06)		-		(.28)		(1.28)
Total distributions		(1.01) C		(1.03) C		(.40)		(.36)		(.73)		(1.67)
Net asset value, end of period	$	21.41	$	20.23	$	21.53	$	20.80	$	18.05	$	18.79
Total Return D,E,F		11.60 %		(1.08)%		5.47%		17.43%		(.12)%		23.18%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.63% I		.65%		.64%		.65%		.67%		.66%
Expenses net of fee waivers, if any		.62 % I		.64%		.64%		.65%		.67%		.66%
Expenses net of all reductions		.62% I		.64%		.64%		.65%		.66%		.66%
Net investment income (loss)		2.66% I		2.18%		1.81%		2.09%		1.96%		2.46%
Supplemental Data
Net assets, end of period (000 omitted)	$	35,791	$	33,579	$	48,029	$	29,279	$	26,868	$	40,839
Portfolio turnover rate J		78 % I		71%		53%		32%		66%		66%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

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

VIP Utilities Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	20.07	$	21.36	$	20.64	$	17.92	$	18.66	$	16.70
Income from Investment Operations
Net investment income (loss) A,B		.26		.42		.36		.38		.32		.42
Net realized and unrealized gain (loss)		1.91		(.69)		.74		2.69		(.35)		3.19
Total from investment operations		2.17		(.27)		1.10		3.07		(.03)		3.61
Distributions from net investment income		(.10)		(.44)		(.32)		(.35)		(.44)		(.38)
Distributions from net realized gain		(.91)		(.58)		(.06)		-		(.28)		(1.28)
Total distributions		(1.01)		(1.02)		(.38)		(.35)		(.71) C		(1.65) C
Net asset value, end of period	$	21.23	$	20.07	$	21.36	$	20.64	$	17.92	$	18.66
Total Return D,E,F		11.57 %		(1.12)%		5.39%		17.30%		(.20)%		23.14%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.71% I		.73%		.72%		.73%		.75%		.74%
Expenses net of fee waivers, if any		.70 % I		.72%		.72%		.73%		.75%		.74%
Expenses net of all reductions		.70% I		.72%		.72%		.73%		.74%		.74%
Net investment income (loss)		2.58% I		2.11%		1.74%		2.01%		1.89%		2.38%
Supplemental Data
Net assets, end of period (000 omitted)	$	184,426	$	173,272	$	236,275	$	168,490	$	151,484	$	215,259
Portfolio turnover rate J		78 % I		71%		53%		32%		66%		66%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

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.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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	$56,544,300
Gross unrealized depreciation	(3,902,829)
Net unrealized appreciation (depreciation)	$52,641,471
Tax cost	$168,263,488

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Utilities Portfolio	80,390,720	82,203,655

5. Fees and Other Transactions with Affiliates.

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

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

During the period January 1, 2024 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	3,356	.0630
Investor Class	37,729	.1390
	41,085

During the period January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Utilities Portfolio	.0353

	Amount ($)
VIP Utilities Portfolio	1,027

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
VIP Utilities Portfolio	854,060	3,799,903	172,193

6. Committed Line of Credit.

	Amount ($)
VIP Utilities Portfolio	187

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Utilities Portfolio	62	-	-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8,979.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Utilities Portfolio
Distributions to shareholders
Initial Class	1,627,888	1,913,813
Investor Class	8,215,281	9,992,435
Total	$9,843,169	$11,906,248

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Utilities Portfolio
Initial Class
Shares sold	136,476	295,339	$2,816,204	$5,956,497
Reinvestment of distributions	87,427	96,430	1,627,888	1,913,812
Shares redeemed	(212,099)	(963,459)	(4,313,882)	(19,590,574)
Net increase (decrease)	11,804	(571,690)	$130,210	$(11,720,265)
Investor Class
Shares sold	642,776	948,915	$13,748,942	$19,180,380
Reinvestment of distributions	445,031	507,325	8,215,281	9,992,435
Shares redeemed	(1,032,803)	(3,884,303)	(20,422,612)	(77,332,440)
Net increase (decrease)	55,004	(2,428,063)	$1,541,611	$(48,159,625)

11. Other.

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

Fund	Affiliated %
VIP Utilities Portfolio	96%

12. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Utilities Portfolio

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

Board Approval of Investment Advisory Contracts and Management Fees

VIP Utilities Portfolio

At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

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

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

1.817394.119

VTELIC-SANN-0824

Fidelity® Variable Insurance Products:

VIP Consumer Discretionary Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Consumer Discretionary Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Consumer Discretionary Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares	Value ($)
Automobile Components - 3.1%
Automotive Parts & Equipment - 3.1%
Adient PLC (a)	39,000	963,690
Aptiv PLC (a)	67,550	4,756,871
Magna International, Inc.	28,890	1,210,491
		6,931,052
Automobiles - 11.2%
Automobile Manufacturers - 11.2%
General Motors Co.	94,180	4,375,603
Tesla, Inc. (a)	106,224	21,019,605
		25,395,208
Broadline Retail - 26.8%
Broadline Retail - 26.8%
Amazon.com, Inc. (a)	289,477	55,941,431
Etsy, Inc. (a)	16,000	943,680
MercadoLibre, Inc. (a)	1,235	2,029,599
Ollie's Bargain Outlet Holdings, Inc. (a)	17,960	1,763,133
		60,677,843
Building Products - 0.6%
Building Products - 0.6%
The AZEK Co., Inc. Class A, (a)	32,608	1,373,775
Commercial Services & Supplies - 0.2%
Diversified Support Services - 0.2%
Vestis Corp.	35,522	434,434
Consumer Staples Distribution & Retail - 1.1%
Consumer Staples Merchandise Retail - 0.6%
Dollar Tree, Inc. (a)	12,779	1,364,414
Food Distributors - 0.5%
Performance Food Group Co. (a)	16,741	1,106,748
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL		2,471,162
Food Products - 0.6%
Packaged Foods & Meats - 0.6%
Lamb Weston Holdings, Inc.	16,100	1,353,688
Hotels, Restaurants & Leisure - 20.1%
Casinos & Gaming - 2.9%
Caesars Entertainment, Inc. (a)(b)	36,179	1,437,753
Churchill Downs, Inc.	13,648	1,905,261
Penn Entertainment, Inc. (a)	37,062	717,335
Red Rock Resorts, Inc.	42,600	2,340,018
		6,400,367
Hotels, Resorts & Cruise Lines - 8.2%
Booking Holdings, Inc.	1,330	5,268,795
Hilton Worldwide Holdings, Inc.	33,650	7,342,430
Marriott International, Inc. Class A	15,214	3,678,289
Royal Caribbean Cruises Ltd. (a)	14,260	2,273,472
		18,562,986
Restaurants - 9.0%
Aramark	34,485	1,173,180
Brinker International, Inc. (a)	11,265	815,473
Chipotle Mexican Grill, Inc. (a)	66,600	4,172,490
Domino's Pizza, Inc.	8,001	4,131,156
McDonald's Corp.	23,328	5,944,908
Restaurant Brands International, Inc.	28,200	1,987,120
Starbucks Corp.	27,420	2,134,647
		20,358,974
TOTAL HOTELS, RESTAURANTS & LEISURE		45,322,327
Household Durables - 4.8%
Home Furnishings - 1.8%
Tempur Sealy International, Inc.	85,423	4,043,925
Homebuilding - 3.0%
KB Home	25,290	1,774,852
PulteGroup, Inc.	21,730	2,392,473
TopBuild Corp. (a)	7,100	2,735,417
		6,902,742
TOTAL HOUSEHOLD DURABLES		10,946,667
Specialty Retail - 22.8%
Apparel Retail - 5.4%
Aritzia, Inc. (a)	78,600	2,224,620
Burlington Stores, Inc. (a)	5,749	1,379,760
TJX Companies, Inc.	77,578	8,541,338
		12,145,718
Automotive Retail - 1.1%
Advance Auto Parts, Inc.	9,700	614,301
O'Reilly Automotive, Inc. (a)	1,865	1,969,552
		2,583,853
Home Improvement Retail - 10.3%
Floor & Decor Holdings, Inc. Class A (a)(b)	25,861	2,570,842
Lowe's Companies, Inc.	45,788	10,094,422
The Home Depot, Inc.	31,151	10,723,420
		23,388,684
Homefurnishing Retail - 1.6%
Wayfair LLC Class A (a)	9,166	483,323
Williams-Sonoma, Inc.	11,000	3,106,070
		3,589,393
Other Specialty Retail - 4.4%
Academy Sports & Outdoors, Inc.	47,190	2,512,868
Dick's Sporting Goods, Inc.	23,238	4,992,684
Five Below, Inc. (a)	10,300	1,122,391
JD Sports Fashion PLC	423,700	640,041
Sally Beauty Holdings, Inc. (a)	59,373	637,072
		9,905,056
TOTAL SPECIALTY RETAIL		51,612,704
Textiles, Apparel & Luxury Goods - 8.4%
Apparel, Accessories & Luxury Goods - 4.3%
lululemon athletica, Inc. (a)	9,051	2,703,534
LVMH Moet Hennessy Louis Vuitton SE	1,129	866,836
PVH Corp.	21,535	2,279,910
Tapestry, Inc.	66,239	2,834,367
VF Corp. (b)	75,630	1,021,005
		9,705,652
Footwear - 4.1%
Deckers Outdoor Corp. (a)	3,329	3,222,306
NIKE, Inc. Class B	62,786	4,732,181
On Holding AG (a)	15,034	583,319
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	10,070	696,038
		9,233,844
TOTAL TEXTILES, APPAREL & LUXURY GOODS		18,939,496
TOTAL COMMON STOCKS (Cost $115,912,258)		225,458,356

Money Market Funds - 2.7%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (c)	945,880	946,070
Fidelity Securities Lending Cash Central Fund 5.38% (c)(d)	5,161,623	5,162,139
TOTAL MONEY MARKET FUNDS (Cost $6,108,209)		6,108,209

TOTAL INVESTMENT IN SECURITIES - 102.4% (Cost $122,020,467)	231,566,565
NET OTHER ASSETS (LIABILITIES) - (2.4)%	(5,423,813)
NET ASSETS - 100.0%	226,142,752

Legend

(a)	Non-income producing

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

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	902,099	15,900,510	15,856,603	10,572	64	-	946,070	0.0%
Fidelity Securities Lending Cash Central Fund 5.38%	6,032,714	50,457,220	51,327,795	2,567	-	-	5,162,139	0.0%
Total	6,934,813	66,357,730	67,184,398	13,139	64	-	6,108,209

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

Investment Valuation

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

Common Stocks	225,458,356	224,591,520	866,836	-

Money Market Funds	6,108,209	6,108,209	-	-
Total Investments in Securities:	231,566,565	230,699,729	866,836	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $5,010,051) - See accompanying schedule:
Unaffiliated issuers (cost $115,912,258)	$	225,458,356
Fidelity Central Funds (cost $6,108,209)		6,108,209


Total Investment in Securities (cost $122,020,467)			$	231,566,565
Receivable for investments sold				473,137
Receivable for fund shares sold				2
Dividends receivable				56,365
Distributions receivable from Fidelity Central Funds				2,685
Prepaid expenses				144
Other receivables				1,884
Total assets				232,100,782
Liabilities
Payable to custodian bank	$	2,130
Payable for fund shares redeemed		640,954
Accrued management fee		123,790
Distribution and service plan fees payable		153
Other payables and accrued expenses		29,028
Collateral on securities loaned		5,161,975
Total liabilities				5,958,030
Net Assets			$	226,142,752
Net Assets consist of:
Paid in capital			$	98,500,992
Total accumulated earnings (loss)				127,641,760
Net Assets			$	226,142,752

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($20,056,212 ÷ 572,526 shares)			$	35.03
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($743,306 ÷ 21,261 shares)			$	34.96
Investor Class :
Net Asset Value, offering price and redemption price per share ($205,343,234 ÷ 5,894,998 shares)			$	34.83

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	926,264
Income from Fidelity Central Funds (including $2,567 from security lending)				13,139
Total income				939,403
Expenses
Management fee	$	720,831
Transfer agent fees		53,451
Distribution and service plan fees		596
Accounting fees		14,276
Custodian fees and expenses		10,102
Independent trustees' fees and expenses		523
Audit		28,435
Legal		165
Interest		3,181
Miscellaneous		4,990
Total expenses before reductions		836,550
Expense reductions		(11,009)
Total expenses after reductions				825,541
Net Investment income (loss)				113,862
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		18,543,379
Fidelity Central Funds		64
Foreign currency transactions		(52)
Total net realized gain (loss)				18,543,391
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(7,376,019)
Assets and liabilities in foreign currencies		(124)
Total change in net unrealized appreciation (depreciation)				(7,376,143)
Net gain (loss)				11,167,248
Net increase (decrease) in net assets resulting from operations			$	11,281,110

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	113,862	$	144,641
Net realized gain (loss)		18,543,391		5,620,576
Change in net unrealized appreciation (depreciation)		(7,376,143)		66,700,918
Net increase (decrease) in net assets resulting from operations		11,281,110		72,466,135
Distributions to shareholders		(380,062)		(43,907)

Share transactions - net increase (decrease)		(39,379,737)		7,432,768
Total increase (decrease) in net assets		(28,478,689)		79,854,996

Net Assets
Beginning of period		254,621,441		174,766,445
End of period	$	226,142,752	$	254,621,441

Financial Highlights

VIP Consumer Discretionary Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	33.40	$	23.54	$	39.33	$	34.37	$	25.27	$	20.97
Income from Investment Operations
Net investment income (loss) A,B		.03		.04		.01		(.04)		.02		.08
Net realized and unrealized gain (loss)		1.66		9.84		(12.80)		6.56		9.11		5.42
Total from investment operations		1.69		9.88		(12.79)		6.52		9.13		5.50
Distributions from net investment income		(.02)		(.02)		-		-		(.03)		(.08)
Distributions from net realized gain		(.04)		-		(3.00)		(1.56)		-		(1.12)
Total distributions		(.06)		(.02)		(3.00)		(1.56)		(.03)		(1.20)
Net asset value, end of period	$	35.03	$	33.40	$	23.54	$	39.33	$	34.37	$	25.27
Total Return C,D,E		5.05 %		41.99%		(34.63)%		19.41%		36.15%		27.19%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.63% H		.65%		.66%		.65%		.67%		.68%
Expenses net of fee waivers, if any		.62 % H		.65%		.66%		.65%		.67%		.68%
Expenses net of all reductions		.62% H		.65%		.66%		.65%		.67%		.67%
Net investment income (loss)		.17% H		.13%		.04%		(.11)%		.07%		.32%
Supplemental Data
Net assets, end of period (000 omitted)	$	20,056	$	22,709	$	16,567	$	32,788	$	28,273	$	25,623
Portfolio turnover rate I		22 % H		35%		34%		39%		52%		40%

ACalculated based on average shares outstanding during the period.

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

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

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

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

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

HAnnualized.

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

VIP Consumer Discretionary Portfolio Service Class 2

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	33.37	$	30.31
Income from Investment Operations
Net investment income (loss) B,C		(.01)		(.01)
Net realized and unrealized gain (loss)		1.65		3.09
Total from investment operations		1.64		3.08
Distributions from net investment income		(.01)		(.02)
Distributions from net realized gain		(.04)		-
Total distributions		(.05)		(.02)
Net asset value, end of period	$	34.96	$	33.37
Total Return D,E,F		4.92 %		10.18%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.88% I		.91% I
Expenses net of fee waivers, if any		.87 % I		.90% I
Expenses net of all reductions		.87% I		.90% I
Net investment income (loss)		(.08)% I		(.09)% I
Supplemental Data
Net assets, end of period (000 omitted)	$	743	$	266
Portfolio turnover rate J		22 % I		35%

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

BCalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

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

VIP Consumer Discretionary Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	33.22	$	23.41	$	39.17	$	34.24	$	25.20	$	20.91
Income from Investment Operations
Net investment income (loss) A,B		.02		.02		(.01)		(.07)		-		.06
Net realized and unrealized gain (loss)		1.64		9.79		(12.75)		6.54		9.06		5.41
Total from investment operations		1.66		9.81		(12.76)		6.47		9.06		5.47
Distributions from net investment income		(.01)		- C		-		-		(.02)		(.06)
Distributions from net realized gain		(.04)		-		(3.00)		(1.54)		-		(1.12)
Total distributions		(.05)		- C		(3.00)		(1.54)		(.02)		(1.18)
Net asset value, end of period	$	34.83	$	33.22	$	23.41	$	39.17	$	34.24	$	25.20
Total Return D,E,F		5.01 %		41.92%		(34.70)%		19.32%		36.00%		27.12%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.71% I		.73%		.74%		.72%		.75%		.76%
Expenses net of fee waivers, if any		.70 % I		.72%		.73%		.72%		.75%		.76%
Expenses net of all reductions		.70% I		.72%		.73%		.72%		.74%		.75%
Net investment income (loss)		.09% I		.06%		(.03)%		(.18)%		(.01)%		.24%
Supplemental Data
Net assets, end of period (000 omitted)	$	205,343	$	231,646	$	158,200	$	295,060	$	236,803	$	176,535
Portfolio turnover rate J		22 % I		35%		34%		39%		52%		40%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

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

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

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

IAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

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, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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	$116,173,970
Gross unrealized depreciation	(6,959,701)
Net unrealized appreciation (depreciation)	$109,214,269
Tax cost	$122,352,296

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Consumer Discretionary Portfolio	26,634,556	66,278,472

5. Fees and Other Transactions with Affiliates.

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

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

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 $596.

During the period January 1, 2024 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	2,266	.0630
Service Class 2	25	.0630
Investor Class	51,160	.1390
	53,451

During the period January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Consumer Discretionary Portfolio	.0353

	Amount ($)
VIP Consumer Discretionary Portfolio	604

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

	Borrower or Lender	Average Loan Balance ($)	Weighted Average Interest Rate	Interest Expense ($)
VIP Consumer Discretionary Portfolio.	Borrower	2,917,857	5.57%	3,158

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
VIP Consumer Discretionary Portfolio	2,614,030	7,496,374	2,213,604

6. Committed Line of Credit.

	Amount ($)
VIP Consumer Discretionary Portfolio	224

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Consumer Discretionary Portfolio	271	-	-

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

	Average Loan Balance ($)	Weighted Average Interest Rate	Interest Expense ($)
VIP Consumer Discretionary Portfolio	139,000	5.83%	23

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,009.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023A
VIP Consumer Discretionary Portfolio
Distributions to shareholders
Initial Class	$35,432	$16,070
Service Class 2	368	125
Investor Class	344,262	27,712
Total	$380,062	$43,907

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

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023A	Six months ended June 30, 2024	Year ended December 31, 2023A
VIP Consumer Discretionary Portfolio
Initial Class
Shares sold	14,309	173,093	$492,430	$5,025,457
Reinvestment of distributions	1,037	519	35,432	16,070
Shares redeemed	(122,762)	(197,557)	(4,157,089)	(5,622,611)
Net increase (decrease)	(107,416)	(23,945)	$(3,629,227)	$(581,084)
Service Class 2
Shares sold	16,982	8,140	$585,249	$254,397
Reinvestment of distributions	6	2	206	49
Shares redeemed	(3,701)	(168)	(122,451)	(5,269)
Net increase (decrease)	13,287	7,974	$463,004	$249,177
Investor Class
Shares sold	83,582	1,561,080	$2,845,905	$45,112,100
Reinvestment of distributions	10,128	900	344,262	27,712
Shares redeemed	(1,171,717)	(1,345,615)	(39,403,681)	(37,375,137)
Net increase (decrease)	(1,078,007)	216,365	$(36,213,514)	$7,764,675

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

12. Other.

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

Fund	Affiliated %
VIP Consumer Discretionary Portfolio	100

13. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Consumer Discretionary Portfolio

Board Approval of Investment Advisory Contracts and Management Fees

VIP Consumer Discretionary Portfolio

At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class ); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

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

1.817358.119

VCONIC-SANN-0824

Fidelity® Variable Insurance Products:

VIP Technology Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Technology Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Technology Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares	Value ($)
Broadline Retail - 1.4%
Broadline Retail - 1.4%
Amazon.com, Inc. (a)	190,700	36,852,775
Chemicals - 0.0%
Commodity Chemicals - 0.0%
LG Chemical Ltd.	3,710	928,821
Communications Equipment - 2.4%
Communications Equipment - 2.4%
Cisco Systems, Inc.	1,366,800	64,936,668
Consumer Staples Distribution & Retail - 0.0%
Food Retail - 0.0%
Maplebear, Inc. (NASDAQ)	10,890	350,005
Entertainment - 0.6%
Movies & Entertainment - 0.6%
Netflix, Inc. (a)	26,032	17,568,476
Ground Transportation - 2.5%
Cargo Ground Transportation - 0.0%
TuSimple Holdings, Inc. (a)	31,800	10,809
Passenger Ground Transportation - 2.5%
Lyft, Inc. (a)	180,097	2,539,368
Uber Technologies, Inc. (a)	887,724	64,519,780
		67,059,148
TOTAL GROUND TRANSPORTATION		67,069,957
Health Care Equipment & Supplies - 0.0%
Health Care Equipment - 0.0%
China Medical Technologies, Inc. sponsored ADR (a)(b)	300	0
Hotels, Restaurants & Leisure - 0.9%
Hotels, Resorts & Cruise Lines - 0.8%
Airbnb, Inc. Class A (a)	151,600	22,987,108
Restaurants - 0.1%
Deliveroo PLC Class A (a)(c)	955,100	1,580,411
TOTAL HOTELS, RESTAURANTS & LEISURE		24,567,519
Interactive Media & Services - 0.2%
Interactive Media & Services - 0.2%
Reddit, Inc.:
Class A	6,400	408,896
Class B (j)	91,644	5,855,135
		6,264,031
IT Services - 4.5%
Internet Services & Infrastructure - 4.3%
MongoDB, Inc. Class A (a)	38,230	9,555,971
Okta, Inc. (a)	761,057	71,242,546
Shopify, Inc. Class A (a)	516,000	34,081,800
Snowflake, Inc. (a)	18,900	2,553,201
		117,433,518
IT Consulting & Other Services - 0.2%
Capgemini SA	24,200	4,807,028
TOTAL IT SERVICES		122,240,546
Life Sciences Tools & Services - 0.0%
Life Sciences Tools & Services - 0.0%
Eden Biologics, Inc. (a)(b)	94,814	0
Pharmaceuticals - 0.0%
Pharmaceuticals - 0.0%
Chime Biologics Wuhan Co. Ltd. (a)(b)	94,814	49,382
Semiconductors & Semiconductor Equipment - 41.1%
Semiconductor Materials & Equipment - 2.7%
ASML Holding NV (Netherlands)	29,900	30,473,073
Teradyne, Inc.	288,600	42,796,494
		73,269,567
Semiconductors - 38.4%
Arm Holdings Ltd. ADR (d)	32,400	5,301,288
Astera Labs, Inc. (d)	39,098	2,365,820
Astera Labs, Inc. (j)	163,914	9,918,436
GlobalFoundries, Inc. (a)	1,540,835	77,904,618
Marvell Technology, Inc.	1,399,804	97,846,300
Micron Technology, Inc.	205,106	26,977,592
NVIDIA Corp.	4,522,000	558,647,878
NXP Semiconductors NV	393,604	105,914,900
ON Semiconductor Corp. (a)	1,557,121	106,740,645
Taiwan Semiconductor Manufacturing Co. Ltd.	1,901,000	56,205,170
Xsight Labs Ltd. warrants 1/11/34 (a)(b)(e)	10,921	23,153
		1,047,845,800
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,121,115,367
Software - 22.1%
Application Software - 6.0%
Bill Holdings, Inc. (a)	184,000	9,682,080
Convoy, Inc. warrants (a)(b)(e)	1,866	0
CoreWeave, Inc. Class A (b)	9,400	7,317,618
Datadog, Inc. Class A (a)	279,355	36,229,550
Dynatrace, Inc. (a)	328,700	14,706,038
HubSpot, Inc. (a)	31,533	18,597,848
Manhattan Associates, Inc. (a)	50,555	12,470,907
Palantir Technologies, Inc. Class A (a)	287,600	7,284,908
Pine Labs Private Ltd. (a)(b)(e)	1,314	404,541
Salesforce, Inc.	226,965	58,352,702
		165,046,192
Systems Software - 16.1%
Microsoft Corp.	742,900	332,039,155
Rubrik, Inc. (d)	6,000	183,960
ServiceNow, Inc. (a)	135,200	106,357,784
		438,580,899
TOTAL SOFTWARE		603,627,091
Technology Hardware, Storage & Peripherals - 18.7%
Technology Hardware, Storage & Peripherals - 18.7%
Apple, Inc.	2,171,960	457,458,215
Seagate Technology Holdings PLC	115,241	11,900,938
Super Micro Computer, Inc. (a)	11,900	9,750,265
Western Digital Corp. (a)	395,521	29,968,626
		509,078,044
TOTAL COMMON STOCKS (Cost $1,241,621,298)		2,574,648,682

Convertible Preferred Stocks - 1.0%
	Shares	Value ($)
Aerospace & Defense - 0.1%
Aerospace & Defense - 0.1%
Relativity Space, Inc. Series E (a)(b)(e)	174,268	3,832,153
Broadline Retail - 0.0%
Broadline Retail - 0.0%
Meesho:
Series E1 (b)(e)	1,250	69,825
Series F (a)(b)(e)	17,100	971,793
		1,041,618
Consumer Staples Distribution & Retail - 0.0%
Food Retail - 0.0%
GoBrands, Inc. Series G (a)(b)(e)	5,260	165,427
Electronic Equipment, Instruments & Components - 0.2%
Electronic Equipment & Instruments - 0.1%
Enevate Corp. Series E (a)(b)(e)	3,556,678	2,489,675
Technology Distributors - 0.1%
VAST Data Ltd.:
Series A (b)(e)	12,260	218,228
Series A1 (b)(e)	30,177	537,151
Series A2 (b)(e)	34,713	617,891
Series B (b)(e)	27,621	491,654
Series C (b)(e)	805	14,329
Series E (b)(e)	26,394	469,813
		2,349,066
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS		4,838,741
Financial Services - 0.0%
Diversified Financial Services - 0.0%
Akeana Series C (b)(e)	14,600	191,844
Tenstorrent Holdings, Inc. Series C1 (b)(e)	4,586	319,507
		511,351
Hotels, Restaurants & Leisure - 0.0%
Casinos & Gaming - 0.0%
Discord, Inc. Series I (a)(b)(e)	200	53,082
Interactive Media & Services - 0.1%
Interactive Media & Services - 0.1%
ByteDance Ltd. Series E1 (a)(b)(e)	9,903	2,393,951
Metals & Mining - 0.1%
Precious Metals & Minerals - 0.1%
Diamond Foundry, Inc. Series C (a)(b)(e)	56,576	1,409,308
Semiconductors & Semiconductor Equipment - 0.1%
Semiconductor Materials & Equipment - 0.0%
Sima Technologies, Inc.:
Series B (a)(b)(e)	85,000	571,200
Series B1 (a)(b)(e)	36,016	277,683
		848,883
Semiconductors - 0.1%
Retym, Inc. Series C (a)(b)(e)	50,104	430,894
Xsight Labs Ltd.:
Series D (a)(b)(e)	37,800	209,790
Series D1 (b)(e)	36,402	287,940
		928,624
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,777,507
Software - 0.4%
Application Software - 0.4%
Anthropic PBC:
Series B (b)(e)	78,539	2,356,170
Series D (b)(e)	79,696	2,390,880
Convoy, Inc. Series D (a)(b)(e)	28,479	0
CoreWeave, Inc. Series C (b)(e)	603	473,916
Databricks, Inc.:
Series G (a)(b)(e)	14,100	1,036,350
Series H (a)(b)(e)	36,297	2,667,830
Series I (b)(e)	479	35,207
Pine Labs Private Ltd.:
Series 1 (a)(b)(e)	3,140	966,712
Series A (a)(b)(e)	785	241,678
Series B (a)(b)(e)	854	262,921
Series B2 (a)(b)(e)	690	212,430
Series C (a)(b)(e)	1,284	395,305
Series C1 (a)(b)(e)	271	83,433
Series D (a)(b)(e)	289	88,974
		11,211,806
Technology Hardware, Storage & Peripherals - 0.0%
Technology Hardware, Storage & Peripherals - 0.0%
Lightmatter, Inc.:
Series C (a)(b)(e)	29,615	658,638
Series C2 (b)(e)	4,652	122,859
		781,497
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $29,614,307)		28,016,441

Corporate Bonds - 0.0%
	Principal Amount (f)	Value ($)
Convertible Bonds - 0.0%
Software - 0.0%
Application Software - 0.0%
Convoy, Inc. 15% 9/30/26 (b)(e)	12,428	0

Nonconvertible Bonds - 0.0%
Financial Services - 0.0%
Diversified Financial Services - 0.0%
Ant International Co. Ltd. 3.55% 8/14/24 (b)(e)	1,151,967	1,151,967

TOTAL CORPORATE BONDS (Cost $1,164,395)		1,151,967

Preferred Securities - 0.0%
	Principal Amount (f)	Value ($)
Electronic Equipment, Instruments & Components - 0.0%
Electronic Equipment & Instruments - 0.0%
Enevate Corp. 6% (b)(e)(g)	184,951	205,810
Financial Services - 0.0%
Diversified Financial Services - 0.0%
Tenstorrent Holdings, Inc. 5% 11/6/25 (b)(e)	108,617	126,367
Semiconductors & Semiconductor Equipment - 0.0%
Semiconductor Materials & Equipment - 0.0%
Sima Technologies, Inc. 10% 12/31/27 (b)(e)	110,030	114,549
TOTAL PREFERRED SECURITIES (Cost $403,598)		446,726

Money Market Funds - 2.1%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (h)	49,338,400	49,348,267
Fidelity Securities Lending Cash Central Fund 5.38% (h)(i)	7,499,375	7,500,125
TOTAL MONEY MARKET FUNDS (Cost $56,848,392)		56,848,392

TOTAL INVESTMENT IN SECURITIES - 97.5% (Cost $1,329,651,990)	2,661,112,208
NET OTHER ASSETS (LIABILITIES) - 2.5%	67,468,343
NET ASSETS - 100.0%	2,728,580,551

Legend

(a)	Non-income producing

(b)	Level 3 security

(c)	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 $1,580,411 or 0.1% of net assets.

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

(e)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $30,042,828 or 1.1% of net assets.

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

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

(h)

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

(j)

Equity security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. As of period end, the total fair value of unadjusted equity securities subject to contractual sale restrictions is $15,773,571 and all restrictions are set to expire on or before September 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Akeana Series C	1/23/24	186,308

Ant International Co. Ltd. 3.55% 8/14/24	8/14/23	1,151,967

Anthropic PBC Series B	3/22/24	2,450,784

Anthropic PBC Series D	5/31/24	2,391,239

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

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

Convoy, Inc. warrants	3/24/23	0

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

CoreWeave, Inc. Series C	5/17/24	469,767

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

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

Databricks, Inc. Series I	9/14/23	35,207

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

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

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

Enevate Corp. 6%	11/02/23	184,951

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

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

Lightmatter, Inc. Series C2	12/18/23	120,960

Meesho Series E1	4/18/24	70,000

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

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

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

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

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

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

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

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

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

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

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

Sima Technologies, Inc. Series B	5/10/21	435,829

Sima Technologies, Inc. Series B1	4/25/22 - 10/17/22	255,386

Sima Technologies, Inc. 10% 12/31/27	4/08/24	110,030

Tenstorrent Holdings, Inc. Series C1	4/23/21	272,690

Tenstorrent Holdings, Inc. 5% 11/6/25	11/06/23	108,617

VAST Data Ltd. Series A	11/28/23	134,860

VAST Data Ltd. Series A1	11/28/23	331,947

VAST Data Ltd. Series A2	11/28/23	381,843

VAST Data Ltd. Series B	11/28/23	303,831

VAST Data Ltd. Series C	11/28/23	8,855

VAST Data Ltd. Series E	11/28/23	580,668

Xsight Labs Ltd. warrants 1/11/34	1/11/24	0

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

Xsight Labs Ltd. Series D1	1/11/24	291,070

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	114,162,541	272,299,359	337,115,990	1,924,057	2,357	-	49,348,267	0.1%
Fidelity Securities Lending Cash Central Fund 5.38%	-	62,635,579	55,135,454	14,922	-	-	7,500,125	0.0%
Total	114,162,541	334,934,938	392,251,444	1,938,979	2,357	-	56,848,392

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

Investment Valuation

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

Common Stocks	2,574,648,682	2,475,368,717	91,485,271	7,794,694

Convertible Preferred Stocks	28,016,441	-	-	28,016,441

Corporate Bonds	1,151,967	-	-	1,151,967

Preferred Securities	446,726	-	-	446,726

Money Market Funds	56,848,392	56,848,392	-	-
Total Investments in Securities:	2,661,112,208	2,532,217,109	91,485,271	37,409,828

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


Investments in Securities:
Preferred Stocks
Beginning Balance	$	28,862,243
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(22,502,306)
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		(6,359,937)
Ending Balance	$	-
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2024	$	-
Convertible Preferred Stocks
Beginning Balance	$	-
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		22,157,273
Cost of Purchases		5,859,168
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	28,016,441
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2024	$	22,157,273
Other Investments in Securities
Beginning Balance	$	4,867,614
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		4,415,743
Cost of Purchases		110,030
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	9,393,387
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2024	$	4,415,743
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $7,311,375) - See accompanying schedule:
Unaffiliated issuers (cost $1,272,803,598)	$	2,604,263,816
Fidelity Central Funds (cost $56,848,392)		56,848,392


Total Investment in Securities (cost $1,329,651,990)			$	2,661,112,208
Receivable for investments sold				79,635,955
Receivable for fund shares sold				483,767
Dividends receivable				609,219
Interest receivable				38,033
Distributions receivable from Fidelity Central Funds				240,641
Prepaid expenses				643
Total assets				2,742,120,466
Liabilities
Payable to custodian bank	$	36
Payable for investments purchased		3,741,833
Payable for fund shares redeemed		826,552
Accrued management fee		1,414,079
Distribution and service plan fees payable		3,304
Other payables and accrued expenses		53,986
Collateral on securities loaned		7,500,125
Total liabilities				13,539,915
Net Assets			$	2,728,580,551
Net Assets consist of:
Paid in capital			$	1,306,689,890
Total accumulated earnings (loss)				1,421,890,661
Net Assets			$	2,728,580,551

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($508,491,087 ÷ 13,022,749 shares)			$	39.05
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($17,522,234 ÷ 449,792 shares)			$	38.96
Investor Class :
Net Asset Value, offering price and redemption price per share ($2,202,567,230 ÷ 57,621,349 shares)			$	38.22

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	5,342,049
Interest				21,365
Income from Fidelity Central Funds (including $14,922 from security lending)				1,938,979
Total income				7,302,393
Expenses
Management fee	$	7,186,637
Transfer agent fees		462,792
Distribution and service plan fees		14,491
Accounting fees		99,656
Custodian fees and expenses		17,262
Independent trustees' fees and expenses		4,878
Audit		36,969
Legal		3,851
Interest		1,612
Miscellaneous		18,104
Total expenses before reductions		7,846,252
Expense reductions		(96,458)
Total expenses after reductions				7,749,794
Net Investment income (loss)				(447,401)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		117,715,319
Fidelity Central Funds		2,357
Foreign currency transactions		(14,595)
Total net realized gain (loss)				117,703,081
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		417,731,260
Assets and liabilities in foreign currencies		(2,274)
Total change in net unrealized appreciation (depreciation)				417,728,986
Net gain (loss)				535,432,067
Net increase (decrease) in net assets resulting from operations			$	534,984,666

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(447,401)	$	1,336,798
Net realized gain (loss)		117,703,081		47,900,338
Change in net unrealized appreciation (depreciation)		417,728,986		643,678,134
Net increase (decrease) in net assets resulting from operations		534,984,666		692,915,270
Distributions to shareholders		(67,806,694)		(44,921,857)

Share transactions - net increase (decrease)		167,880,796		318,026,731
Total increase (decrease) in net assets		635,058,768		966,020,144

Net Assets
Beginning of period		2,093,521,783		1,127,501,639
End of period	$	2,728,580,551	$	2,093,521,783

Financial Highlights

VIP Technology Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	32.11	$	20.94	$	35.65	$	30.99	$	19.08	$	15.76
Income from Investment Operations
Net investment income (loss) A,B		- C		.04		.01		(.04)		(.01)		.09
Net realized and unrealized gain (loss)		7.95		11.94		(12.04)		8.22		12.36		6.72
Total from investment operations		7.95		11.98		(12.03)		8.18		12.35		6.81
Distributions from net investment income		-		(.04)		-		-		(.02)		(.08)
Distributions from net realized gain		(1.01)		(.77)		(2.68)		(3.52)		(.42)		(3.42)
Total distributions		(1.01)		(.81)		(2.68)		(3.52)		(.44)		(3.49) D
Net asset value, end of period	$	39.05	$	32.11	$	20.94	$	35.65	$	30.99	$	19.08
Total Return E,F,G		25.19 %		58.32%		(35.86)%		28.16%		64.95%		51.32%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.59% J		.62%		.63%		.62%		.63%		.65%
Expenses net of fee waivers, if any		.59 % J		.61%		.62%		.62%		.63%		.65%
Expenses net of all reductions		.59% J		.61%		.62%		.62%		.63%		.64%
Net investment income (loss)		.03% J		.14%		.05%		(.12)%		(.03)%		.52%
Supplemental Data
Net assets, end of period (000 omitted)	$	508,491	$	386,441	$	185,489	$	356,589	$	286,967	$	175,680
Portfolio turnover rate K		46 % J		24%		21%		31%		52%		20%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

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

VIP Technology Portfolio Service Class 2

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	32.07	$	28.65
Income from Investment Operations
Net investment income (loss) B,C		(.04)		(.01)
Net realized and unrealized gain (loss)		7.93		3.57
Total from investment operations		7.89		3.56
Distributions from net investment income		-		(.04)
Distributions from net realized gain		(1.00)		(.10)
Total distributions		(1.00)		(.14)
Net asset value, end of period	$	38.96	$	32.07
Total Return D,E,F		25.03 %		12.45%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.84% I		.88% I
Expenses net of fee waivers, if any		.83 % I		.87% I
Expenses net of all reductions		.83% I		.87% I
Net investment income (loss)		(.22)% I		(.13)% I
Supplemental Data
Net assets, end of period (000 omitted)	$	17,522	$	5,041
Portfolio turnover rate J		46 % I		24% I

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

BCalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

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

VIP Technology Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	31.46	$	20.54	$	35.03	$	30.51	$	18.80	$	15.57
Income from Investment Operations
Net investment income (loss) A,B		(.01)		.02		(.01)		(.06)		(.02)		.07
Net realized and unrealized gain (loss)		7.78		11.69		(11.81)		8.07		12.16		6.64
Total from investment operations		7.77		11.71		(11.82)		8.01		12.14		6.71
Distributions from net investment income		-		(.02)		-		-		(.02)		(.06)
Distributions from net realized gain		(1.01)		(.77)		(2.67)		(3.49)		(.41)		(3.42)
Total distributions		(1.01)		(.79)		(2.67)		(3.49)		(.43)		(3.48)
Net asset value, end of period	$	38.22	$	31.46	$	20.54	$	35.03	$	30.51	$	18.80
Total Return C,D,E		25.13 %		58.14%		(35.87)%		28.06%		64.76%		51.26%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.67% H		.70%		.70%		.70%		.71%		.73%
Expenses net of fee waivers, if any		.66 % H		.69%		.70%		.70%		.71%		.73%
Expenses net of all reductions		.66% H		.69%		.70%		.70%		.71%		.72%
Net investment income (loss)		(.05)% H		.07%		(.02)%		(.20)%		(.11)%		.44%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,202,567	$	1,702,040	$	942,013	$	1,692,073	$	1,365,091	$	732,499
Portfolio turnover rate I		46 % H		24%		21%		31%		52%		20%

ACalculated based on average shares outstanding during the period.

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

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

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

HAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

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, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$35,811,135	Recovery value	Recovery value	$0.00	Increase
		Market approach	Transaction price	$1.10 - $8.00 / $3.35	Increase
			Discount rate	45.0% - 75.0% / 45.6%	Decrease
			Premium rate	10.0% - 35.0% / 25.5%	Increase
		Market comparable	Enterprise value/Revenue multiple (EV/R)	0.9 - 50.0 / 12.7	Increase
		Discounted cash flow	Weighted average cost of capital (WACC)	29.5%	Decrease
			Yield	33.0%	Decrease
			Exit multiple	1.5	Increase
		Black scholes	Discount rate	4.3% - 5.2% / 4.4%	Increase
			Volatility	40.0% - 100.0% / 76.4%	Increase
			Term	0.8 - 5.0 / 3.7	Increase
Corporate Bonds	$1,151,967	Recovery value	Recovery value	$0.00	Increase
		Discounted cash flow	Discount rate	3.3%	Decrease
Preferred Securities	$446,726	Market approach	Transaction price	$100.00	Increase
			Discount rate	35.4% - 37.9% / 36.2%	Decrease
			Probablity rate	0.0% - 60.0% / 34.5%	Increase
		Market comparable	Enterprise value/Revenue multiple (EV/R)	10.5	Increase
			Discount rate	27.1%	Decrease
			Probablity rate	20.0% - 80.0% / 50.0%	Increase
		Black scholes	Discount rate	5.1% - 5.5% / 5.4%	Increase
			Volatility	50.0% - 100.0% / 78.7%	Increase
			Term	0.3 - 1.0 / 0.5	Increase

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Book-tax differences are primarily due to foreign currency transactions 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	$1,383,151,696
Gross unrealized depreciation	(57,090,167)
Net unrealized appreciation (depreciation)	$1,326,061,529
Tax cost	$1,335,050,679

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Technology Portfolio	613,237,507	534,833,348

5. Fees and Other Transactions with Affiliates.

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

	Total Management Fee Rate %
Initial Class	.58
Service Class 2	.58
Investor Class	.65

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 $14,491.

During the period January 1, 2024 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	42,498	.0630%
Service Class 2	739	.0630%
Investor Class	419,555	.1390%
	462,792

During the period January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Technology Portfolio	.0269%

	Amount ($)
VIP Technology Portfolio	5,531

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance ($)	Weighted Average Interest Rate	Interest Expense ($)
VIP Technology Portfolio	Borrower	5,214,000	5.57%	1,612

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
VIP Technology Portfolio	52,124,191	28,028,237	2,902,573

6. Committed Line of Credit.

	Amount ($)
VIP Technology Portfolio	2,010

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Technology Portfolio	1,666	53	-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $96,458.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023A
VIP Technology Portfolio
Distributions to shareholders
Initial Class	$12,127,524	$7,701,196
Service Class 2	186,228	21,247
Investor Class	55,492,942	37,199,414
Total	$67,806,694	$44,921,857

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

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023A	Six months ended June 30, 2024	Year ended December 31, 2023A
VIP Technology Portfolio
Initial Class
Shares sold	1,503,650	4,884,121	$52,811,916	$136,520,854
Reinvestment of distributions	353,469	305,373	12,127,524	7,701,196
Shares redeemed	(870,346)	(2,011,242)	(29,657,131)	(55,940,646)
Net increase (decrease)	986,773	3,178,252	$35,282,309	$88,281,404
Service Class 2
Shares sold	298,548	158,667	$10,474,312	$4,661,142
Reinvestment of distributions	5,334	680	182,734	20,758
Shares redeemed	(11,293)	(2,144)	(386,256)	(65,483)
Net increase (decrease)	292,589	157,203	$10,270,790	$4,616,417
Investor Class
Shares sold	4,051,325	10,012,797	$139,967,564	$275,860,254
Reinvestment of distributions	1,652,067	1,518,486	55,492,942	37,199,414
Shares redeemed	(2,182,664)	(3,303,071)	(73,132,809)	(87,930,758)
Net increase (decrease)	3,520,728	8,228,212	$122,327,697	$225,128,910

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

11. Other.

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

Fund	Affiliated %
VIP Technology Portfolio	94%

12. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Technology Portfolio

Board Approval of Investment Advisory Contracts and Management Fees

VIP Technology Portfolio

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

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

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

1.817388.119

VTECIC-SANN-0824

Fidelity® Variable Insurance Products:

VIP Materials Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Materials Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Materials Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.7%
	Shares	Value ($)
Chemicals - 65.7%
Commodity Chemicals - 17.0%
Cabot Corp. (a)	22,300	2,049,147
Dow, Inc.	101,000	5,358,050
Olin Corp.	27,600	1,301,340
Orion SA	19,500	427,830
Tronox Holdings PLC	147,640	2,316,472
Westlake Corp.	10,800	1,564,056
		13,016,895
Diversified Chemicals - 2.9%
The Chemours Co. LLC	99,700	2,250,229
Fertilizers & Agricultural Chemicals - 4.1%
Corteva, Inc.	57,700	3,112,338
Industrial Gases - 23.3%
Air Products & Chemicals, Inc.	12,588	3,248,333
Linde PLC	33,300	14,612,373
		17,860,706
Specialty Chemicals - 18.4%
Axalta Coating Systems Ltd. (b)	84,200	2,877,114
DuPont de Nemours, Inc.	4,900	394,401
Ecolab, Inc.	31,400	7,473,200
Ecovyst, Inc. (b)	69,900	627,003
Element Solutions, Inc.	84,700	2,297,064
Quaker Chemical Corp.	2,300	390,310
		14,059,092
TOTAL CHEMICALS		50,299,260
Construction Materials - 4.1%
Construction Materials - 4.1%
Martin Marietta Materials, Inc.	2,926	1,585,307
Vulcan Materials Co.	6,300	1,566,684
		3,151,991
Containers & Packaging - 6.7%
Metal, Glass & Plastic Containers - 4.5%
Aptargroup, Inc.	11,900	1,675,639
Crown Holdings, Inc.	12,000	892,680
Greif, Inc. Class A	15,100	867,797
		3,436,116
Paper & Plastic Packaging Products & Materials - 2.2%
Avery Dennison Corp.	7,800	1,705,470
TOTAL CONTAINERS & PACKAGING		5,141,586
Metals & Mining - 24.2%
Aluminum - 0.3%
Alcoa Corp.	5,900	234,702
Copper - 8.6%
First Quantum Minerals Ltd.	140,120	1,840,544
Freeport-McMoRan, Inc.	78,540	3,817,044
Lundin Mining Corp.	79,200	881,705
		6,539,293
Diversified Metals & Mining - 4.1%
Ivanhoe Electric, Inc. (b)	43,000	403,340
Ivanhoe Mines Ltd. (b)	165,200	2,131,340
Teck Resources Ltd. Class B	12,500	598,750
		3,133,430
Gold - 3.2%
Agnico Eagle Mines Ltd. (Canada)	5,900	385,901
Franco-Nevada Corp.	12,600	1,493,893
Wheaton Precious Metals Corp.	11,100	581,998
		2,461,792
Silver - 0.7%
Hecla Mining Co.	111,100	538,835
Steel - 7.3%
Commercial Metals Co.	14,200	780,858
Nucor Corp.	20,200	3,193,216
Steel Dynamics, Inc.	12,400	1,605,800
		5,579,874
TOTAL METALS & MINING		18,487,926
TOTAL COMMON STOCKS (Cost $61,409,540)		77,080,763

Money Market Funds - 2.1%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (c)	366,499	366,572
Fidelity Securities Lending Cash Central Fund 5.38% (c)(d)	1,289,270	1,289,399
TOTAL MONEY MARKET FUNDS (Cost $1,655,971)		1,655,971

TOTAL INVESTMENT IN SECURITIES - 102.8% (Cost $63,065,511)	78,736,734
NET OTHER ASSETS (LIABILITIES) - (2.8)%	(2,168,178)
NET ASSETS - 100.0%	76,568,556

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	312,131	9,650,115	9,595,712	13,446	38	-	366,572	0.0%
Fidelity Securities Lending Cash Central Fund 5.38%	2,427,410	15,596,057	16,734,068	1,818	-	-	1,289,399	0.0%
Total	2,739,541	25,246,172	26,329,780	15,264	38	-	1,655,971

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

Investment Valuation

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

Common Stocks	77,080,763	77,080,763	-	-

Money Market Funds	1,655,971	1,655,971	-	-
Total Investments in Securities:	78,736,734	78,736,734	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $1,243,915) - See accompanying schedule:
Unaffiliated issuers (cost $61,409,540)	$	77,080,763
Fidelity Central Funds (cost $1,655,971)		1,655,971


Total Investment in Securities (cost $63,065,511)			$	78,736,734
Dividends receivable				50,641
Distributions receivable from Fidelity Central Funds				1,556
Prepaid expenses				79
Total assets				78,789,010
Liabilities
Payable for fund shares redeemed	$	861,520
Accrued management fee		43,115
Other payables and accrued expenses		26,420
Collateral on securities loaned		1,289,399
Total liabilities				2,220,454
Net Assets			$	76,568,556
Net Assets consist of:
Paid in capital			$	54,605,991
Total accumulated earnings (loss)				21,962,565
Net Assets			$	76,568,556

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($11,790,475 ÷ 666,366 shares)			$	17.69
Investor Class :
Net Asset Value, offering price and redemption price per share ($64,778,081 ÷ 3,663,379 shares)			$	17.68

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	648,376
Income from Fidelity Central Funds (including $1,818 from security lending)				15,264
Total income				663,640
Expenses
Management fee	$	243,029
Transfer agent fees		16,451
Accounting fees		4,575
Custodian fees and expenses		11,103
Independent trustees' fees and expenses		174
Audit		23,038
Legal		56
Miscellaneous		2,105
Total expenses before reductions		300,531
Expense reductions		(3,551)
Total expenses after reductions				296,980
Net Investment income (loss)				366,660
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		6,007,191
Fidelity Central Funds		38
Foreign currency transactions		1,453
Total net realized gain (loss)				6,008,682
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(3,761,495)
Assets and liabilities in foreign currencies		(599)
Total change in net unrealized appreciation (depreciation)				(3,762,094)
Net gain (loss)				2,246,588
Net increase (decrease) in net assets resulting from operations			$	2,613,248

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	366,660	$	1,201,846
Net realized gain (loss)		6,008,682		453,863
Change in net unrealized appreciation (depreciation)		(3,762,094)		4,286,732
Net increase (decrease) in net assets resulting from operations		2,613,248		5,942,441
Distributions to shareholders		(554,613)		(1,291,830)

Share transactions - net increase (decrease)		(7,471,420)		(20,083,038)
Total increase (decrease) in net assets		(5,412,785)		(15,432,427)

Net Assets
Beginning of period		81,981,341		97,413,768
End of period	$	76,568,556	$	81,981,341

Financial Highlights

VIP Materials Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	17.20	$	16.24	$	18.76	$	14.17	$	11.74	$	11.46
Income from Investment Operations
Net investment income (loss) A,B		.09		.23		.18		.14		.07		.16
Net realized and unrealized gain (loss)		.52		.99		(2.00)		4.58		2.44		1.31
Total from investment operations		.61		1.22		(1.82)		4.72		2.51		1.47
Distributions from net investment income		(.07)		(.24)		(.19)		(.13)		(.08)		(.19)
Distributions from net realized gain		(.06)		(.03)		(.51)		-		-		(1.00)
Total distributions		(.12) C		(.26) C		(.70)		(.13)		(.08)		(1.19)
Net asset value, end of period	$	17.69	$	17.20	$	16.24	$	18.76	$	14.17	$	11.74
Total Return D,E,F		3.61 %		7.60%		(9.79)%		33.42%		21.49%		13.40%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.68% I		.69%		.69%		.68%		.77%		.75%
Expenses net of fee waivers, if any		.67 % I		.68%		.68%		.68%		.77%		.75%
Expenses net of all reductions		.67% I		.68%		.68%		.68%		.76%		.74%
Net investment income (loss)		.98% I		1.36%		1.09%		.84%		.59%		1.37%
Supplemental Data
Net assets, end of period (000 omitted)	$	11,790	$	12,416	$	14,941	$	19,714	$	9,924	$	8,905
Portfolio turnover rate J		99 % I		60%		63%		99%		83%		104%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

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

VIP Materials Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	17.20	$	16.23	$	18.76	$	14.16	$	11.73	$	11.46
Income from Investment Operations
Net investment income (loss) A,B		.08		.22		.17		.13		.06		.15
Net realized and unrealized gain (loss)		.52		1.00		(2.01)		4.59		2.45		1.30
Total from investment operations		.60		1.22		(1.84)		4.72		2.51		1.45
Distributions from net investment income		(.07)		(.22)		(.18)		(.12)		(.08)		(.18)
Distributions from net realized gain		(.06)		(.03)		(.51)		-		-		(1.00)
Total distributions		(.12) C		(.25)		(.69)		(.12)		(.08)		(1.18)
Net asset value, end of period	$	17.68	$	17.20	$	16.23	$	18.76	$	14.16	$	11.73
Total Return D,E,F		3.54 %		7.58%		(9.91)%		33.40%		21.45%		13.20%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.76% I		.76%		.76%		.76%		.85%		.83%
Expenses net of fee waivers, if any		.75 % I		.76%		.76%		.76%		.85%		.83%
Expenses net of all reductions		.75% I		.76%		.76%		.76%		.84%		.82%
Net investment income (loss)		.90% I		1.29%		1.01%		.77%		.52%		1.29%
Supplemental Data
Net assets, end of period (000 omitted)	$	64,778	$	69,566	$	82,473	$	94,673	$	48,022	$	35,254
Portfolio turnover rate J		99 % I		60%		63%		99%		83%		104%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Book-tax differences are primarily due to foreign currency transactions, 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	$16,925,874
Gross unrealized depreciation	(1,646,963)
Net unrealized appreciation (depreciation)	$15,278,911
Tax cost	$63,457,823

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Materials Portfolio	39,317,346	46,024,431

5. Fees and Other Transactions with Affiliates.

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

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

During the period January 1, 2024 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	1,255	.0630
Investor Class	15,196	.1390
	16,451

During the period January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Materials Portfolio	.0354

	Amount ($)
VIP Materials Portfolio	664

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
VIP Materials Portfolio	752,766	994,125	124,628

6. Committed Line of Credit.

	Amount ($)
VIP Materials Portfolio	75

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Materials Portfolio	187	-	-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,551.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Materials Portfolio
Distributions to shareholders
Initial Class	87,618	203,537
Investor Class	466,995	1,088,293
Total	$554,613	$1,291,830

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Materials Portfolio
Initial Class
Shares sold	15,794	73,273	$286,515	$1,259,347
Reinvestment of distributions	5,215	12,258	87,618	203,538
Shares redeemed	(76,406)	(283,986)	(1,331,268)	(4,708,427)
Net increase (decrease)	(55,397)	(198,455)	$(957,135)	$(3,245,542)
Investor Class
Shares sold	209,377	712,297	$3,806,164	$12,232,417
Reinvestment of distributions	27,814	65,565	466,995	1,088,293
Shares redeemed	(619,337)	(1,813,905)	(10,787,444)	(30,158,206)
Net increase (decrease)	(382,146)	(1,036,043)	$(6,514,285)	$(16,837,496)

11. Other.

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

Fund	Affiliated %

VIP Materials Portfolio	100%

12. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Materials Portfolio

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

Board Approval of Investment Advisory Contracts and Management Fees

VIP Materials Portfolio

At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

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

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

1.851002.117

VMATP-SANN-0824

Fidelity® Variable Insurance Products:

VIP Health Care Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Health Care Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Health Care Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares	Value ($)
Biotechnology - 22.0%
Biotechnology - 22.0%
Acelyrin, Inc. (a)	130,000	573,300
Acumen Pharmaceuticals, Inc. (a)(b)	180,000	435,600
Allogene Therapeutics, Inc. (a)(b)	641,800	1,495,394
Alnylam Pharmaceuticals, Inc. (a)	96,000	23,328,000
Apogee Therapeutics, Inc.	9,277	365,050
Arcellx, Inc. (a)	60,000	3,311,400
Arcus Biosciences, Inc. (a)	110,000	1,675,300
Argenx SE ADR (a)	45,000	19,351,800
Ascendis Pharma A/S sponsored ADR (a)	110,000	15,001,800
Avidity Biosciences, Inc. (a)	150,000	6,127,500
Blueprint Medicines Corp. (a)	104,000	11,209,120
Cargo Therapeutics, Inc. (b)	146,125	2,399,373
Caris Life Sciences, Inc. (a)(c)(d)	254,430	658,974
Celldex Therapeutics, Inc. (a)	85,000	3,145,850
Cytokinetics, Inc. (a)(b)	200,000	10,836,000
Exact Sciences Corp. (a)	280,000	11,830,000
Immunocore Holdings PLC ADR (a)	66,256	2,245,416
Intellia Therapeutics, Inc. (a)(b)	90,000	2,014,200
Janux Therapeutics, Inc. (a)	102,800	4,306,292
Keros Therapeutics, Inc. (a)	100,000	4,570,000
Legend Biotech Corp. ADR (a)(b)	400,000	17,716,000
Merus BV (a)	140,000	8,283,800
Moonlake Immunotherapeutics Class A (a)	9,658	424,662
Morphic Holding, Inc. (a)	80,000	2,725,600
Nuvalent, Inc. Class A (a)	100,000	7,586,000
Oruka Therapeutics, Inc. (c)(d)	219,729	1,305,234
Poseida Therapeutics, Inc. (a)	348,800	1,018,496
Regeneron Pharmaceuticals, Inc. (a)	46,000	48,347,380
Repligen Corp. (a)	20,000	2,521,200
Sarepta Therapeutics, Inc. (a)	30,000	4,740,000
Spyre Therapeutics, Inc. (a)	80,000	1,880,800
Summit Therapeutics, Inc. (a)(b)	200,000	1,560,000
Vaxcyte, Inc. (a)	218,000	16,461,180
Viking Therapeutics, Inc. (a)	9,400	498,294
Viridian Therapeutics, Inc. (a)	250,000	3,252,500
Xenon Pharmaceuticals, Inc. (a)	185,000	7,213,150
Zealand Pharma A/S	2,300	294,770
		250,709,435
Health Care Equipment & Supplies - 24.9%
Health Care Equipment - 24.9%
Boston Scientific Corp. (a)	1,470,000	113,204,701
Edwards Lifesciences Corp. (a)	165,000	15,241,050
Glaukos Corp. (a)	142,000	16,805,700
Inspire Medical Systems, Inc. (a)	72,500	9,702,675
Insulet Corp. (a)	118,000	23,812,400
Intuitive Surgical, Inc. (a)	44,500	19,795,825
Masimo Corp. (a)	114,000	14,357,160
Medical Microinstruments, Inc. warrants 2/16/31 (a)(c)(d)	2,363	29,065
Penumbra, Inc. (a)	206,000	37,073,820
PROCEPT BioRobotics Corp. (a)	91,800	5,608,062
Stryker Corp.	81,500	27,730,375
		283,360,833
Health Care Providers & Services - 20.9%
Health Care Distributors - 0.7%
McKesson Corp.	12,800	7,475,712
Health Care Facilities - 1.1%
Surgery Partners, Inc. (a)	545,000	12,965,550
Health Care Services - 7.4%
agilon health, Inc. (a)	1,242,879	8,128,429
BrightSpring Health Services, Inc.	450,000	5,112,000
Cigna Group	105,000	34,709,850
CVS Health Corp.	315,000	18,603,900
LifeStance Health Group, Inc. (a)	1,366,800	6,710,988
Privia Health Group, Inc. (a)	630,000	10,949,400
		84,214,567
Managed Health Care - 11.7%
Alignment Healthcare, Inc. (a)	850,000	6,647,000
Centene Corp. (a)	250,000	16,575,000
Molina Healthcare, Inc. (a)	6,500	1,932,450
UnitedHealth Group, Inc.	213,000	108,472,380
		133,626,830
TOTAL HEALTH CARE PROVIDERS & SERVICES		238,282,659
Health Care Technology - 1.9%
Health Care Technology - 1.9%
Evolent Health, Inc. Class A (a)	180,000	3,441,600
Phreesia, Inc. (a)	221,600	4,697,920
Veeva Systems, Inc. Class A (a)	74,000	13,542,740
		21,682,260
Life Sciences Tools & Services - 10.5%
Life Sciences Tools & Services - 10.5%
10X Genomics, Inc. (a)	364,110	7,081,940
Bruker Corp.	142,000	9,061,020
Danaher Corp.	263,500	65,835,475
IQVIA Holdings, Inc. (a)	56,000	11,840,640
Lonza Group AG	10,000	5,458,289
QIAGEN NV (Germany)	100,000	4,128,512
Thermo Fisher Scientific, Inc.	28,000	15,484,000
		118,889,876
Pharmaceuticals - 17.8%
Pharmaceuticals - 17.8%
AstraZeneca PLC (United Kingdom)	112,000	17,430,903
Edgewise Therapeutics, Inc. (a)	85,000	1,530,850
Eli Lilly & Co.	117,000	105,929,460
Enliven Therapeutics, Inc. (a)	75,000	1,752,750
Merck & Co., Inc.	382,000	47,291,600
Pharvaris BV (a)	106,300	1,998,440
Rapport Therapeutics, Inc. (b)	40,000	930,400
Royalty Pharma PLC	350,000	9,229,500
Structure Therapeutics, Inc. ADR (a)(b)	101,500	3,985,905
UCB SA	84,000	12,477,424
		202,557,232
TOTAL COMMON STOCKS (Cost $721,730,085)		1,115,482,295

Convertible Preferred Stocks - 1.3%
	Shares	Value ($)
Biotechnology - 0.7%
Biotechnology - 0.7%
Asimov, Inc. Series B (a)(c)(d)	13,047	567,414
Caris Life Sciences, Inc. Series D (a)(c)(d)	398,133	1,031,164
Cleerly, Inc. Series C (a)(c)(d)	179,891	1,939,225
Element Biosciences, Inc.:
Series C (a)(c)(d)	72,178	775,192
Series D (c)(d)	73,131	573,347
Series D1 (c)(d)	73,131	573,347
ElevateBio LLC Series C (a)(c)(d)	31,200	95,472
Endeavor BioMedicines, Inc. Series C (c)(d)	208,016	1,356,264
Inscripta, Inc. Series E (a)(c)(d)	157,568	472,704
		7,384,129
Financial Services - 0.1%
Specialized Finance - 0.1%
Saluda Medical, Inc. Series E (a)(c)(d)	163,717	1,137,833
Health Care Equipment & Supplies - 0.3%
Health Care Equipment - 0.3%
Insightec Ltd. Series G (c)(d)	1,824,838	1,620,091
Medical Microinstruments, Inc. Series C (c)(d)	47,257	1,552,392
		3,172,483
Health Care Providers & Services - 0.0%
Health Care Services - 0.0%
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d)	45,182	212,355
Health Care Technology - 0.2%
Health Care Technology - 0.2%
Aledade, Inc.:
Series B1 (a)(c)(d)	24,966	987,905
Series E1 (a)(c)(d)	10,776	426,406
Omada Health, Inc. Series E (a)(c)(d)	281,490	1,069,662
Wugen, Inc. Series B (a)(c)(d)	57,585	221,126
		2,705,099
Pharmaceuticals - 0.0%
Pharmaceuticals - 0.0%
Galvanize Therapeutics Series B (a)(c)(d)	505,495	429,671
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $21,724,617)		15,041,570

Convertible Bonds - 0.1%
	Principal Amount (e)	Value ($)
Health Care Technology - 0.0%
Health Care Technology - 0.0%
Wugen, Inc. 10% 6/14/25 (c)(d)	353,945	358,652
Pharmaceuticals - 0.1%
Pharmaceuticals - 0.1%
Galvanize Therapeutics 6% 2/28/27 (c)(d)	494,400	511,210
TOTAL CONVERTIBLE BONDS (Cost $848,345)		869,862

Preferred Securities - 0.2%
	Principal Amount (e)	Value ($)
Health Care Equipment & Supplies - 0.2%
Health Care Supplies - 0.2%
Kardium, Inc. 10% 12/31/26 (c)(d) (Cost $1,866,627)	1,866,627	1,887,205

Money Market Funds - 1.6%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (f)	4,079,321	4,080,136
Fidelity Securities Lending Cash Central Fund 5.38% (f)(g)	14,521,046	14,522,498
TOTAL MONEY MARKET FUNDS (Cost $18,602,634)		18,602,634

TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $764,772,308)	1,151,883,566
NET OTHER ASSETS (LIABILITIES) - (1.2)%	(13,676,266)
NET ASSETS - 100.0%	1,138,207,300

Legend

(a)	Non-income producing

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

(c)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $19,791,910 or 1.7% of net assets.

(d)	Level 3 security

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

(f)

(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 ($)
Aledade, Inc. Series B1	5/07/21	955,966

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

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

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

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

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

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

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

Element Biosciences, Inc. Series D	6/28/24	573,588

Element Biosciences, Inc. Series D1	6/28/24	573,588

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

Endeavor BioMedicines, Inc. Series C	4/22/24	1,357,221

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

Galvanize Therapeutics 6% 2/28/27	2/28/24	494,400

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

Insightec Ltd. Series G	6/17/24	1,620,091

Kardium, Inc. 10% 12/31/26	5/31/24	1,866,627

Medical Microinstruments, Inc. warrants 2/16/31	2/16/24	0

Medical Microinstruments, Inc. Series C	2/16/24	1,575,251

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

Oruka Therapeutics, Inc.	4/03/24	1,305,234

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

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

Wugen, Inc. 10% 6/14/25	6/14/24	353,945

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	6,859,554	87,126,200	89,905,336	152,396	(282)	-	4,080,136	0.0%
Fidelity Securities Lending Cash Central Fund 5.38%	34,271,248	100,843,156	120,591,906	24,822	-	-	14,522,498	0.1%
Total	41,130,802	187,969,356	210,497,242	177,218	(282)	-	18,602,634

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

Investment Valuation

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

Common Stocks	1,115,482,295	1,096,058,119	17,430,903	1,993,273

Convertible Preferred Stocks	15,041,570	-	-	15,041,570

Convertible Bonds	869,862	-	-	869,862

Preferred Securities	1,887,205	-	-	1,887,205

Money Market Funds	18,602,634	18,602,634	-	-
Total Investments in Securities:	1,151,883,566	1,114,660,753	17,430,903	19,791,910

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


Investments in Securities:
Convertible Preferred Stocks
Beginning Balance	$	10,843,568
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(1,501,738)
Cost of Purchases		5,699,740
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	15,041,570
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2024	$	(1,501,738)
Other Investments in Securities
Beginning Balance	$	735,303
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(5,169)
Cost of Purchases		4,020,206
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	4,750,340
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2024	$	(5,169)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $14,127,812) - See accompanying schedule:
Unaffiliated issuers (cost $746,169,674)	$	1,133,280,932
Fidelity Central Funds (cost $18,602,634)		18,602,634


Total Investment in Securities (cost $764,772,308)			$	1,151,883,566
Cash				309,883
Receivable for investments sold				4,981,665
Receivable for fund shares sold				593,728
Dividends receivable				640,974
Interest receivable				11,645
Distributions receivable from Fidelity Central Funds				12,893
Prepaid expenses				619
Other receivables				2,597
Total assets				1,158,437,570
Liabilities
Payable for investments purchased	$	4,033,439
Payable for fund shares redeemed		963,053
Accrued management fee		596,970
Distribution and service plan fees payable		63,853
Other payables and accrued expenses		56,155
Collateral on securities loaned		14,516,800
Total liabilities				20,230,270
Net Assets			$	1,138,207,300
Net Assets consist of:
Paid in capital			$	727,763,218
Total accumulated earnings (loss)				410,444,082
Net Assets			$	1,138,207,300

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($120,665,716 ÷ 3,371,962 shares)			$	35.79
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($309,676,607 ÷ 8,745,186 shares)			$	35.41
Investor Class :
Net Asset Value, offering price and redemption price per share ($707,864,977 ÷ 20,037,653 shares)			$	35.33

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	3,724,978
Interest				11,713
Income from Fidelity Central Funds (including $24,822 from security lending)				177,218
Total income				3,913,909
Expenses
Management fee	$	3,430,050
Transfer agent fees		216,985
Distribution and service plan fees		378,496
Accounting fees		55,922
Custodian fees and expenses		24,535
Independent trustees' fees and expenses		2,485
Audit		22,436
Legal		3,411
Miscellaneous		23,995
Total expenses before reductions		4,158,315
Expense reductions		(52,017)
Total expenses after reductions				4,106,298
Net Investment income (loss)				(192,389)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		54,524,442
Fidelity Central Funds		(282)
Foreign currency transactions		(1,132)
Total net realized gain (loss)				54,523,028
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(5,140,940)
Assets and liabilities in foreign currencies		(29,970)
Total change in net unrealized appreciation (depreciation)				(5,170,910)
Net gain (loss)				49,352,118
Net increase (decrease) in net assets resulting from operations			$	49,159,729

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(192,389)	$	(1,335,295)
Net realized gain (loss)		54,523,028		10,752,528
Change in net unrealized appreciation (depreciation)		(5,170,910)		35,314,846
Net increase (decrease) in net assets resulting from operations		49,159,729		44,732,079
Share transactions - net increase (decrease)		(56,531,294)		(92,736,495)
Total increase (decrease) in net assets		(7,371,565)		(48,004,416)

Net Assets
Beginning of period		1,145,578,865		1,193,583,281
End of period	$	1,138,207,300	$	1,145,578,865

Financial Highlights

VIP Health Care Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	34.27	$	32.87	$	40.05	$	38.41	$	33.32	$	27.86
Income from Investment Operations
Net investment income (loss) A,B		.01		- C		(.02)		(.01)		.06		.07
Net realized and unrealized gain (loss)		1.51		1.40		(4.96)		4.39		6.90		7.47
Total from investment operations		1.52		1.40		(4.98)		4.38		6.96		7.54
Distributions from net investment income		-		-		-		(.04)		(.19)		(.07)
Distributions from net realized gain		-		-		(2.20)		(2.71)		(1.67)		(2.01)
Total distributions		-		-		(2.20)		(2.74) D		(1.87) D		(2.08)
Net asset value, end of period	$	35.79	$	34.27	$	32.87	$	40.05	$	38.41	$	33.32
Total Return E,F,G		4.41 %		4.26%		(12.41)%		11.73%		21.58%		28.37%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.60% J		.63%		.63%		.63%		.64%		.65%
Expenses net of fee waivers, if any		.60 % J		.62%		.63%		.63%		.64%		.65%
Expenses net of all reductions		.60% J		.62%		.63%		.63%		.64%		.65%
Net investment income (loss)		.08% J		(.01)%		(.06)%		(.04)%		.18%		.23%
Supplemental Data
Net assets, end of period (000 omitted)	$	120,666	$	121,129	$	132,871	$	172,092	$	168,627	$	145,315
Portfolio turnover rate K		46 % J		49%		43%		32%		51%		38%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

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

VIP Health Care Portfolio Service Class 2

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	33.96	$	32.65	$	39.89	$	38.29	$	33.27	$	28.52
Income from Investment Operations
Net investment income (loss) B,C		(.03)		(.08)		(.10)		(.11)		(.03)		(.04)
Net realized and unrealized gain (loss)		1.48		1.39		(4.94)		4.38		6.88		4.85
Total from investment operations		1.45		1.31		(5.04)		4.27		6.85		4.81
Distributions from net investment income		-		-		-		(.02)		(.16)		(.06)
Distributions from net realized gain		-		-		(2.20)		(2.65)		(1.67)		- D
Total distributions		-		-		(2.20)		(2.67)		(1.83)		(.06)
Net asset value, end of period	$	35.41	$	33.96	$	32.65	$	39.89	$	38.29	$	33.27
Total Return E,F,G		4.27 %		4.01%		(12.62)%		11.45%		21.28%		16.87%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.86% J		.88%		.88%		.88%		.89%		.91% J
Expenses net of fee waivers, if any		.85 % J		.87%		.88%		.87%		.89%		.91% J
Expenses net of all reductions		.85% J		.87%		.88%		.87%		.88%		.90% J
Net investment income (loss)		(.17)% J		(.26)%		(.31)%		(.28)%		(.07)%		(.18)% J
Supplemental Data
Net assets, end of period (000 omitted)	$	309,677	$	292,411	$	246,472	$	275,392	$	143,771	$	20,198
Portfolio turnover rate K		46 % J		49%		43%		32%		51%		38%

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

BCalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

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

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

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

JAnnualized.

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

VIP Health Care Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	33.85	$	32.48	$	39.64	$	38.04	$	33.02	$	27.62
Income from Investment Operations
Net investment income (loss) A,B		- C		(.03)		(.04)		(.04)		.03		.04
Net realized and unrealized gain (loss)		1.48		1.40		(4.92)		4.35		6.83		7.41
Total from investment operations		1.48		1.37		(4.96)		4.31		6.86		7.45
Distributions from net investment income		-		-		-		(.03)		(.17)		(.05)
Distributions from net realized gain		-		-		(2.20)		(2.68)		(1.67)		(2.01)
Total distributions		-		-		(2.20)		(2.71)		(1.84)		(2.05) D
Net asset value, end of period	$	35.33	$	33.85	$	32.48	$	39.64	$	38.04	$	33.02
Total Return E,F,G		4.37 %		4.22%		(12.49)%		11.66%		21.49%		28.29%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.68% J		.70%		.70%		.70%		.72%		.73%
Expenses net of fee waivers, if any		.67 % J		.70%		.70%		.70%		.72%		.73%
Expenses net of all reductions		.67% J		.70%		.70%		.70%		.71%		.73%
Net investment income (loss)		-% J		(.08)%		(.14)%		(.11)%		.10%		.15%
Supplemental Data
Net assets, end of period (000 omitted)	$	707,865	$	732,038	$	814,240	$	975,143	$	914,765	$	737,957
Portfolio turnover rate K		46 % J		49%		43%		32%		51%		38%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

1. Organization.

VIP Health Care Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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 InputA
Equities	17,034,843.00	Market approach	Transaction price	$0.89 - $33.33 / $11.00	Increase
			Discount rate	10.0% - 70.0% / 22.9%	Decrease
		Market comparable	Enterprise value/Revenue multiple (EV/R)	2.5 - 14.0 / 5.6	Increase
		Black scholes	Discount rate	4.3% - 4.9% / 4.5%	Increase
			Volatility	45.0% - 90.0% / 65.5%	Increase
			Term	1.5 - 5.0 / 3.3	Increase
Corporate Bonds	869,862.00	Market approach	Transaction price	$100.00	Increase
			Discount rate	23.5%	Decrease
			Probablity rate	33.3%	Increase
		Market comparable	Enterprise value/Revenue multiple (EV/R)	7.0	Increase
			Discount rate	25.0%	Decrease
			Probablity rate	0.0% - 25.0% / 13.8%	Increase
		Black scholes	Discount rate	5.0%	Increase
			Volatility	55.0%	Increase
			Term	1.2	Increase
Preferred Securities	1,887,205.00	Market approach	Transaction price	$100.00	Increase
			Discount rate	31.9%	Decrease
			Probablity rate	0.0% - 50.0% / 25.0%	Increase
		Black scholes	Discount rate	4.6%	Increase
			Volatility	70.0%	Increase
			Term	2.5	Increase

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

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

Gross unrealized appreciation	$473,809,327
Gross unrealized depreciation	(88,289,367)
Net unrealized appreciation (depreciation)	$385,519,960
Tax cost	$766,363,606

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Health Care Portfolio	265,562,093	318,308,383

5. Fees and Other Transactions with Affiliates.

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

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

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

Service Class 2

$378,496

During the period January 1, 2024 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	13,016	.0630
Service Class 2	31,628	.0630
Investor Class	172,341	.1390
	216,985

During the period January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Health Care Portfolio	.0287

	Amount ($)
VIP Health Care Portfolio	3,573

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
VIP Health Care Portfolio	22,755,061	25,096,293	(2,047,206)

6. Committed Line of Credit.

	Amount ($)
VIP Health Care Portfolio	1,067

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Health Care Portfolio	2,727	11	-

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $747.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $51,270.

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Health Care Portfolio
Initial Class
Shares sold	181,922	212,796	$6,443,875	$7,025,917
Shares redeemed	(344,357)	(721,068)	(12,157,259)	(23,782,024)
Net increase (decrease)	(162,435)	(508,272)	$(5,713,384)	$(16,756,107)
Service Class 2
Shares sold	761,514	1,989,981	$26,681,297	$64,950,522
Shares redeemed	(627,916)	(928,292)	(22,066,522)	(30,183,005)
Net increase (decrease)	133,598	1,061,689	$4,614,775	$34,767,517
Investor Class
Shares sold	229,320	481,184	$8,080,373	$15,968,269
Shares redeemed	(1,820,234)	(3,918,715)	(63,513,058)	(126,716,174)
Net increase (decrease)	(1,590,914)	(3,437,531)	$(55,432,685)	$(110,747,905)

10. Other.

Fund	Affiliated %	Number ofUnaffiliated Shareholders	Unaffiliated Shareholders %
VIP Health Care Portfolio	71%	1	25%

11. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Health Care Portfolio

Board Approval of Investment Advisory Contracts and Management Fees

VIP Health Care Portfolio

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

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

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

1.817376.119

VHCIC-SANN-0824

Fidelity® Variable Insurance Products:

VIP Communication Services Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Communication Services Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Communication Services Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
Broadline Retail - 4.8%
Broadline Retail - 4.8%
Amazon.com, Inc. (a)	57,900	11,189,175
Consumer Staples Distribution & Retail - 0.0%
Food Retail - 0.0%
Maplebear, Inc. (NASDAQ)	400	12,856
Diversified Telecommunication Services - 7.7%
Alternative Carriers - 2.9%
GCI Liberty, Inc. Class A (Escrow) (b)(c)	21,982	0
Liberty Global Ltd. Class C (d)	145,800	2,602,530
Liberty Latin America Ltd. Class C (a)(d)	422,690	4,066,278
		6,668,808
Integrated Telecommunication Services - 4.8%
AT&T, Inc.	578,100	11,047,491
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES		17,716,299
Entertainment - 22.2%
Interactive Home Entertainment - 5.5%
Capcom Co. Ltd.	46,300	875,852
Roblox Corp. (a)	72,300	2,690,283
Sea Ltd. ADR Class A (a)	70,900	5,063,678
Skillz, Inc. (a)	95	682
Take-Two Interactive Software, Inc. (a)	15,800	2,456,742
Ubisoft Entertainment SA (a)	76,000	1,663,657
		12,750,894
Movies & Entertainment - 16.7%
Atlanta Braves Holdings, Inc. Class C,	1,198	47,249
Liberty Media Corp. Liberty Formula One Class A	72,400	4,650,252
Liberty Media Corp. Liberty Live Series A	1,810	67,893
Lions Gate Entertainment Corp.:
Class A (a)(d)	4,500	42,390
Class B (a)	111,900	958,983
Lionsgate Studios Corp.	10,500	84,630
Lionsgate Studios Corp. (b)	30,378	244,847
Live Nation Entertainment, Inc. (a)	7,400	693,676
Marcus Corp. (d)	62,600	711,762
Netflix, Inc. (a)	14,610	9,859,997
Roku, Inc. Class A (a)	41,900	2,511,067
Spotify Technology SA (a)	8,100	2,541,699
The Walt Disney Co.	94,323	9,365,331
TKO Group Holdings, Inc.	43,400	4,686,766
Warner Music Group Corp. Class A	69,100	2,117,915
		38,584,457
TOTAL ENTERTAINMENT		51,335,351
Ground Transportation - 2.4%
Passenger Ground Transportation - 2.4%
Uber Technologies, Inc. (a)	76,800	5,581,824
Interactive Media & Services - 54.9%
Interactive Media & Services - 54.9%
Alphabet, Inc. Class A	309,300	56,338,994
Angi, Inc. Class A, (a)(d)	468,199	898,942
Bumble, Inc. (a)	219,100	2,302,741
Match Group, Inc. (a)	63,099	1,916,948
Meta Platforms, Inc. Class A	110,500	55,716,310
Pinterest, Inc. Class A (a)	72,900	3,212,703
Reddit, Inc. Class A	9,200	587,788
Snap, Inc. Class A (a)	351,600	5,840,076
		126,814,502
Media - 7.4%
Advertising - 0.1%
Ibotta, Inc.	100	7,516
S4 Capital PLC (a)	126,300	67,375
		74,891
Broadcasting - 0.2%
Paramount Global Class B	44,000	457,160
Cable & Satellite - 7.1%
Altice U.S.A., Inc. Class A (a)	887,100	1,809,684
Charter Communications, Inc. Class A (a)(d)	16,800	5,022,528
Comcast Corp. Class A	128,000	5,012,480
Liberty Broadband Corp. Class A (a)	84,065	4,589,949
		16,434,641
TOTAL MEDIA		16,966,692
Software - 0.0%
Application Software - 0.0%
Klaviyo, Inc. Class A (d)	400	9,956
TOTAL COMMON STOCKS (Cost $152,095,275)		229,626,655

Money Market Funds - 4.2%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (e)	1,742,886	1,743,235
Fidelity Securities Lending Cash Central Fund 5.38% (e)(f)	7,971,383	7,972,180
TOTAL MONEY MARKET FUNDS (Cost $9,715,415)		9,715,415

TOTAL INVESTMENT IN SECURITIES - 103.6% (Cost $161,810,690)	239,342,070
NET OTHER ASSETS (LIABILITIES) - (3.6)%	(8,320,910)
NET ASSETS - 100.0%	231,021,160

Legend

(a)	Non-income producing

(b)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $244,847 or 0.1% of net assets.

(c)	Level 3 security

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

(e)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
GCI Liberty, Inc. Class A (Escrow)	5/23/23	0

Lionsgate Studios Corp.	12/22/23	292,540

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	316,053	53,110,356	51,683,868	60,834	694	-	1,743,235	0.0%
Fidelity Securities Lending Cash Central Fund 5.38%	2,430,530	25,455,776	19,914,126	1,759	-	-	7,972,180	0.0%
Total	2,746,583	78,566,132	71,597,994	62,593	694	-	9,715,415

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

Investment Valuation

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

Common Stocks	229,626,655	228,750,803	875,852	-

Money Market Funds	9,715,415	9,715,415	-	-
Total Investments in Securities:	239,342,070	238,466,218	875,852	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $7,888,911) - See accompanying schedule:
Unaffiliated issuers (cost $152,095,275)	$	229,626,655
Fidelity Central Funds (cost $9,715,415)		9,715,415


Total Investment in Securities (cost $161,810,690)			$	239,342,070
Foreign currency held at value (cost $40)				40
Receivable for fund shares sold				106,813
Dividends receivable				2,558
Distributions receivable from Fidelity Central Funds				6,873
Prepaid expenses				31
Other receivables				542
Total assets				239,458,927
Liabilities
Payable for fund shares redeemed	$	316,061
Accrued management fee		123,643
Other payables and accrued expenses		25,963
Collateral on securities loaned		7,972,100
Total liabilities				8,437,767
Net Assets			$	231,021,160
Net Assets consist of:
Paid in capital			$	141,478,671
Total accumulated earnings (loss)				89,542,489
Net Assets			$	231,021,160

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($26,856,420 ÷ 1,250,392 shares)			$	21.48
Investor Class :
Net Asset Value, offering price and redemption price per share ($204,164,740 ÷ 9,613,327 shares)			$	21.24

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	649,429
Income from Fidelity Central Funds (including $1,759 from security lending)				62,593
Total income				712,022
Expenses
Management fee	$	655,239
Transfer agent fees		44,494
Accounting fees		12,084
Custodian fees and expenses		2,879
Independent trustees' fees and expenses		445
Audit		20,191
Legal		147
Interest		4,799
Miscellaneous		2,815
Total expenses before reductions		743,093
Expense reductions		(8,999)
Total expenses after reductions				734,094
Net Investment income (loss)				(22,072)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		15,530,660
Fidelity Central Funds		694
Foreign currency transactions		(787)
Total net realized gain (loss)				15,530,567
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		24,836,648
Unfunded commitments		18,834
Assets and liabilities in foreign currencies		(19)
Total change in net unrealized appreciation (depreciation)				24,855,463
Net gain (loss)				40,386,030
Net increase (decrease) in net assets resulting from operations			$	40,363,958

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(22,072)	$	(431,827)
Net realized gain (loss)		15,530,567		193,770
Change in net unrealized appreciation (depreciation)		24,855,463		57,607,844
Net increase (decrease) in net assets resulting from operations		40,363,958		57,369,787
Distributions to shareholders		(1,636,674)		-

Share transactions - net increase (decrease)		(4,534,449)		63,903,344
Total increase (decrease) in net assets		34,192,835		121,273,131

Net Assets
Beginning of period		196,828,325		75,555,194
End of period	$	231,021,160	$	196,828,325

Financial Highlights

VIP Communication Services Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	17.88	$	11.36	$	19.25	$	17.39	$	12.98	$	10.58
Income from Investment Operations
Net investment income (loss) A,B		.01		(.04) C		(.04)		(.07)		(.05)		(.01)
Net realized and unrealized gain (loss)		3.74		6.56		(7.05)		2.74		4.62		3.36
Total from investment operations		3.75		6.52		(7.09)		2.67		4.57		3.35
Distributions from net investment income		-		-		-		-		-		(.01)
Distributions from net realized gain		(.15)		-		(.80)		(.81)		(.16)		(.94)
Total distributions		(.15)		-		(.80)		(.81)		(.16)		(.95)
Net asset value, end of period	$	21.48	$	17.88	$	11.36	$	19.25	$	17.39	$	12.98
Total Return D,E,F		21.05 %		57.39%		(38.14)%		15.65%		35.60%		32.98%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.62% I		.66%		.68%		.66%		.70%		.72%
Expenses net of fee waivers, if any		.61 % I		.66%		.68%		.66%		.70%		.72%
Expenses net of all reductions		.61% I		.66%		.68%		.66%		.70%		.71%
Net investment income (loss)		.05% I		(.24)% C		(.29)%		(.34)%		(.39)%		(.09)%
Supplemental Data
Net assets, end of period (000 omitted)	$	26,856	$	23,566	$	8,116	$	18,332	$	13,370	$	9,865
Portfolio turnover rate J		54 % I		41%		37%		66%		66%		73%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.31)%.

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

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

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

IAnnualized.

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

VIP Communication Services Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	17.69	$	11.25	$	19.08	$	17.23	$	12.88	$	10.50
Income from Investment Operations
Net investment income (loss) A,B		- C		(.05) D		(.05)		(.08)		(.06)		(.02)
Net realized and unrealized gain (loss)		3.70		6.49		(6.98)		2.72		4.57		3.34
Total from investment operations		3.70		6.44		(7.03)		2.64		4.51		3.32
Distributions from net investment income		-		-		-		-		-		(.01)
Distributions from net realized gain		(.15)		-		(.80)		(.79)		(.16)		(.93)
Total distributions		(.15)		-		(.80)		(.79)		(.16)		(.94)
Net asset value, end of period	$	21.24	$	17.69	$	11.25	$	19.08	$	17.23	$	12.88
Total Return E,F,G		20.99 %		57.24%		(38.17)%		15.60%		35.40%		32.95%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.70% J		.74%		.76%		.73%		.78%		.80%
Expenses net of fee waivers, if any		.69 % J		.73%		.75%		.73%		.78%		.80%
Expenses net of all reductions		.69% J		.73%		.75%		.73%		.78%		.79%
Net investment income (loss)		(.03)% J		(.32)% D		(.36)%		(.41)%		(.46)%		(.17)%
Supplemental Data
Net assets, end of period (000 omitted)	$	204,165	$	173,263	$	67,439	$	135,821	$	102,631	$	71,137
Portfolio turnover rate K		54 % J		41%		37%		66%		66%		73%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.38)%.

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

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

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

JAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Book-tax differences are primarily due to foreign currency transactions, net operating losses, 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	$87,411,448
Gross unrealized depreciation	(12,462,244)
Net unrealized appreciation (depreciation)	$74,949,204
Tax cost	$164,392,866

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Communication Services Portfolio	56,060,193	63,069,667

5. Fees and Other Transactions with Affiliates.

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

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

During January 1, 2024 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	2,562	.0630
Investor Class	41,932	.1390
	44,494

During January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Communication Services Portfolio	.0353

	Amount ($)
VIP Communication Services Portfolio	1,303

	Borrower or Lender	Average Loan Balance ($)	Weighted Average Interest Rate	Interest Expense ($)
VIP Communication Services Portfolio	Borrower	4,168,000	5.57%	4,514

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
VIP Communication Services Portfolio	1,271,071	7,022,088	1,867,398

6. Committed Line of Credit.

	Amount ($)
VIP Communication Services Portfolio	183

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Communication Services Portfolio	173	-	-

8. Bank Borrowings.

	Average Loan Balance ($)	Weighted Average Interest Rate	Interest Expense ($)
VIP Communication Services Portfolio	1,757,000	5.83%	285

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8,999.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Communication Services Portfolio
Distributions to shareholders
Initial Class	192,167	-
Investor Class	1,444,507	-
Total	$1,636,674	$ -

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Communication Services Portfolio
Initial Class
Shares sold	127,638	839,661	$2,505,430	$12,501,860
Reinvestment of distributions	9,952	-	192,167	-
Shares redeemed	(204,911)	(236,252)	(3,965,333)	(3,486,397)
Net increase (decrease)	(67,321)	603,409	$(1,267,736)	$9,015,463
Investor Class
Shares sold	946,901	5,204,519	$18,337,235	$76,243,601
Reinvestment of distributions	75,629	-	1,444,507	-
Shares redeemed	(1,202,590)	(1,406,419)	(23,048,455)	(21,355,720)
Net increase (decrease)	(180,060)	3,798,100	$(3,266,713)	$54,887,881

12. Other.

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

Fund	Affiliated %
VIP Communication Services Portfolio	100%

13. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Communication Services Portfolio

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

Board Approval of Investment Advisory Contracts and Management Fees

VIP Communication Services Portfolio

At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

Other Contractual Arrangements. The Board considered that FMR has contractually agreed to reimburse Initial Class and Investor Class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.90% and 0.98% through April 30, 2025.

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

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

1.851007.117

VTELP-SANN-0824

Fidelity® Variable Insurance Products:

VIP Consumer Staples Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Consumer Staples Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Consumer Staples Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
Beverages - 38.5%
Brewers - 3.4%
Boston Beer Co., Inc. Class A (a)	26,350	8,038,068
Distillers & Vintners - 5.0%
Brown-Forman Corp. Class B (non-vtg.)	59,500	2,569,805
Constellation Brands, Inc. Class A (sub. vtg.)	23,316	5,998,740
Diageo PLC	103,951	3,263,439
Duckhorn Portfolio, Inc. (a)(b)	15,900	112,890
		11,944,874
Soft Drinks & Non-alcoholic Beverages - 30.1%
Keurig Dr. Pepper, Inc.	663,373	22,156,658
Monster Beverage Corp. (a)	152,578	7,621,271
PepsiCo, Inc.	53,702	8,857,071
The Coca-Cola Co.	530,038	33,736,919
		72,371,919
TOTAL BEVERAGES		92,354,861
Consumer Staples Distribution & Retail - 11.0%
Consumer Staples Merchandise Retail - 9.0%
BJ's Wholesale Club Holdings, Inc. (a)	12,900	1,133,136
Dollar Tree, Inc. (a)	6,600	704,682
Target Corp.	48,300	7,150,332
Walmart, Inc.	184,927	12,521,407
		21,509,557
Drug Retail - 0.3%
Walgreens Boots Alliance, Inc.	66,500	804,318
Food Distributors - 0.6%
Sysco Corp.	19,144	1,366,690
Food Retail - 1.1%
Albertsons Companies, Inc.	116,200	2,294,950
Alimentation Couche-Tard, Inc. (multi-vtg.)	3,500	196,407
Metro, Inc.	4,800	265,920
		2,757,277
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL		26,437,842
Food Products - 14.9%
Agricultural Products & Services - 2.5%
Archer Daniels Midland Co.	75,700	4,576,065
Bunge Global SA	13,707	1,463,496
		6,039,561
Packaged Foods & Meats - 12.4%
General Mills, Inc.	29,700	1,878,822
Lamb Weston Holdings, Inc.	72,100	6,062,168
Mondelez International, Inc.	104,961	6,868,648
Nomad Foods Ltd.	138,941	2,289,748
The J.M. Smucker Co.	56,500	6,160,760
The Real Good Food Co., Inc. Class A (a)	9,717	4,860
The Simply Good Foods Co. (a)	10,200	368,526
TreeHouse Foods, Inc. (a)	76,716	2,810,874
Tyson Foods, Inc. Class A	57,534	3,287,493
		29,731,899
TOTAL FOOD PRODUCTS		35,771,460
Household Products - 18.9%
Household Products - 18.9%
Energizer Holdings, Inc.	313,656	9,265,398
Procter & Gamble Co.	209,575	34,563,109
Reckitt Benckiser Group PLC	6,600	357,055
The Clorox Co.	9,426	1,286,366
		45,471,928
Oil, Gas & Consumable Fuels - 0.2%
Oil & Gas Refining & Marketing - 0.2%
Parkland Corp.	14,500	406,473
Personal Care Products - 9.4%
Personal Care Products - 9.4%
Estee Lauder Companies, Inc. Class A	72,745	7,740,068
Kenvue, Inc.	821,400	14,933,052
		22,673,120
Tobacco - 6.9%
Tobacco - 6.9%
Altria Group, Inc.	54,304	2,473,547
British American Tobacco PLC sponsored ADR	154,800	4,787,964
Philip Morris International, Inc.	90,543	9,174,722
		16,436,233
TOTAL COMMON STOCKS (Cost $188,598,378)		239,551,917

Money Market Funds - 0.1%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (c)	123,080	123,105
Fidelity Securities Lending Cash Central Fund 5.38% (c)(d)	115,658	115,670
TOTAL MONEY MARKET FUNDS (Cost $238,775)		238,775

TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $188,837,153)	239,790,692
NET OTHER ASSETS (LIABILITIES) - 0.1%	299,904
NET ASSETS - 100.0%	240,090,596

Legend

(a)	Non-income producing

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

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	-	10,155,749	10,032,600	8,105	(44)	-	123,105	0.0%
Fidelity Securities Lending Cash Central Fund 5.38%	851,026	24,656,799	25,392,155	720	-	-	115,670	0.0%
Total	851,026	34,812,548	35,424,755	8,825	(44)	-	238,775

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

Investment Valuation

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

Common Stocks	239,551,917	235,931,423	3,620,494	-

Money Market Funds	238,775	238,775	-	-
Total Investments in Securities:	239,790,692	236,170,198	3,620,494	-


Net Unrealized Appreciation on Unfunded Commitments	1,852	-	-	1,852
Total	1,852	-	-	1,852

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $112,890) - See accompanying schedule:
Unaffiliated issuers (cost $188,598,378)	$	239,551,917
Fidelity Central Funds (cost $238,775)		238,775


Total Investment in Securities (cost $188,837,153)			$	239,790,692
Foreign currency held at value (cost $130)				129
Receivable for investments sold				51,033
Unrealized appreciation on unfunded commitments				1,852
Receivable for fund shares sold				22,996
Dividends receivable				770,496
Distributions receivable from Fidelity Central Funds				1,408
Prepaid expenses				212
Total assets				240,638,818
Liabilities
Payable for fund shares redeemed	$	266,388
Accrued management fee		132,682
Distribution and service plan fees payable		76
Audit fee payable		21,138
Other payables and accrued expenses		12,663
Collateral on securities loaned		115,275
Total liabilities				548,222
Commitments and contingent liabilities (see Commitments note)
Net Assets			$	240,090,596
Net Assets consist of:
Paid in capital			$	180,540,221
Total accumulated earnings (loss)				59,550,375
Net Assets			$	240,090,596

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($22,535,652 ÷ 1,164,546 shares)			$	19.35
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($386,919 ÷ 20,039 shares)			$	19.31
Investor Class :
Net Asset Value, offering price and redemption price per share ($217,168,025 ÷ 11,291,824 shares)			$	19.23

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	3,723,692
Income from Fidelity Central Funds (including $720 from security lending)				8,825
Total income				3,732,517
Expenses
Management fee	$	763,256
Transfer agent fees		56,778
Distribution and service plan fees		604
Accounting fees		15,225
Custodian fees and expenses		19,098
Independent trustees' fees and expenses		554
Audit		23,735
Legal		2,008
Miscellaneous		6,767
Total expenses before reductions		888,025
Expense reductions		(11,609)
Total expenses after reductions				876,416
Net Investment income (loss)				2,856,101
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		7,522,918
Fidelity Central Funds		(44)
Foreign currency transactions		(1,072)
Total net realized gain (loss)				7,521,802
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(3,899,841)
Unfunded commitments		1,852
Assets and liabilities in foreign currencies		(464)
Total change in net unrealized appreciation (depreciation)				(3,898,453)
Net gain (loss)				3,623,349
Net increase (decrease) in net assets resulting from operations			$	6,479,450

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,856,101	$	5,182,711
Net realized gain (loss)		7,521,802		8,620,798
Change in net unrealized appreciation (depreciation)		(3,898,453)		(6,155,561)
Net increase (decrease) in net assets resulting from operations		6,479,450		7,647,948
Distributions to shareholders		(7,008,395)		(8,672,433)

Share transactions - net increase (decrease)		(21,095,395)		(29,065,755)
Total increase (decrease) in net assets		(21,624,340)		(30,090,240)

Net Assets
Beginning of period		261,714,936		291,805,176
End of period	$	240,090,596	$	261,714,936

Financial Highlights

VIP Consumer Staples Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	19.40	$	19.46	$	21.13	$	19.84	$	18.76	$	15.10
Income from Investment Operations
Net investment income (loss) A,B		.23		.38		.35		.38		.35		.39
Net realized and unrealized gain (loss)		.25		.21		(.48)		2.27		1.78		4.22
Total from investment operations		.48		.59		(.13)		2.65		2.13		4.61
Distributions from net investment income		(.09)		(.39)		(.35)		(.40)		(.35)		(.34)
Distributions from net realized gain		(.45)		(.27)		(1.19)		(.96)		(.71)		(.61)
Total distributions		(.53) C		(.65) C		(1.54)		(1.36)		(1.05) C		(.95)
Net asset value, end of period	$	19.35	$	19.40	$	19.46	$	21.13	$	19.84	$	18.76
Total Return D,E,F		2.55 %		3.14%		(.62)%		14.24%		11.78%		31.42%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.64% I		.65%		.65%		.65%		.67%		.67%
Expenses net of fee waivers, if any		.63 % I		.65%		.65%		.65%		.66%		.67%
Expenses net of all reductions		.63% I		.65%		.65%		.65%		.66%		.67%
Net investment income (loss)		2.34% I		1.94%		1.84%		1.89%		1.94%		2.23%
Supplemental Data
Net assets, end of period (000 omitted)	$	22,536	$	23,583	$	26,707	$	22,366	$	20,009	$	21,139
Portfolio turnover rate J		49 % I		53%		46%		64%		51%		46%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

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

VIP Consumer Staples Portfolio Service Class 2

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	19.38	$	20.26
Income from Investment Operations
Net investment income (loss) B,C		.20		.15
Net realized and unrealized gain (loss)		.26		(.45) D
Total from investment operations		.46		(.30)
Distributions from net investment income		(.08)		(.32)
Distributions from net realized gain		(.45)		(.27)
Total distributions		(.53)		(.58) E
Net asset value, end of period	$	19.31	$	19.38
Total Return F,G,H		2.44 %		(1.37)%
Ratios to Average Net Assets C,I,J
Expenses before reductions		.88% K		.91% K
Expenses net of fee waivers, if any		.87 % K		.91% K
Expenses net of all reductions		.87% K		.91% K
Net investment income (loss)		2.10% K		2.11% K
Supplemental Data
Net assets, end of period (000 omitted)	$	387	$	339
Portfolio turnover rate L		49 % K		53%

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

BCalculated based on average shares outstanding during the period.

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

ETotal distributions per share do not sum due to rounding.

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

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

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

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

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

KAnnualized.

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

VIP Consumer Staples Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	19.29	$	19.35	$	21.02	$	19.75	$	18.68	$	15.04
Income from Investment Operations
Net investment income (loss) A,B		.22		.36		.34		.37		.33		.37
Net realized and unrealized gain (loss)		.25		.22		(.48)		2.24		1.78		4.21
Total from investment operations		.47		.58		(.14)		2.61		2.11		4.58
Distributions from net investment income		(.08)		(.37)		(.34)		(.38)		(.33)		(.33)
Distributions from net realized gain		(.45)		(.27)		(1.19)		(.96)		(.71)		(.61)
Total distributions		(.53)		(.64)		(1.53)		(1.34)		(1.04)		(.94)
Net asset value, end of period	$	19.23	$	19.29	$	19.35	$	21.02	$	19.75	$	18.68
Total Return C,D,E		2.50 %		3.08%		(.69)%		14.11%		11.70%		31.33%
Ratios to Average Net Assets A,F,G
Expenses before reductions		.71% H		.73%		.73%		.73%		.74%		.75%
Expenses net of fee waivers, if any		.70 % H		.72%		.73%		.73%		.74%		.75%
Expenses net of all reductions		.70% H		.72%		.73%		.73%		.73%		.75%
Net investment income (loss)		2.27% H		1.86%		1.76%		1.81%		1.86%		2.15%
Supplemental Data
Net assets, end of period (000 omitted)	$	217,168	$	237,792	$	265,098	$	237,025	$	224,492	$	227,607
Portfolio turnover rate I		49 % H		53%		46%		64%		51%		46%

BCalculated based on average shares outstanding during the period.

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

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

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

HAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

1. Organization.

VIP Consumer Staples Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

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

Gross unrealized appreciation	$62,347,382
Gross unrealized depreciation	(12,950,227)
Net unrealized appreciation (depreciation)	$49,397,155
Tax cost	$190,393,537

Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

	Investment to be Acquired	Commitment Amount ($)	Unrealized Appreciation (Depreciation) ($)
VIP Consumer Staples Portfolio	JUUL Labs, Inc. Class A	757,567	1,852

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Consumer Staples Portfolio	60,555,846	85,955,189

5. Fees and Other Transactions with Affiliates.

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

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

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 $604.

During the period January 1, 2024 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	2,436	.0630
Service Class 2	53	.0630
Investor Class	54,289	.1390
	56,778

During the period January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Consumer Staples Portfolio	.0354

	Amount ($)
VIP Consumer Staples Portfolio	1,461

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Consumer Staples Portfolio	3,647,018	4,660,101	70,054

6. Committed Line of Credit.

	Amount ($)
VIP Consumer Staples Portfolio	243

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Consumer Staples Portfolio	70	27	-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,609.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023A
VIP Consumer Staples Portfolio
Distributions to shareholders
Initial Class	$632,353	$797,250
Service Class 2	15,794	8,710
Investor Class	6,360,248	7,866,473
Total	$7,008,395	$8,672,433

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

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023A	Six months ended June 30, 2024	Year ended December 31, 2023A
VIP Consumer Staples Portfolio
Initial Class
Shares sold	93,191	257,903	$1,802,881	$5,092,374
Reinvestment of distributions	33,511	42,208	632,353	797,250
Shares redeemed	(177,883)	(456,611)	(3,436,568)	(8,940,246)
Net increase (decrease)	(51,181)	(156,500)	$(1,001,334)	$(3,050,622)
Service Class 2
Shares sold	28,444	18,717	$548,642	$370,201
Reinvestment of distributions	700	311	13,184	5,833
Shares redeemed	(26,621)	(1,512)	(508,942)	(28,778)
Net increase (decrease)	2,523	17,516	$52,884	$347,256
Investor Class
Shares sold	77,552	995,260	$1,489,729	$19,669,017
Reinvestment of distributions	339,032	418,936	6,360,248	7,866,473
Shares redeemed	(1,454,060)	(2,782,322)	(27,996,922)	(53,897,879)
Net increase (decrease)	(1,037,476)	(1,368,126)	$(20,146,945)	$(26,362,389)

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

11. Other.

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

Fund	Affiliated %
VIP Consumer Staples Portfolio	97%

12. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Consumer Staples Portfolio

Board Approval of Investment Advisory Contracts and Management Fees

VIP Consumer Staples Portfolio

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

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

1.850997.117

VCSP-SANN-0824

Fidelity® Variable Insurance Products:

VIP Industrials Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Industrials Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Industrials Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares	Value ($)
Aerospace & Defense - 22.4%
Aerospace & Defense - 22.4%
Axon Enterprise, Inc. (a)	1,700	500,208
General Dynamics Corp.	16,200	4,700,268
General Electric Co.	82,656	13,139,825
Howmet Aerospace, Inc.	111,088	8,623,761
Huntington Ingalls Industries, Inc.	5,400	1,330,182
Loar Holdings, Inc. (b)	200	10,682
Lockheed Martin Corp.	3,148	1,470,431
The Boeing Co. (a)	49,409	8,992,932
TransDigm Group, Inc.	6,400	8,176,704
		46,944,993
Air Freight & Logistics - 4.3%
Air Freight & Logistics - 4.3%
FedEx Corp.	29,700	8,905,248
Building Products - 9.8%
Building Products - 9.8%
Carlisle Companies, Inc.	7,396	2,996,933
Fortune Brands Innovations, Inc.	17,000	1,103,980
Johnson Controls International PLC	39,964	2,656,407
Simpson Manufacturing Co. Ltd.	12,230	2,061,122
The AZEK Co., Inc. Class A, (a)	75,900	3,197,667
Trane Technologies PLC	25,724	8,461,395
		20,477,504
Commercial Services & Supplies - 3.1%
Diversified Support Services - 0.9%
Cintas Corp.	2,700	1,890,702
Environmental & Facilities Services - 2.2%
Waste Connections, Inc. (United States)	26,700	4,682,112
TOTAL COMMERCIAL SERVICES & SUPPLIES		6,572,814
Construction & Engineering - 3.8%
Construction & Engineering - 3.8%
Comfort Systems U.S.A., Inc.	3,400	1,034,008
Quanta Services, Inc.	16,600	4,217,894
Willscot Mobile Mini Holdings (a)	72,600	2,732,664
		7,984,566
Construction Materials - 1.0%
Construction Materials - 1.0%
Eagle Materials, Inc.	9,632	2,094,575
Electrical Equipment - 10.8%
Electrical Components & Equipment - 8.7%
AMETEK, Inc.	28,200	4,701,222
Eaton Corp. PLC	24,424	7,658,145
Regal Rexnord Corp.	34,271	4,634,125
Vertiv Holdings Co.	13,900	1,203,323
		18,196,815
Heavy Electrical Equipment - 2.1%
GE Vernova LLC	25,889	4,440,222
TOTAL ELECTRICAL EQUIPMENT		22,637,037
Ground Transportation - 14.2%
Cargo Ground Transportation - 6.1%
Knight-Swift Transportation Holdings, Inc.	81,500	4,068,480
Saia, Inc. (a)	12,100	5,738,909
XPO, Inc. (a)	28,100	2,982,815
		12,790,204
Passenger Ground Transportation - 2.8%
Uber Technologies, Inc. (a)	82,300	5,981,564
Rail Transportation - 5.3%
CSX Corp.	25,936	867,559
Union Pacific Corp.	44,900	10,159,074
		11,026,633
TOTAL GROUND TRANSPORTATION		29,798,401
Household Durables - 1.2%
Homebuilding - 1.2%
TopBuild Corp. (a)	6,300	2,427,201
Machinery - 20.1%
Agricultural & Farm Machinery - 1.3%
Deere & Co.	7,200	2,690,136
Construction Machinery & Heavy Transportation Equipment - 1.8%
Caterpillar, Inc.	11,200	3,730,720
Industrial Machinery & Supplies & Components - 17.0%
Chart Industries, Inc. (a)(b)	25,180	3,634,481
Dover Corp.	36,640	6,611,688
Fortive Corp.	13,092	970,117
Ingersoll Rand, Inc.	106,832	9,704,619
ITT, Inc.	49,700	6,420,246
Parker Hannifin Corp.	16,580	8,386,330
		35,727,481
TOTAL MACHINERY		42,148,337
Professional Services - 3.3%
Research & Consulting Services - 3.3%
KBR, Inc.	44,400	2,847,816
Leidos Holdings, Inc.	27,928	4,074,137
		6,921,953
Trading Companies & Distributors - 5.6%
Trading Companies & Distributors - 5.6%
FTAI Aviation Ltd.	19,400	2,002,662
United Rentals, Inc.	7,600	4,915,148
W.W. Grainger, Inc.	3,064	2,764,463
Watsco, Inc. (b)	4,600	2,130,904
		11,813,177
TOTAL COMMON STOCKS (Cost $155,952,881)		208,725,806

Money Market Funds - 2.3%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (c)	637,980	638,108
Fidelity Securities Lending Cash Central Fund 5.38% (c)(d)	4,247,900	4,248,325
TOTAL MONEY MARKET FUNDS (Cost $4,886,433)		4,886,433

TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $160,839,314)	213,612,239
NET OTHER ASSETS (LIABILITIES) - (1.9)%	(4,075,765)
NET ASSETS - 100.0%	209,536,474

Legend

(a)	Non-income producing

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

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	1,179,923	25,329,852	25,871,744	28,628	77	-	638,108	0.0%
Fidelity Securities Lending Cash Central Fund 5.38%	-	19,230,742	14,982,417	870	-	-	4,248,325	0.0%
Total	1,179,923	44,560,594	40,854,161	29,498	77	-	4,886,433

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

Investment Valuation

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

Common Stocks	208,725,806	208,725,806	-	-

Money Market Funds	4,886,433	4,886,433	-	-
Total Investments in Securities:	213,612,239	213,612,239	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $4,184,163) - See accompanying schedule:
Unaffiliated issuers (cost $155,952,881)	$	208,725,806
Fidelity Central Funds (cost $4,886,433)		4,886,433


Total Investment in Securities (cost $160,839,314)			$	213,612,239
Receivable for investments sold				716,489
Dividends receivable				104,362
Distributions receivable from Fidelity Central Funds				2,921
Prepaid expenses				181
Total assets				214,436,192
Liabilities
Payable for investments purchased	$	209,206
Payable for fund shares redeemed		300,139
Accrued management fee		114,158
Other payables and accrued expenses		27,890
Collateral on securities loaned		4,248,325
Total liabilities				4,899,718
Net Assets			$	209,536,474
Net Assets consist of:
Paid in capital			$	153,820,982
Total accumulated earnings (loss)				55,715,492
Net Assets			$	209,536,474

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($31,096,144 ÷ 1,335,138 shares)			$	23.29
Investor Class :
Net Asset Value, offering price and redemption price per share ($178,440,330 ÷ 7,757,454 shares)			$	23.00

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	820,435
Income from Fidelity Central Funds (including $870 from security lending)				29,498
Total income				849,933
Expenses
Management fee	$	617,440
Transfer agent fees		39,298
Accounting fees		10,900
Custodian fees and expenses		4,776
Independent trustees' fees and expenses		418
Audit		20,190
Legal		1,422
Miscellaneous		4,763
Total expenses before reductions		699,207
Expense reductions		(8,205)
Total expenses after reductions				691,002
Net Investment income (loss)				158,931
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		3,105,535
Fidelity Central Funds		77
Total net realized gain (loss)				3,105,612
Change in net unrealized appreciation (depreciation) on investment securities				18,618,851
Net gain (loss)				21,724,463
Net increase (decrease) in net assets resulting from operations			$	21,883,394

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	158,931	$	427,215
Net realized gain (loss)		3,105,612		20,308,279
Change in net unrealized appreciation (depreciation)		18,618,851		13,074,598
Net increase (decrease) in net assets resulting from operations		21,883,394		33,810,092
Distributions to shareholders		(14,204,391)		(404,818)

Share transactions - net increase (decrease)		18,082,889		(3,303,258)
Total increase (decrease) in net assets		25,761,892		30,102,016

Net Assets
Beginning of period		183,774,582		153,672,566
End of period	$	209,536,474	$	183,774,582

Financial Highlights

VIP Industrials Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	22.40	$	18.23	$	23.44	$	23.29	$	21.98	$	19.29
Income from Investment Operations
Net investment income (loss) A,B		.03		.06 C		.05 D		(.02)		.03		.24
Net realized and unrealized gain (loss)		2.62		4.17		(2.43)		3.57		2.57		4.92
Total from investment operations		2.65		4.23		(2.38)		3.55		2.60		5.16
Distributions from net investment income		(.02)		(.06)		(.03)		-		(.10) E		(.24)
Distributions from net realized gain		(1.74)		-		(2.79)		(3.40)		(1.19) E		(2.23)
Total distributions		(1.76)		(.06)		(2.83) F		(3.40)		(1.29)		(2.47)
Net asset value, end of period	$	23.29	$	22.40	$	18.23	$	23.44	$	23.29	$	21.98
Total Return G,H,I		12.32 %		23.25%		(10.30)%		17.09%		12.32%		28.15%
Ratios to Average Net Assets B,J,K
Expenses before reductions		.62% L		.66%		.66%		.66%		.68%		.67%
Expenses net of fee waivers, if any		.61 % L		.66%		.66%		.66%		.68%		.67%
Expenses net of all reductions		.61% L		.66%		.66%		.66%		.67%		.67%
Net investment income (loss)		.23% L		.33% C		.28% D		(.08)%		.17%		1.13%
Supplemental Data
Net assets, end of period (000 omitted)	$	31,096	$	28,377	$	25,557	$	31,026	$	29,873	$	33,078
Portfolio turnover rate M		32 % L		162%		83%		197%		240%		121%

ACalculated based on average shares outstanding during the period.

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

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

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

FTotal distributions per share do not sum due to rounding.

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

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

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

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

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

LAnnualized.

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

VIP Industrials Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	22.15	$	18.02	$	23.22	$	23.10	$	21.82	$	19.17
Income from Investment Operations
Net investment income (loss) A,B		.02		.05 C		.04 D		(.04)		.02		.22
Net realized and unrealized gain (loss)		2.59		4.13		(2.43)		3.55		2.53		4.88
Total from investment operations		2.61		4.18		(2.39)		3.51		2.55		5.10
Distributions from net investment income		(.02)		(.05)		(.02)		-		(.08) E		(.22)
Distributions from net realized gain		(1.74)		-		(2.79)		(3.39)		(1.19) E		(2.23)
Total distributions		(1.76)		(.05)		(2.81)		(3.39)		(1.27)		(2.45)
Net asset value, end of period	$	23.00	$	22.15	$	18.02	$	23.22	$	23.10	$	21.82
Total Return F,G,H		12.27 %		23.21%		(10.42)%		17.03%		12.19%		28.03%
Ratios to Average Net Assets B,I,J
Expenses before reductions		.70% K		.74%		.74%		.74%		.76%		.75%
Expenses net of fee waivers, if any		.69 % K		.73%		.73%		.74%		.76%		.75%
Expenses net of all reductions		.69% K		.73%		.73%		.74%		.75%		.75%
Net investment income (loss)		.14% K		.26% C		.20% D		(.16)%		.10%		1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$	178,440	$	155,397	$	128,115	$	146,886	$	135,328	$	138,417
Portfolio turnover rate L		32 % K		162%		83%		197%		240%		121%

ACalculated based on average shares outstanding during the period.

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

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

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

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

KAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

1. Organization.

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

2. Investments in Fidelity Central Funds.

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