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)

William C. Coffey, 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, 2019

Item 1.

Reports to Stockholders

Fidelity® Variable Insurance Products:

Technology Portfolio

Semi-Annual Report

June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, and if your insurance carrier elects to participate, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your variable insurance product unless you specifically request paper copies from your financial professional or the administrator of your variable insurance product. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically, by contacting your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548. Your election to receive reports in paper will apply to all funds available under your variable insurance product.

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
Microsoft Corp.	17.4
Apple, Inc.	16.4
Visa, Inc. Class A	5.9
MasterCard, Inc. Class A	3.8
Adobe, Inc.	3.3
Netflix, Inc.	2.8
Salesforce.com, Inc.	2.4
PayPal Holdings, Inc.	2.0
Broadcom, Inc.	1.9
Accenture PLC Class A	1.9
	57.8

Top Industries (% of fund's net assets)

As of June 30, 2019
	Software	31.4%
	IT Services	22.3%
	Technology Hardware, Storage & Peripherals	17.1%
	Semiconductors & Semiconductor Equipment	15.2%
	Entertainment	2.8%
	All Others*	11.2%

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

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value
Communications Equipment - 2.2%
Communications Equipment - 2.2%
Arista Networks, Inc. (a)	6,600	$1,713,492
Cisco Systems, Inc.	212,083	11,607,303
Motorola Solutions, Inc.	20,800	3,467,984
		16,788,779
Electronic Equipment & Components - 2.2%
Electronic Components - 0.9%
Amphenol Corp. Class A	35,669	3,422,084
Corning, Inc.	99,656	3,311,569
		6,733,653
Electronic Equipment & Instruments - 0.5%
Keysight Technologies, Inc. (a)	22,489	2,019,737
Zebra Technologies Corp. Class A (a)	6,600	1,382,634
		3,402,371
Electronic Manufacturing Services - 0.5%
TE Connectivity Ltd.	42,800	4,099,384
Technology Distributors - 0.3%
CDW Corp.	18,400	2,042,400

TOTAL ELECTRONIC EQUIPMENT & COMPONENTS		16,277,808

Entertainment - 2.8%
Movies & Entertainment - 2.8%
Netflix, Inc. (a)	58,132	21,353,046
Equity Real Estate Investment Trusts (REITs) - 0.6%
Diversified REITs - 0.6%
Ant International Co. Ltd. Class C (a)(b)(c)	567,730	4,275,007
Food & Staples Retailing - 0.0%
Food Retail - 0.0%
Grocery Outlet Holding Corp.	1,900	62,472
Health Care Equipment & Supplies - 0.0%
Health Care Equipment - 0.0%
China Medical Technologies, Inc. sponsored ADR (a)(c)	300	0
Interactive Media & Services - 1.7%
Interactive Media & Services - 1.7%
Alphabet, Inc. Class C (a)	12,161	13,144,947
Internet & Direct Marketing Retail - 2.7%
Internet & Direct Marketing Retail - 2.7%
Amazon.com, Inc. (a)	4,000	7,574,520
eBay, Inc.	149,400	5,901,300
Meituan Dianping Class B	802,634	7,038,216
		20,514,036
IT Services - 22.3%
Data Processing & Outsourced Services - 17.6%
Alliance Data Systems Corp.	5,800	812,754
Automatic Data Processing, Inc.	53,101	8,779,188
Broadridge Financial Solutions, Inc.	13,940	1,779,859
Fidelity National Information Services, Inc.	39,604	4,858,619
First Data Corp. Class A (a)	60,189	1,629,316
Fiserv, Inc. (a)	50,000	4,558,000
FleetCor Technologies, Inc. (a)	11,400	3,201,690
Global Payments, Inc.	19,900	3,186,587
Jack Henry & Associates, Inc.	9,233	1,236,483
MasterCard, Inc. Class A	109,100	28,860,223
Paychex, Inc.	39,555	3,254,981
PayPal Holdings, Inc. (a)	133,300	15,257,518
Square, Inc. (a)	38,000	2,756,140
The Western Union Co.	52,690	1,048,004
Total System Services, Inc.	20,800	2,668,016
Visa, Inc. Class A	256,500	44,515,575
Worldpay, Inc. (a)	38,600	4,730,430
		133,133,383
Internet Services & Infrastructure - 2.2%
Akamai Technologies, Inc. (a)	20,200	1,618,828
GoDaddy, Inc. (a)	21,100	1,480,165
MongoDB, Inc. Class A (a)(d)	43,000	6,539,870
Okta, Inc. (a)	33,100	4,088,181
VeriSign, Inc. (a)	13,370	2,796,469
		16,523,513
IT Consulting & Other Services - 2.5%
Accenture PLC Class A	76,010	14,044,368
DXC Technology Co.	35,200	1,941,280
Gartner, Inc. (a)	10,803	1,738,635
Leidos Holdings, Inc.	15,185	1,212,522
		18,936,805

TOTAL IT SERVICES		168,593,701

Life Sciences Tools & Services - 0.0%
Life Sciences Tools & Services - 0.0%
JHL Biotech, Inc. (a)(c)	94,814	94,113
Road & Rail - 0.7%
Trucking - 0.7%
Lyft, Inc.	4,200	275,982
Lyft, Inc.	45,297	2,827,643
Uber Technologies, Inc.	45,124	1,883,566
		4,987,191
Semiconductors & Semiconductor Equipment - 15.2%
Semiconductor Equipment - 3.5%
Applied Materials, Inc.	311,000	13,967,010
ASML Holding NV (Netherlands)	13,000	2,705,169
KLA-Tencor Corp.	20,100	2,375,820
Lam Research Corp.	38,500	7,231,840
		26,279,839
Semiconductors - 11.7%
Advanced Micro Devices, Inc. (a)	115,500	3,507,735
Analog Devices, Inc.	44,700	5,045,289
Broadcom, Inc.	50,803	14,624,152
Intel Corp.	213,608	10,225,415
Marvell Technology Group Ltd.	222,700	5,315,849
Microchip Technology, Inc. (d)	28,600	2,479,620
Micron Technology, Inc. (a)	142,100	5,483,639
NVIDIA Corp.	69,300	11,381,139
NXP Semiconductors NV	37,300	3,640,853
ON Semiconductor Corp. (a)	52,185	1,054,659
Qorvo, Inc. (a)	16,500	1,099,065
Qualcomm, Inc.	169,550	12,897,669
Skyworks Solutions, Inc.	23,100	1,784,937
Texas Instruments, Inc.	83,048	9,530,588
		88,070,609

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		114,350,448

Software - 31.4%
Application Software - 11.8%
Adobe, Inc. (a)	84,900	25,015,785
ANSYS, Inc. (a)	9,322	1,909,332
Atlassian Corp. PLC (a)	25,704	3,363,111
Autodesk, Inc. (a)	27,800	4,528,620
Cadence Design Systems, Inc. (a)	33,970	2,405,416
Citrix Systems, Inc.	16,400	1,609,496
Intuit, Inc.	45,300	11,838,249
Nutanix, Inc. Class B (a)(e)	6,397	165,938
Parametric Technology Corp. (a)	88,642	7,956,506
Salesforce.com, Inc. (a)	121,700	18,465,541
Splunk, Inc. (a)	16,400	2,062,300
SS&C Technologies Holdings, Inc.	66,000	3,802,260
Synopsys, Inc. (a)	16,468	2,119,267
Workday, Inc. Class A (a)	18,000	3,700,440
		88,942,261
Systems Software - 19.6%
Crowdstrike Holdings, Inc.	1,200	81,948
Fortinet, Inc. (a)	17,108	1,314,408
Microsoft Corp.	980,500	131,347,778
Palo Alto Networks, Inc. (a)	11,300	2,302,488
Red Hat, Inc. (a)	21,400	4,018,064
ServiceNow, Inc. (a)	21,300	5,848,341
Symantec Corp.	75,000	1,632,000
Tableau Software, Inc. (a)	8,400	1,394,568
		147,939,595

TOTAL SOFTWARE		236,881,856

Technology Hardware, Storage & Peripherals - 17.1%
Technology Hardware, Storage & Peripherals - 17.1%
Apple, Inc.	627,515	124,197,769
NetApp, Inc.	31,500	1,943,550
Seagate Technology LLC	32,600	1,536,112
Western Digital Corp.	34,900	1,659,495
		129,336,926
TOTAL COMMON STOCKS
(Cost $555,395,963)		746,660,330

Convertible Preferred Stocks - 0.4%
Food & Staples Retailing - 0.3%
Food Retail - 0.3%
Roofoods Ltd. Series F (a)(b)(c)	4,211	1,759,777
Internet & Direct Marketing Retail - 0.1%
Internet & Direct Marketing Retail - 0.1%
Reddit, Inc. Series D (b)(c)	33,900	735,166
Software - 0.0%
Application Software - 0.0%
UiPath, Inc.:
Series A1 (b)(c)	3,467	136,432
Series B1 (b)(c)	173	6,808
Series B2 (b)(c)	860	33,842
		177,082
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $2,401,134)		2,672,025

Money Market Funds - 1.9%
Fidelity Cash Central Fund 2.42% (f)	6,052,581	6,053,792
Fidelity Securities Lending Cash Central Fund 2.42% (f)(g)	8,585,250	8,586,108
TOTAL MONEY MARKET FUNDS
(Cost $14,639,900)		14,639,900
TOTAL INVESTMENT IN SECURITIES - 101.2%
(Cost $572,436,997)		763,972,255
NET OTHER ASSETS (LIABILITIES) - (1.2)%		(8,727,970)
NET ASSETS - 100%		$755,244,285

Legend

(a) Non-income producing

(b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,947,032 or 0.9% of net assets.

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $165,938 or 0.0% of net assets.

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Ant International Co. Ltd. Class C	5/16/18	$3,184,965
Reddit, Inc. Series D	2/4/19	$735,166
Roofoods Ltd. Series F	9/12/17	$1,488,886
UiPath, Inc. Series A1	6/14/19	$136,432
UiPath, Inc. Series B1	6/14/19	$6,808
UiPath, Inc. Series B2	6/14/19	$33,842

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$58,964
Fidelity Securities Lending Cash Central Fund	522,078
Total	$581,042

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of payments to and from borrowers of securities.

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2019, 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	$746,660,330	$734,874,832	$7,416,378	$4,369,120
Convertible Preferred Stocks	2,672,025	--	--	2,672,025
Money Market Funds	14,639,900	14,639,900	--	--
Total Investments in Securities:	$763,972,255	$749,514,732	$7,416,378	$7,041,145

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

Investments in Securities:
Beginning Balance	$8,684,070
Total Realized Gain (Loss)	--
Total Unrealized Gain (Loss)	289,827
Cost of Purchases	912,248
Proceeds of Sales	(2,845,000)
Amortization/Accretion	--
Transfers in to Level 3	--
Transfers out of Level 3	--
Ending Balance	$7,041,145
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2019	$1,790,514

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $8,417,669) — See accompanying schedule: Unaffiliated issuers (cost $557,797,097)	$749,332,355
Fidelity Central Funds (cost $14,639,900)	14,639,900
Total Investment in Securities (cost $572,436,997)		$763,972,255
Receivable for fund shares sold		263,152
Dividends receivable		304,112
Distributions receivable from Fidelity Central Funds		9,419
Prepaid expenses		5,464
Other receivables		1,926
Total assets		764,556,328
Liabilities
Payable for fund shares redeemed	$250,513
Accrued management fee	330,213
Other affiliated payables	100,935
Other payables and accrued expenses	50,977
Collateral on securities loaned	8,579,405
Total liabilities		9,312,043
Net Assets		$755,244,285
Net Assets consist of:
Paid in capital		$590,098,025
Total distributable earnings (loss)		165,146,260
Net Assets		$755,244,285
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($150,946,564 ÷ 9,315,536 shares)		$16.20
Investor Class:
Net Asset Value, offering price and redemption price per share ($604,297,721 ÷ 37,858,936 shares)		$15.96

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$4,143,367
Income from Fidelity Central Funds (including $522,078 from security lending)		581,042
Total income		4,724,409
Expenses
Management fee	$1,908,777
Transfer agent fees	457,635
Accounting and security lending fees	126,539
Custodian fees and expenses	32,639
Independent trustees' fees and expenses	1,667
Audit	33,623
Legal	1,267
Miscellaneous	4,591
Total expenses before reductions	2,566,738
Expense reductions	(19,666)
Total expenses after reductions		2,547,072
Net investment income (loss)		2,177,337
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,187,344
Fidelity Central Funds	702
Foreign currency transactions	(2,048)
Total net realized gain (loss)		4,185,998
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	161,705,311
Fidelity Central Funds	(58)
Assets and liabilities in foreign currencies	(786)
Total change in net unrealized appreciation (depreciation)		161,704,467
Net gain (loss)		165,890,465
Net increase (decrease) in net assets resulting from operations		$168,067,802

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,177,337	$1,676,472
Net realized gain (loss)	4,185,998	102,912,665
Change in net unrealized appreciation (depreciation)	161,704,467	(163,403,448)
Net increase (decrease) in net assets resulting from operations	168,067,802	(58,814,311)
Distributions to shareholders	(133,266,077)	(52,270,559)
Share transactions - net increase (decrease)	108,340,391	30,975,773
Total increase (decrease) in net assets	143,142,116	(80,109,097)
Net Assets
Beginning of period	612,102,169	692,211,266
End of period	$755,244,285	$612,102,169

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

Financial Highlights

VIP Technology Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$15.76	$18.43	$12.76	$11.91	$11.83	$12.43
Income from Investment Operations
Net investment income (loss)^A	.05	.05	.01	.02	.02	.01
Net realized and unrealized gain (loss)	3.81	(1.34)	6.41	1.22	.71	1.38
Total from investment operations	3.86	(1.29)	6.42	1.24	.73	1.39
Distributions from net investment income	(.01)	–	–^B	(.02)	(.02)	(.01)
Distributions from net realized gain	(3.40)	(1.38)	(.75)	(.37)	(.63)	(1.98)
Total distributions	(3.42)^C	(1.38)	(.75)	(.39)	(.65)	(1.99)
Redemption fees added to paid in capital^A	–	–	–^B	–^B	–^B	–^B
Net asset value, end of period	$16.20	$15.76	$18.43	$12.76	$11.91	$11.83
Total Return^D,^E,^F	27.96%	(7.62)%	50.78%	11.37%	6.27%	11.91%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.66%^I	.66%	.68%	.70%	.69%	.70%
Expenses net of fee waivers, if any	.66%^I	.66%	.68%	.70%	.69%	.69%
Expenses net of all reductions	.65%^I	.64%	.67%	.69%	.68%	.69%
Net investment income (loss)	.68%^I	.27%	.03%	.17%	.16%	.13%
Supplemental Data
Net assets, end of period (000 omitted)	$150,947	$123,867	$154,984	$75,480	$70,596	$69,964
Portfolio turnover rate^J	12%^I	139%	68%	67%	68%	67%

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

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

^C Total distributions of $3.42 per share is comprised of distributions from net investment income of $.012 and distributions from net realized gain of $3.404 per share.

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

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

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

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

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

^I Annualized

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

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

VIP Technology Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$15.57	$18.23	$12.63	$11.79	$11.73	$12.34
Income from Investment Operations
Net investment income (loss)^A	.05	.04	(.01)	.01	.01	.01
Net realized and unrealized gain (loss)	3.75	(1.34)	6.35	1.21	.69	1.36
Total from investment operations	3.80	(1.30)	6.34	1.22	.70	1.37
Distributions from net investment income	(.01)	–	–^B	(.01)	(.01)	(.01)
Distributions from net realized gain	(3.40)	(1.36)	(.74)	(.37)	(.63)	(1.98)
Total distributions	(3.41)	(1.36)	(.74)	(.38)	(.64)	(1.98)^C
Redemption fees added to paid in capital^A	–	–	–^B	–^B	–^B	–^B
Net asset value, end of period	$15.96	$15.57	$18.23	$12.63	$11.79	$11.73
Total Return^D,^E,^F	27.96%	(7.73)%	50.67%	11.34%	6.08%	11.86%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.74%^I	.74%	.76%	.78%	.77%	.78%
Expenses net of fee waivers, if any	.74%^I	.73%	.76%	.78%	.77%	.77%
Expenses net of all reductions	.73%^I	.72%	.75%	.77%	.76%	.77%
Net investment income (loss)	.60%^I	.20%	(.05)%	.09%	.08%	.05%
Supplemental Data
Net assets, end of period (000 omitted)	$604,298	$488,235	$537,227	$254,287	$241,491	$180,147
Portfolio turnover rate^J	12%^I	139%	68%	67%	68%	67%

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

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

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

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

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

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

^I Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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, 2019, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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) 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	$197,311,302
Gross unrealized depreciation	(8,374,953)
Net unrealized appreciation (depreciation)	$188,936,349
Tax cost	$575,035,906

The Fund elected to defer to its next fiscal year approximately $26,383,527 of capital losses recognized during the period November 1, 2018 to December 31, 2018.

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $42,932,161 and $69,928,909, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity SelectCo, LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by Fidelity Management & Research Company (FMR) and the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .54% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements, equal to an annual rate of class-level average net assets. The annual rate for Investor Class is .15% and the annual rate for all other classes is .07%. For the period, transfer agent fees for each class were as follows:

Initial Class	$46,149
Investor Class	411,486
	$457,635

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to an annualized rate of .04%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,655 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $992 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

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

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $17,093 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $10.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2,563.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
Distributions to shareholders
Initial Class	$26,569,001	$11,544,861
Investor Class	106,697,076	40,725,698
Total	$133,266,077	$52,270,559

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
Initial Class
Shares sold	601,369	1,652,009	$9,505,041	$31,765,341
Reinvestment of distributions	1,904,588	670,181	26,569,001	11,544,861
Shares redeemed	(1,049,901)	(2,873,325)	(16,083,336)	(53,337,180)
Net increase (decrease)	1,456,056	(551,135)	$19,990,706	$(10,026,978)
Investor Class
Shares sold	1,971,388	7,335,943	$30,349,201	$138,857,274
Reinvestment of distributions	7,759,787	2,392,513	106,697,076	40,725,698
Shares redeemed	(3,220,223)	(7,857,912)	(48,696,592)	(138,580,221)
Net increase (decrease)	6,510,952	1,870,544	$88,349,685	$41,002,751

11. Other.

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

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
Initial Class	.66%
Actual		$1,000.00	$1,279.60	$3.73
Hypothetical-^C		$1,000.00	$1,021.52	$3.31
Investor Class	.74%
Actual		$1,000.00	$1,279.60	$4.18
Hypothetical-^C		$1,000.00	$1,021.12	$3.71

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

VIP Technology Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity SelectCo, LLC (SelectCo), an affiliate of Fidelity Management & Research Company (FMR), and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. SelectCo 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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 January 2019 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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 that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted 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 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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The fund had a portfolio manager change in July 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager change.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against an appropriate securities market index ("benchmark index"). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended June 30, 2018, as shown below.

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.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity variable annuity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended June 30 shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

VIP Technology Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

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.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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 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.

PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.

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

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

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

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (iii) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (iv) the methodology with respect to the evaluation of competitive fund data and peer group classifications and fee comparisons; (v) the expense structures for different funds and classes; (vi) information regarding other accounts managed by Fidelity, including collective investment trusts; and (vii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Fidelity Investments

VTECIC-SANN-0819
1.817388.114

Fidelity® Variable Insurance Products:

Energy Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
Chevron Corp.	17.5
EOG Resources, Inc.	7.7
Valero Energy Corp.	6.7
Exxon Mobil Corp.	4.8
Diamondback Energy, Inc.	4.6
Pioneer Natural Resources Co.	4.5
ConocoPhillips Co.	4.1
Phillips 66 Co.	3.9
Marathon Petroleum Corp.	3.2
Hess Corp.	2.5
	59.5

Top Industries (% of fund's net assets)

As of June 30, 2019
	Oil, Gas & Consumable Fuels	91.5%
	Energy Equipment & Services	6.6%
	Machinery	0.7%
	Electric Utilities	0.2%
	Chemicals	0.1%
	All Others*	0.9%

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

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value
Chemicals - 0.1%
Commodity Chemicals - 0.1%
LG Chemical Ltd.	857	$262,529
Electric Utilities - 0.2%
Electric Utilities - 0.2%
DONG Energy A/S (a)	4,900	423,701
Energy Equipment & Services - 6.6%
Oil & Gas Drilling - 0.8%
AKITA Drilling Ltd. Class A (non-vtg.)	44,185	84,351
Odfjell Drilling Ltd. (b)	140,050	426,859
Patterson-UTI Energy, Inc.	37,900	436,229
Shelf Drilling Ltd. (a)(b)	216,333	748,123
		1,695,562
Oil & Gas Equipment & Services - 5.8%
Baker Hughes, a GE Co. Class A	115,900	2,854,617
Dmc Global, Inc.	5,400	342,090
Forum Energy Technologies, Inc. (b)	138,600	474,012
Halliburton Co.	46,600	1,059,684
Hunting PLC	44,900	291,091
Liberty Oilfield Services, Inc. Class A	37,000	598,660
RigNet, Inc. (b)	93,800	945,504
Schlumberger Ltd.	115,209	4,578,406
Solaris Oilfield Infrastructure, Inc. Class A (c)	102,500	1,535,450
Tenaris SA sponsored ADR	8,300	218,373
		12,897,887

TOTAL ENERGY EQUIPMENT & SERVICES		14,593,449

Independent Power and Renewable Electricity Producers - 0.1%
Renewable Electricity - 0.1%
NextEra Energy Partners LP	2,839	136,982
Machinery - 0.7%
Industrial Machinery - 0.7%
Cactus, Inc. (b)	9,200	304,704
ProPetro Holding Corp. (b)	58,200	1,204,740
		1,509,444
Oil, Gas & Consumable Fuels - 91.5%
Integrated Oil & Gas - 26.9%
Chevron Corp.	311,031	38,704,698
Equinor ASA	47,700	941,927
Exxon Mobil Corp.	138,848	10,639,922
Occidental Petroleum Corp.	99,600	5,007,888
Suncor Energy, Inc.	131,800	4,111,359
		59,405,794
Oil & Gas Exploration & Production - 43.7%
Berry Petroleum Corp.	116,800	1,238,080
Black Stone Minerals LP	16,700	258,850
Brigham Minerals, Inc. Class A	25,200	540,792
Cabot Oil & Gas Corp.	173,700	3,988,152
Concho Resources, Inc.	24,124	2,489,114
ConocoPhillips Co.	148,200	9,040,200
Continental Resources, Inc. (b)	86,079	3,623,065
Devon Energy Corp.	190,200	5,424,504
Diamondback Energy, Inc.	92,799	10,112,307
Encana Corp. (Toronto)	786,800	4,037,491
EOG Resources, Inc.	183,542	17,098,773
EQT Corp.	11,900	188,139
Hess Corp.	85,400	5,428,878
Kosmos Energy Ltd.	300,700	1,885,389
Lundin Petroleum AB	50,000	1,550,158
Magnolia Oil & Gas Corp. Class A (b)(c)	225,600	2,612,448
National Energy Services Reunited Corp. (b)	2,800	24,360
Noble Energy, Inc.	216,100	4,840,640
Northern Oil & Gas, Inc. (b)(c)	631,200	1,218,216
Parex Resources, Inc. (b)	197,300	3,165,418
Parsley Energy, Inc. Class A (b)	120,530	2,291,275
PDC Energy, Inc. (b)	25,034	902,726
Pioneer Natural Resources Co.	65,265	10,041,673
Talos Energy, Inc. (b)	13,800	331,890
Texas Pacific Land Trust	200	157,398
Viper Energy Partners LP	136,000	4,191,520
		96,681,456
Oil & Gas Refining & Marketing - 16.1%
Delek U.S. Holdings, Inc.	70,877	2,871,936
Marathon Petroleum Corp.	126,036	7,042,892
Par Pacific Holdings, Inc. (b)	57,100	1,171,692
Phillips 66 Co.	93,762	8,770,497
Reliance Industries Ltd.	58,358	1,060,601
Valero Energy Corp.	172,500	14,767,725
		35,685,343
Oil & Gas Storage & Transport - 4.8%
Cheniere Energy, Inc. (b)	70,900	4,853,105
Dorian Lpg Ltd. (b)	23,800	214,676
Enterprise Products Partners LP	74,900	2,162,363
Golar LNG Ltd.	38,900	718,872
Keyera Corp.	21,200	545,561
Noble Midstream Partners LP (b)(d)	14,739	490,219
Teekay LNG Partners LP	13,000	183,300
The Williams Companies, Inc.	55,100	1,545,004
		10,713,100

TOTAL OIL, GAS & CONSUMABLE FUELS		202,485,693

TOTAL COMMON STOCKS
(Cost $201,259,282)		219,411,798

Money Market Funds - 1.7%
Fidelity Cash Central Fund 2.42% (e)	544,535	544,644
Fidelity Securities Lending Cash Central Fund 2.42% (e)(f)	3,359,247	3,359,583
TOTAL MONEY MARKET FUNDS
(Cost $3,904,227)		3,904,227
TOTAL INVESTMENT IN SECURITIES - 100.9%
(Cost $205,163,509)		223,316,025
NET OTHER ASSETS (LIABILITIES) - (0.9)%		(2,059,865)
NET ASSETS - 100%		$221,256,160

Legend

(a) 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 $1,171,824 or 0.5% of net assets.

(b) Non-income producing

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $490,219 or 0.2% of net assets.

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Noble Midstream Partners LP	6/21/17	$596,193

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$19,757
Fidelity Securities Lending Cash Central Fund	5,654
Total	$25,411

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

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

United States of America	89.4%
Canada	5.3%
Curacao	2.1%
Others (Individually Less Than 1%)	3.2%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $3,235,123) — See accompanying schedule: Unaffiliated issuers (cost $201,259,282)	$219,411,798
Fidelity Central Funds (cost $3,904,227)	3,904,227
Total Investment in Securities (cost $205,163,509)		$223,316,025
Receivable for investments sold		3,006,660
Receivable for fund shares sold		16,973
Dividends receivable		136,180
Distributions receivable from Fidelity Central Funds		2,863
Prepaid expenses		1,887
Other receivables		11,999
Total assets		226,492,587
Liabilities
Payable to custodian bank	$343,499
Payable for investments purchased	978,320
Payable for fund shares redeemed	368,576
Accrued management fee	95,294
Distribution and service plan fees payable	19,634
Other affiliated payables	24,398
Other payables and accrued expenses	48,956
Collateral on securities loaned	3,357,750
Total liabilities		5,236,427
Net Assets		$221,256,160
Net Assets consist of:
Paid in capital		$275,161,875
Total distributable earnings (loss)		(53,905,715)
Net Assets		$221,256,160
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($30,196,374 ÷ 1,825,014 shares)		$16.55
Service Class 2:
Net Asset Value, offering price and redemption price per share ($97,766,903 ÷ 5,939,815 shares)		$16.46
Investor Class:
Net Asset Value, offering price and redemption price per share ($93,292,883 ÷ 5,650,361 shares)		$16.51

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$2,769,881
Income from Fidelity Central Funds (including $5,654 from security lending)		25,411
Total income		2,795,292
Expenses
Management fee	$624,470
Transfer agent fees	115,151
Distribution and service plan fees	125,812
Accounting and security lending fees	45,302
Custodian fees and expenses	7,305
Independent trustees' fees and expenses	565
Audit	24,099
Legal	547
Miscellaneous	1,034
Total expenses before reductions	944,285
Expense reductions	(7,228)
Total expenses after reductions		937,057
Net investment income (loss)		1,858,235
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $4,262)	(12,034,766)
Fidelity Central Funds	49
Foreign currency transactions	(2,633)
Total net realized gain (loss)		(12,037,350)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $21,049)	36,521,808
Fidelity Central Funds	(24)
Assets and liabilities in foreign currencies	236
Total change in net unrealized appreciation (depreciation)		36,522,020
Net gain (loss)		24,484,670
Net increase (decrease) in net assets resulting from operations		$26,342,905

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,858,235	$2,862,088
Net realized gain (loss)	(12,037,350)	(629,792)
Change in net unrealized appreciation (depreciation)	36,522,020	(72,786,556)
Net increase (decrease) in net assets resulting from operations	26,342,905	(70,554,260)
Distributions to shareholders	(1,063,402)	(2,587,589)
Share transactions - net increase (decrease)	(15,051,838)	(8,755,164)
Total increase (decrease) in net assets	10,227,665	(81,897,013)
Net Assets
Beginning of period	211,028,495	292,925,508
End of period	$221,256,160	$211,028,495

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

Financial Highlights

VIP Energy Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$14.78	$19.86	$20.72	$15.57	$20.45	$23.95
Income from Investment Operations
Net investment income (loss)^A	.14	.22	.32^B	.13	.24	.22
Net realized and unrealized gain (loss)	1.71	(5.09)	(.85)	5.14	(4.30)	(3.23)
Total from investment operations	1.85	(4.87)	(.53)	5.27	(4.06)	(3.01)
Distributions from net investment income	(.08)	(.19)	(.32)	(.12)	(.23)	(.23)
Distributions from net realized gain	–	(.02)	(.01)	–	(.60)	(.28)
Total distributions	(.08)	(.21)	(.33)	(.12)	(.83)	(.50)^C
Redemption fees added to paid in capital^A	–	–	–^D	–^D	.01	.01
Net asset value, end of period	$16.55	$14.78	$19.86	$20.72	$15.57	$20.45
Total Return^E,^F,^G	12.52%	(24.58)%	(2.47)%	33.84%	(20.54)%	(12.59)%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.67%^J	.67%	.69%	.68%	.68%	.68%
Expenses net of fee waivers, if any	.67%^J	.67%	.68%	.68%	.68%	.67%
Expenses net of all reductions	.66%^J	.66%	.67%	.67%	.67%	.67%
Net investment income (loss)	1.74%^J	1.12%	1.73%^B	.71%	1.25%	.91%
Supplemental Data
Net assets, end of period (000 omitted)	$30,196	$28,999	$43,633	$63,955	$46,360	$70,828
Portfolio turnover rate^K	65%^J	58%	66%	87%	70%	99%

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

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

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

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

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

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

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

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

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

^J Annualized

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

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

VIP Energy Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$14.71	$19.75	$20.62	$15.51	$20.37	$23.83
Income from Investment Operations
Net investment income (loss)^A	.12	.17	.27^B	.08	.19	.16
Net realized and unrealized gain (loss)	1.70	(5.05)	(.86)	5.12	(4.28)	(3.19)
Total from investment operations	1.82	(4.88)	(.59)	5.20	(4.09)	(3.03)
Distributions from net investment income	(.07)	(.14)	(.27)	(.09)	(.18)	(.16)
Distributions from net realized gain	–	(.02)	(.01)	–	(.60)	(.28)
Total distributions	(.07)	(.16)	(.28)	(.09)	(.78)	(.44)
Redemption fees added to paid in capital^A	–	–	–^C	–^C	.01	.01
Net asset value, end of period	$16.46	$14.71	$19.75	$20.62	$15.51	$20.37
Total Return^D,^E,^F	12.40%	(24.77)%	(2.78)%	33.51%	(20.75)%	(12.76)%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.92%^I	.92%	.94%	.93%	.93%	.93%
Expenses net of fee waivers, if any	.92%^I	.92%	.93%	.93%	.93%	.92%
Expenses net of all reductions	.91%^I	.91%	.93%	.92%	.92%	.92%
Net investment income (loss)	1.49%^I	.88%	1.48%^B	.47%	1.00%	.66%
Supplemental Data
Net assets, end of period (000 omitted)	$97,767	$90,093	$128,346	$150,744	$97,286	$116,228
Portfolio turnover rate^J	65%^I	58%	66%	87%	70%	99%

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

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

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

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

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

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

^I Annualized

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

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

VIP Energy Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$14.75	$19.82	$20.68	$15.55	$20.42	$23.90
Income from Investment Operations
Net investment income (loss)^A	.14	.21	.30^B	.11	.22	.20
Net realized and unrealized gain (loss)	1.70	(5.09)	(.85)	5.13	(4.29)	(3.21)
Total from investment operations	1.84	(4.88)	(.55)	5.24	(4.07)	(3.01)
Distributions from net investment income	(.08)	(.17)	(.30)	(.11)	(.22)	(.20)
Distributions from net realized gain	–	(.02)	(.01)	–	(.60)	(.28)
Total distributions	(.08)	(.19)	(.31)	(.11)	(.81)^C	(.48)
Redemption fees added to paid in capital^A	–	–	–^D	–^D	.01	.01
Net asset value, end of period	$16.51	$14.75	$19.82	$20.68	$15.55	$20.42
Total Return^E,^F,^G	12.46%	(24.65)%	(2.57)%	33.70%	(20.58)%	(12.65)%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.75%^J	.75%	.77%	.76%	.76%	.76%
Expenses net of fee waivers, if any	.75%^J	.75%	.77%	.76%	.76%	.75%
Expenses net of all reductions	.74%^J	.74%	.76%	.75%	.75%	.75%
Net investment income (loss)	1.66%^J	1.05%	1.65%^B	.63%	1.17%	.83%
Supplemental Data
Net assets, end of period (000 omitted)	$93,293	$91,936	$120,946	$162,235	$98,909	$101,214
Portfolio turnover rate^K	65%^J	58%	66%	87%	70%	99%

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

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

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

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

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

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

^J Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

1. Organization.

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

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

Gross unrealized appreciation	$32,496,008
Gross unrealized depreciation	(16,083,489)
Net unrealized appreciation (depreciation)	$16,412,519
Tax cost	$206,903,506

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

No expiration
Short-term	$(39,619,565)
Long-term	(20,022,037)
Total capital loss carryforward	$(59,641,602)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $72,969,034 and $86,857,593, respectively.

5. Fees and Other Transactions with Affiliates.

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

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $125,812.

Initial Class	$10,451
Service Class 2	32,711
Investor Class	71,989
	$115,151

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $353 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $892.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
Distributions to shareholders
Initial Class	$156,896	$415,166
Service Class 2	437,170	975,446
Investor Class	469,336	1,196,977
Total	$1,063,402	$2,587,589

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
Initial Class
Shares sold	107,974	324,800	$1,801,498	$6,787,219
Reinvestment of distributions	9,855	26,589	156,896	415,166
Shares redeemed	(255,162)	(586,486)	(4,241,048)	(11,645,264)
Net increase (decrease)	(137,333)	(235,097)	$(2,282,654)	$(4,442,879)
Service Class 2
Shares sold	274,689	786,615	$4,532,167	$15,562,471
Reinvestment of distributions	27,582	62,498	437,170	975,446
Shares redeemed	(485,851)	(1,223,238)	(8,040,891)	(24,180,037)
Net increase (decrease)	(183,580)	(374,125)	$(3,071,554)	$(7,642,120)
Investor Class
Shares sold	376,247	1,754,150	$6,174,906	$35,327,039
Reinvestment of distributions	29,537	76,937	469,336	1,196,977
Shares redeemed	(988,483)	(1,701,620)	(16,341,872)	(33,194,181)
Net increase (decrease)	(582,699)	129,467	$(9,697,630)	$3,329,835

11. Other.

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
Initial Class	.67%
Actual		$1,000.00	$1,125.20	$3.53
Hypothetical-^C		$1,000.00	$1,021.47	$3.36
Service Class 2	.92%
Actual		$1,000.00	$1,124.00	$4.85
Hypothetical-^C		$1,000.00	$1,020.23	$4.61
Investor Class	.75%
Actual		$1,000.00	$1,124.60	$3.95
Hypothetical-^C		$1,000.00	$1,021.08	$3.76

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

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.

VIP Energy Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

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.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Fidelity Investments

VNRIC-SANN-0819
1.817382.114

Fidelity® Variable Insurance Products:

Health Care Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
UnitedHealth Group, Inc.	8.1
Boston Scientific Corp.	6.9
Becton, Dickinson & Co.	6.2
Roche Holding AG (participation certificate)	5.1
AstraZeneca PLC (United Kingdom)	4.7
Vertex Pharmaceuticals, Inc.	4.1
Stryker Corp.	3.4
Cigna Corp.	3.4
Humana, Inc.	3.3
Alexion Pharmaceuticals, Inc.	3.1
	48.3

Top Industries (% of fund's net assets)

As of June 30, 2019
	Health Care Equipment & Supplies	28.0%
	Biotechnology	26.1%
	Health Care Providers & Services	24.2%
	Pharmaceuticals	18.1%
	Life Sciences Tools & Services	1.5%
	All Others*	2.1%

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

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares	Value
Biotechnology - 25.7%
Biotechnology - 25.7%
AbbVie, Inc.	47,668	$3,466,417
Abeona Therapeutics, Inc. (a)	160,000	764,800
Acceleron Pharma, Inc. (a)	90,000	3,697,200
Acorda Therapeutics, Inc. (a)	130,000	997,100
Alexion Pharmaceuticals, Inc. (a)	196,000	25,672,080
Allakos, Inc. (a)(b)	86,000	3,726,380
Allogene Therapeutics, Inc. (b)	40,000	1,074,000
Alnylam Pharmaceuticals, Inc. (a)	64,000	4,643,840
Amgen, Inc.	34,000	6,265,520
Amicus Therapeutics, Inc. (a)	230,000	2,870,400
AnaptysBio, Inc. (a)	66,013	3,724,453
Argenx SE ADR (a)	74,000	10,476,920
Array BioPharma, Inc. (a)	220,000	10,192,600
Ascendis Pharma A/S sponsored ADR (a)	88,000	10,133,200
Atara Biotherapeutics, Inc. (a)	80,000	1,608,800
BeiGene Ltd. ADR (a)	50,000	6,197,500
bluebird bio, Inc. (a)	35,763	4,549,054
Blueprint Medicines Corp. (a)	100,000	9,433,000
Cellectis SA sponsored ADR (a)	96,000	1,497,600
FibroGen, Inc. (a)	142,000	6,415,560
GlycoMimetics, Inc. (a)	130,000	1,549,600
Gritstone Oncology, Inc.	60,000	668,400
Immunomedics, Inc. (a)(b)	180,000	2,496,600
Insmed, Inc. (a)	200,000	5,120,000
Intercept Pharmaceuticals, Inc. (a)	44,000	3,501,080
Kura Oncology, Inc. (a)	97,340	1,916,625
Morphosys AG (a)	24,000	2,304,674
Neurocrine Biosciences, Inc. (a)	100,000	8,443,000
Principia Biopharma, Inc.	74,900	2,485,931
Sage Therapeutics, Inc. (a)	11,400	2,087,226
Sarepta Therapeutics, Inc. (a)	140,000	21,273,000
Scholar Rock Holding Corp. (a)	10,200	161,772
uniQure B.V. (a)	46,000	3,594,900
Vertex Pharmaceuticals, Inc. (a)	188,000	34,475,440
Viking Therapeutics, Inc. (a)(b)	140,000	1,162,000
Xencor, Inc. (a)	139,100	5,693,363
Zymeworks, Inc. (a)	95,707	2,105,554
		216,445,589
Diversified Consumer Services - 0.2%
Specialized Consumer Services - 0.2%
Carriage Services, Inc.	80,759	1,535,229
Health Care Equipment & Supplies - 28.0%
Health Care Equipment - 28.0%
Atricure, Inc. (a)	179,900	5,368,216
Becton, Dickinson & Co.	208,000	52,418,080
Boston Scientific Corp. (a)	1,340,000	57,593,200
Danaher Corp.	97,000	13,863,240
Hologic, Inc. (a)	210,000	10,084,200
Insulet Corp. (a)	120,000	14,325,600
Intuitive Surgical, Inc. (a)	40,000	20,982,000
Masimo Corp. (a)	72,000	10,715,040
Penumbra, Inc. (a)	80,000	12,800,000
Stryker Corp.	140,000	28,781,200
Wright Medical Group NV (a)	300,000	8,946,000
		235,876,776
Health Care Providers & Services - 23.9%
Health Care Distributors & Services - 0.9%
Covetrus, Inc. (a)	120,000	2,935,200
EBOS Group Ltd.	280,000	4,354,608
		7,289,808
Health Care Facilities - 2.4%
HCA Holdings, Inc.	150,000	20,275,500
Health Care Services - 4.1%
Cigna Corp.	180,000	28,359,000
G1 Therapeutics, Inc. (a)	112,000	3,433,920
Premier, Inc. (a)	75,000	2,933,250
		34,726,170
Managed Health Care - 16.5%
Centene Corp. (a)	280,000	14,683,200
Humana, Inc.	104,000	27,591,200
Molina Healthcare, Inc. (a)	66,000	9,447,240
Notre Dame Intermedica Participacoes SA	550,000	5,775,075
UnitedHealth Group, Inc.	280,000	68,322,800
Wellcare Health Plans, Inc. (a)	44,000	12,543,080
		138,362,595

TOTAL HEALTH CARE PROVIDERS & SERVICES		200,654,073

Health Care Technology - 0.1%
Health Care Technology - 0.1%
Castlight Health, Inc. (a)	103,400	333,982
Castlight Health, Inc. Class B (a)	200,000	646,000
		979,982
Life Sciences Tools & Services - 1.5%
Life Sciences Tools & Services - 1.5%
Adaptive Biotechnologies Corp.	3,200	154,560
Avantor, Inc.	304,000	5,803,360
Lonza Group AG	19,000	6,414,264
		12,372,184
Pharmaceuticals - 17.9%
Pharmaceuticals - 17.9%
Allergan PLC	105,000	17,580,150
Amneal Pharmaceuticals, Inc. (a)	40,000	286,800
Amneal Pharmaceuticals, Inc. (a)(c)	178,378	1,278,970
AstraZeneca PLC (United Kingdom)	480,000	39,240,814
Bristol-Myers Squibb Co.	160,000	7,256,000
Dechra Pharmaceuticals PLC	180,000	6,277,109
Eli Lilly & Co.	80,000	8,863,200
MyoKardia, Inc. (a)	66,116	3,315,056
Nektar Therapeutics (a)	140,000	4,981,200
Recordati SpA	70,000	2,918,026
Roche Holding AG (participation certificate)	152,000	42,740,555
RPI International Holdings LP (a)(c)(d)	21,133	3,233,349
The Medicines Company (a)(b)	130,000	4,741,100
Theravance Biopharma, Inc. (a)(b)	155,000	2,531,150
Turning Point Therapeutics, Inc.	5,600	227,920
Zogenix, Inc. (a)	105,000	5,016,900
		150,488,299
Software - 0.6%
Application Software - 0.6%
Benefitfocus, Inc. (a)(b)	180,000	4,887,000
TOTAL COMMON STOCKS
(Cost $576,658,542)		823,239,132

Convertible Preferred Stocks - 1.1%
Biotechnology - 0.4%
Biotechnology - 0.4%
BioNTech AG:
Series A (a)(c)(d)	6,948	2,263,977
Series A (d)	3,393	1,105,595
Generation Bio Series B (a)(c)(d)	14,000	127,260
		3,496,832
Health Care Providers & Services - 0.3%
Health Care Services - 0.3%
1Life Healthcare, Inc. Series G (a)(c)(d)	181,172	2,304,508
Pharmaceuticals - 0.2%
Pharmaceuticals - 0.2%
Harmony Biosciences II, Inc. Series A (a)(c)(d)	1,195,827	1,195,827
Software - 0.2%
Application Software - 0.2%
Outset Medical, Inc.:
Series C (a)(c)(d)	308,701	960,060
Series D (c)(d)	321,544	1,000,002
		1,960,062
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $6,814,308)		8,957,229

Money Market Funds - 3.0%
Fidelity Cash Central Fund 2.42% (e)	12,214,641	12,217,084
Fidelity Securities Lending Cash Central Fund 2.42% (e)(f)	12,983,169	12,984,467
TOTAL MONEY MARKET FUNDS
(Cost $25,201,551)		25,201,551
TOTAL INVESTMENT IN SECURITIES - 102.0%
(Cost $608,674,401)		857,397,912
NET OTHER ASSETS (LIABILITIES) - (2.0)%		(16,829,801)
NET ASSETS - 100%		$840,568,111

Legend

(a) Non-income producing

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

(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $12,363,953 or 1.5% of net assets.

(d) Level 3 security

(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
1Life Healthcare, Inc. Series G	4/10/14	$1,193,163
Amneal Pharmaceuticals, Inc.	5/4/18	$3,255,399
BioNTech AG Series A	12/29/17	$1,521,672
Generation Bio Series B	2/21/18	$128,040
Harmony Biosciences II, Inc. Series A	9/22/17	$1,195,827
Outset Medical, Inc. Series C	4/19/17	$799,999
Outset Medical, Inc. Series D	8/20/18	$1,000,002
RPI International Holdings LP	5/21/15 - 3/23/16	$2,801,500

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$69,750
Fidelity Securities Lending Cash Central Fund	66,793
Total	$136,543

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$823,239,132	$731,610,150	$88,395,633	$3,233,349
Convertible Preferred Stocks	8,957,229	--	--	8,957,229
Money Market Funds	25,201,551	25,201,551	--	--
Total Investments in Securities:	$857,397,912	$756,811,701	$88,395,633	$12,190,578

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	$ 8,513,641
Total Realized Gain (Loss)	--
Total Unrealized Gain (Loss)	443,588
Cost of Purchases	--
Proceeds of Sales	--
Amortization/Accretion	--
Transfers in to Level 3	--
Transfers out of Level 3	--
Ending Balance	$ 8,957,229
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2019	$ 443,588
Other Investments in Securities
Beginning Balance	$ 3,190,238
Total Realized Gain (Loss)	--
Total Unrealized Gain (Loss)	43,111
Cost of Purchases	--
Proceeds of Sales	--
Amortization/Accretion	--
Transfers in to Level 3	--
Transfers out of Level 3	--
Ending Balance	$ 3,233,349
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2019	$ 43,111

Other Information

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

United States of America	78.5%
Switzerland	5.9%
United Kingdom	5.4%
Netherlands	2.8%
Ireland	2.1%
Cayman Islands	1.4%
Denmark	1.2%
Others (Individually Less Than 1%)	2.7%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $12,857,197) — See accompanying schedule: Unaffiliated issuers (cost $583,472,850)	$832,196,361
Fidelity Central Funds (cost $25,201,551)	25,201,551
Total Investment in Securities (cost $608,674,401)		$857,397,912
Cash		52,834
Receivable for investments sold		1,081,725
Receivable for fund shares sold		55,735
Dividends receivable		530,381
Distributions receivable from Fidelity Central Funds		22,023
Prepaid expenses		5,257
Other receivables		6,637
Total assets		859,152,504
Liabilities
Payable for investments purchased	$4,567,664
Payable for fund shares redeemed	519,780
Accrued management fee	364,659
Distribution and service plan fees payable	493
Other affiliated payables	112,632
Other payables and accrued expenses	40,978
Collateral on securities loaned	12,978,187
Total liabilities		18,584,393
Net Assets		$840,568,111
Net Assets consist of:
Paid in capital		$581,973,697
Total distributable earnings (loss)		258,594,414
Net Assets		$840,568,111
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($140,226,247 ÷ 4,780,140 shares)		$29.34
Service Class 2:
Net Asset Value, offering price and redemption price per share ($4,074,243 ÷ 138,950 shares)		$29.32
Investor Class:
Net Asset Value, offering price and redemption price per share ($696,267,621 ÷ 23,955,023 shares)		$29.07

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$4,291,324
Income from Fidelity Central Funds (including $66,793 from security lending)		136,543
Total income		4,427,867
Expenses
Management fee	$2,301,559
Transfer agent fees	562,870
Distribution and service plan fees	635
Accounting and security lending fees	147,861
Custodian fees and expenses	18,793
Independent trustees' fees and expenses	2,080
Audit	22,094
Legal	1,825
Interest	5,815
Miscellaneous	3,683
Total expenses before reductions	3,067,215
Expense reductions	(13,003)
Total expenses after reductions		3,054,212
Net investment income (loss)		1,373,655
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	16,602,818
Fidelity Central Funds	870
Foreign currency transactions	3,491
Total net realized gain (loss)		16,607,179
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	82,272,510
Assets and liabilities in foreign currencies	9,246
Total change in net unrealized appreciation (depreciation)		82,281,756
Net gain (loss)		98,888,935
Net increase (decrease) in net assets resulting from operations		$100,262,590

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,373,655	$1,007,765
Net realized gain (loss)	16,607,179	60,295,929
Change in net unrealized appreciation (depreciation)	82,281,756	(15,093,665)
Net increase (decrease) in net assets resulting from operations	100,262,590	46,210,029
Distributions to shareholders	(60,081,140)	(16,792,330)
Share transactions - net increase (decrease)	(12,750,346)	69,663,281
Total increase (decrease) in net assets	27,431,104	99,080,980
Net Assets
Beginning of period	813,137,007	714,056,027
End of period	$840,568,111	$813,137,007

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

Financial Highlights

VIP Health Care Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$27.86	$26.44	$21.28	$25.92	$27.70	$22.56
Income from Investment Operations
Net investment income (loss)^A	.06	.06	.07	.04	–^B	(.02)
Net realized and unrealized gain (loss)	3.43	1.99	5.26	(2.86)	1.70	7.21
Total from investment operations	3.49	2.05	5.33	(2.82)	1.70	7.19
Distributions from net investment income	(.01)	(.06)	(.07)	(.04)	–	–
Distributions from net realized gain	(2.00)	(.57)	(.10)	(1.78)	(3.49)	(2.06)
Total distributions	(2.01)	(.63)	(.17)	(1.82)	(3.49)	(2.06)
Redemption fees added to paid in capital^A	–	–	–^B	–^B	.01	.01
Net asset value, end of period	$29.34	$27.86	$26.44	$21.28	$25.92	$27.70
Total Return^C,^D,^E	12.81%	7.86%	25.05%	(10.43)%	6.37%	32.83%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.65%^H	.65%	.67%	.67%	.66%	.67%
Expenses net of fee waivers, if any	.65%^H	.65%	.67%	.67%	.66%	.67%
Expenses net of all reductions	.65%^H	.64%	.66%	.66%	.65%	.66%
Net investment income (loss)	.39%^H	.19%	.30%	.19%	- %^I	(.07)%
Supplemental Data
Net assets, end of period (000 omitted)	$140,226	$139,026	$131,698	$130,887	$226,283	$236,566
Portfolio turnover rate^J	39%^H	65%	74%	53%	77%	104%

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

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

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

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

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

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

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

^H Annualized

^I Amount represents less than .005%.

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

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

VIP Health Care Portfolio Service Class 2

	Six months ended (Unaudited) June 30,
	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$28.52
Income from Investment Operations
Net investment income (loss)^B	–^C
Net realized and unrealized gain (loss)	.80
Total from investment operations	.80
Distributions from net investment income	–
Distributions from net realized gain	–
Total distributions	–
Net asset value, end of period	$29.32
Total Return^D,^E,^F	2.81%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.91%^I
Expenses net of fee waivers, if any	.91%^I
Expenses net of all reductions	.91%^I
Net investment income (loss)	.02%^I
Supplemental Data
Net assets, end of period (000 omitted)	$4,074
Portfolio turnover rate^J	39%^I

^A For the period April 11, 2019 (commencement of sale of shares) to June 30, 2019.

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

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

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

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

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

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

^I Annualized

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

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

VIP Health Care Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$27.62	$26.23	$21.11	$25.73	$27.52	$22.43
Income from Investment Operations
Net investment income (loss)^A	.04	.03	.05	.02	(.02)	(.04)
Net realized and unrealized gain (loss)	3.42	1.96	5.22	(2.84)	1.69	7.17
Total from investment operations	3.46	1.99	5.27	(2.82)	1.67	7.13
Distributions from net investment income	(.01)	(.04)	(.05)	(.02)	–	–
Distributions from net realized gain	(2.00)	(.57)	(.10)	(1.78)	(3.47)	(2.05)
Total distributions	(2.01)	(.60)^B	(.15)	(1.80)	(3.47)	(2.05)
Redemption fees added to paid in capital^A	–	–	–^C	–^C	.01	.01
Net asset value, end of period	$29.07	$27.62	$26.23	$21.11	$25.73	$27.52
Total Return^D,^E,^F	12.79%	7.72%	24.97%	(10.51)%	6.29%	32.72%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.73%^I	.73%	.75%	.75%	.74%	.75%
Expenses net of fee waivers, if any	.73%^I	.73%	.75%	.75%	.74%	.75%
Expenses net of all reductions	.73%^I	.72%	.74%	.75%	.73%	.74%
Net investment income (loss)	.31%^I	.11%	.22%	.11%	(.08)%	(.15)%
Supplemental Data
Net assets, end of period (000 omitted)	$696,268	$674,111	$582,358	$529,828	$820,079	$669,762
Portfolio turnover rate^J	39%^I	65%	74%	53%	77%	104%

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

^B Total distributions of $.60 per share is comprised of distributions from net investment income of $.039 and distributions from net realized gain of $.565 per share.

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

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

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

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

^I Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

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 commenced sale of Service Class 2 shares on April 11, 2019. The Fund offers the following classes of shares: Initial Class shares, Service Class 2 shares, and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input^(a)
Equities	$ 12,190,578	Market comparable	Enterprise value/Sales multiple (EV/S)	5.0	Increase
			Transaction price	$1.00-$325.82/ $234.46	Increase
			Premium rate Proxy discount	98.5% 0.6%	Increase Decrease
		Market approach	Transaction price	$3.11-$153.00/$96.43	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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

Gross unrealized appreciation	$271,775,942
Gross unrealized depreciation	(27,747,142)
Net unrealized appreciation (depreciation)	$244,028,800
Tax cost	$613,369,112

The Fund elected to defer to its next fiscal year approximately $4,067,423 of capital losses recognized during the period November 1, 2018 to December 31, 2018.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $163,606,258 and $237,433,121, respectively.

5. Fees and Other Transactions with Affiliates.

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $635.

Initial Class	$46,389
Service Class 2	165
Investor Class	516,316
	$562,870

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

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$8,171,556	2.69%	$5,490

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,000.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,274 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. 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. The average loan balance during the period for which loans were outstanding amounted to $3,979,000. The weighted average interest rate was 2.94%. The interest expense amounted to $325 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

9. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,382.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019^(a)	Year ended December 31, 2018
Distributions to shareholders
Initial Class	$9,927,847	$3,055,353
Investor Class	50,153,293	13,736,977
Total	$60,081,140	$16,792,330

(a) Distributions for Service Class 2 are for the period April 11,2019 (commencement of sale of shares) to June 30, 2019.

Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019 ^(a)	Year ended December 31, 2018	Six months ended June 30, 2019^(a)	Year ended December 31, 2018
Initial Class
Shares sold	85,650	881,073	$2,458,460	$27,036,190
Reinvestment of distributions	350,931	114,782	9,927,847	3,055,353
Shares redeemed	(647,253)	(985,506)	(18,327,834)	(28,636,641)
Net increase (decrease)	(210,672)	10,349	$(5,941,527)	$1,454,902
Service Class 2
Shares sold	140,401	–	$3,958,793	$–
Shares redeemed	(1,451)	–	(41,789)	–
Net increase (decrease)	138,950	–	$3,917,004	$–
Investor Class
Shares sold	994,551	3,955,718	$28,736,239	$119,018,545
Reinvestment of distributions	1,788,634	520,609	50,153,293	13,736,977
Shares redeemed	(3,231,022)	(2,276,692)	(89,615,355)	(64,547,143)
Net increase (decrease)	(447,837)	2,199,635	$(10,725,823)	$68,208,379

(a) Share transactions for Service Class 2 are for the period April 11, 2019 (commencement of sale of shares) to June 30, 2019.

11. Other.

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

Shareholder Expense Example

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019) for Initial Class and Investor Class and for the period (April 11, 2019 to June 30, 2019) for Service Class 2. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value	Ending Account Value June 30, 2019	Expenses Paid During Period
Initial Class	.65%
Actual		$1,000.00	$1,128.10	$3.43-^B
Hypothetical-^C		$1,000.00	$1,021.57	$3.26-^D
Service Class 2	.91%
Actual		$1,000.00	$1,028.10	$2.05-^B
Hypothetical-^C		$1,000.00	$1,020.28	$4.56-^D
Investor Class	.73%
Actual		$1,000.00	$1,127.90	$3.85-^B
Hypothetical-^C		$1,000.00	$1,021.17	$3.66-^D

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

^B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for Initial Class and Investor Class and multiplied by 81/365 (to reflect the period April 11, 2019 to June 30, 2019) for Service Class 2.

^C 5% return per year before expenses

^D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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.

VIP Health Care Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

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.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Fidelity Investments

VHCIC-SANN-0819
1.817376.114

Fidelity® Variable Insurance Products:

Utilities Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
Dominion Resources, Inc.	10.2
Exelon Corp.	10.0
Sempra Energy	8.1
Southern Co.	8.0
Edison International	7.0
Entergy Corp.	4.9
FirstEnergy Corp.	4.9
Public Service Enterprise Group, Inc.	4.8
NextEra Energy, Inc.	4.2
CenterPoint Energy, Inc.	3.8
	65.9

Top Industries (% of fund's net assets)

As of June 30, 2019
	Electric Utilities	55.2%
	Multi-Utilities	30.2%
	Independent Power and Renewable Electricity Producers	5.3%
	Gas Utilities	3.2%
	Oil, Gas & Consumable Fuels	2.8%
	All Others*	3.3%

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

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares	Value
Electric Utilities - 55.0%
Electric Utilities - 55.0%
Duke Energy Corp.	68,800	$6,070,912
Edison International	223,529	15,068,090
Entergy Corp.	103,901	10,694,530
Evergy, Inc.	109,361	6,578,064
Eversource Energy	62,700	4,750,152
Exelon Corp.	452,271	21,681,872
FirstEnergy Corp.	245,889	10,526,508
NextEra Energy, Inc.	44,217	9,058,295
PG&E Corp. (a)	108,400	2,484,528
PPL Corp.	227,122	7,043,053
Southern Co.	313,300	17,319,224
Vistra Energy Corp.	354,455	8,024,861
		119,300,089
Gas Utilities - 3.2%
Gas Utilities - 3.2%
Atmos Energy Corp.	50,000	5,278,000
Southwest Gas Holdings, Inc.	19,400	1,738,628
		7,016,628
Independent Power and Renewable Electricity Producers - 5.3%
Independent Power Producers & Energy Traders - 2.4%
NRG Energy, Inc.	96,209	3,378,860
NRG Yield, Inc. Class C	63,423	1,069,312
The AES Corp.	41,522	695,909
		5,144,081
Renewable Electricity - 2.9%
Atlantica Yield PLC	133,333	3,022,659
NextEra Energy Partners LP	69,999	3,377,452
		6,400,111

TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS		11,544,192

Media - 1.0%
Cable & Satellite - 1.0%
Altice U.S.A., Inc. Class A	85,360	2,078,516
Multi-Utilities - 30.2%
Multi-Utilities - 30.2%
Avangrid, Inc.	83,618	4,222,709
CenterPoint Energy, Inc.	287,867	8,241,632
Dominion Resources, Inc.	284,657	22,009,679
National Grid PLC sponsored ADR	24,500	1,302,910
Public Service Enterprise Group, Inc.	176,735	10,395,553
RWE AG	68,500	1,687,906
Sempra Energy	128,451	17,654,305
		65,514,694
Oil, Gas & Consumable Fuels - 2.8%
Oil & Gas Storage & Transport - 2.8%
Cheniere Energy, Inc. (a)	88,561	6,062,000
Water Utilities - 2.0%
Water Utilities - 2.0%
SJW Corp.	69,900	4,247,823
TOTAL COMMON STOCKS
(Cost $177,375,653)		215,763,942

Nonconvertible Preferred Stocks - 0.2%
Electric Utilities - 0.2%
Electric Utilities - 0.2%
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) (b)
(Cost $426,064)	125,500	478,155

Money Market Funds - 0.6%
Fidelity Cash Central Fund 2.42% (c)	695,533	695,672
Fidelity Securities Lending Cash Central Fund 2.42% (c)(d)	501,550	501,600
TOTAL MONEY MARKET FUNDS
(Cost $1,197,272)		1,197,272
TOTAL INVESTMENT IN SECURITIES - 100.3%
(Cost $178,998,989)		217,439,369
NET OTHER ASSETS (LIABILITIES) - (0.3)%		(581,714)
NET ASSETS - 100%		$216,857,655

Legend

(a) Non-income producing

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

(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

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

Fund	Income earned
Fidelity Cash Central Fund	$40,123
Fidelity Securities Lending Cash Central Fund	276
Total	$40,399

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $477,774) — See accompanying schedule: Unaffiliated issuers (cost $177,801,717)	$216,242,097
Fidelity Central Funds (cost $1,197,272)	1,197,272
Total Investment in Securities (cost $178,998,989)		$217,439,369
Receivable for investments sold		1,866,154
Receivable for fund shares sold		182,201
Dividends receivable		185,822
Distributions receivable from Fidelity Central Funds		6,831
Prepaid expenses		833
Other receivables		4,328
Total assets		219,685,538
Liabilities
Payable for investments purchased	$2,176,235
Payable for fund shares redeemed	74
Accrued management fee	96,328
Other affiliated payables	30,478
Other payables and accrued expenses	23,168
Collateral on securities loaned	501,600
Total liabilities		2,827,883
Net Assets		$216,857,655
Net Assets consist of:
Paid in capital		$177,617,349
Total distributable earnings (loss)		39,240,306
Net Assets		$216,857,655
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($37,725,835 ÷ 2,148,999 shares)		$17.56
Investor Class:
Net Asset Value, offering price and redemption price per share ($179,131,820 ÷ 10,276,475 shares)		$17.43

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$3,143,048
Income from Fidelity Central Funds (including $276 from security lending)		40,399
Total income		3,183,447
Expenses
Management fee	$527,816
Transfer agent fees	127,959
Accounting and security lending fees	38,284
Custodian fees and expenses	4,236
Independent trustees' fees and expenses	453
Audit	19,935
Legal	129
Miscellaneous	534
Total expenses before reductions	719,346
Expense reductions	(7,106)
Total expenses after reductions		712,240
Net investment income (loss)		2,471,207
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(743,299)
Foreign currency transactions	264
Total net realized gain (loss)		(743,035)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	21,437,417
Assets and liabilities in foreign currencies	34
Total change in net unrealized appreciation (depreciation)		21,437,451
Net gain (loss)		20,694,416
Net increase (decrease) in net assets resulting from operations		$23,165,623

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,471,207	$3,174,542
Net realized gain (loss)	(743,035)	14,634,111
Change in net unrealized appreciation (depreciation)	21,437,451	(8,610,508)
Net increase (decrease) in net assets resulting from operations	23,165,623	9,198,145
Distributions to shareholders	(13,639,086)	(10,866,229)
Share transactions - net increase (decrease)	31,426,444	45,156,386
Total increase (decrease) in net assets	40,952,981	43,488,302
Net Assets
Beginning of period	175,904,674	132,416,372
End of period	$216,857,655	$175,904,674

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

Financial Highlights

VIP Utilities Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$16.81	$16.73	$14.49	$13.17	$15.62	$13.45
Income from Investment Operations
Net investment income (loss)^A	.22	.40	.33	.34	.31	.31
Net realized and unrealized gain (loss)	1.88	.96	2.26	1.49	(1.98)	2.63
Total from investment operations	2.10	1.36	2.59	1.83	(1.67)	2.94
Distributions from net investment income	(.08)	(.32)	(.35)	(.26)	(.33)^B	(.27)
Distributions from net realized gain	(1.27)	(.97)	–	(.25)	(.45)^B	(.51)
Total distributions	(1.35)	(1.28)^C	(.35)	(.52)^D	(.78)	(.77)^E
Redemption fees added to paid in capital^A	–	–	–^F	.01	–^F	–^F
Net asset value, end of period	$17.56	$16.81	$16.73	$14.49	$13.17	$15.62
Total Return^G,^H,^I	13.17%	8.82%	17.88%	14.17%	(10.78)%	21.77%
Ratios to Average Net Assets^J,^K
Expenses before reductions	.67%^L	.68%	.69%	.70%	.71%	.70%
Expenses net of fee waivers, if any	.67%^L	.68%	.69%	.70%	.71%	.70%
Expenses net of all reductions	.66%^L	.65%	.68%	.69%	.70%	.69%
Net investment income (loss)	2.58%^L	2.36%	2.06%	2.30%	2.17%	2.01%
Supplemental Data
Net assets, end of period (000 omitted)	$37,726	$38,270	$26,377	$26,194	$21,960	$36,599
Portfolio turnover rate^M	65%^L	113%	52%	83%	88%	113%

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

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

^C Total distributions of $1.28 per share is comprised of distributions from net investment income of $.317 and distributions from net realized gain of $.966 per share.

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

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

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

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

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

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

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

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

^L Annualized

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

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

VIP Utilities Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$16.70	$16.64	$14.41	$13.11	$15.54	$13.39
Income from Investment Operations
Net investment income (loss)^A	.21	.38	.32	.32	.30	.29
Net realized and unrealized gain (loss)	1.87	.95	2.25	1.48	(1.96)	2.62
Total from investment operations	2.08	1.33	2.57	1.80	(1.66)	2.91
Distributions from net investment income	(.08)	(.31)	(.34)	(.26)	(.31)^B	(.26)
Distributions from net realized gain	(1.27)	(.97)	–	(.25)	(.45)^B	(.51)
Total distributions	(1.35)	(1.27)^C	(.34)	(.51)	(.77)^D	(.76)^E
Redemption fees added to paid in capital^A	–	–	–^F	.01	–^F	–^F
Net asset value, end of period	$17.43	$16.70	$16.64	$14.41	$13.11	$15.54
Total Return^G,^H,^I	13.12%	8.66%	17.83%	14.03%	(10.80)%	21.64%
Ratios to Average Net Assets^J,^K
Expenses before reductions	.75%^L	.76%	.77%	.78%	.79%	.78%
Expenses net of fee waivers, if any	.75%^L	.76%	.77%	.78%	.79%	.78%
Expenses net of all reductions	.74%^L	.73%	.76%	.77%	.78%	.77%
Net investment income (loss)	2.50%^L	2.28%	1.98%	2.22%	2.09%	1.93%
Supplemental Data
Net assets, end of period (000 omitted)	$179,132	$137,635	$106,040	$98,360	$57,645	$96,217
Portfolio turnover rate^M	65%^L	113%	52%	83%	88%	113%

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

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

^C Total distributions of $1.27 per share is comprised of distributions from net investment income of $.305 and distributions from net realized gain of $.966 per share.

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

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

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

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

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

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

^L Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

1. Organization.

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

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Book-tax differences are primarily due to foreign currency transactions, partnerships 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	$38,751,081
Gross unrealized depreciation	(2,106,716)
Net unrealized appreciation (depreciation)	$36,644,365
Tax cost	$180,795,004

The Fund elected to defer to its next fiscal year approximately $649,742 of capital losses recognized during the period November 1, 2018 to December 31, 2018.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $84,994,864 and $63,208,823, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$11,615
Investor Class	116,344
	$127,959

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $246 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $6,339 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $67.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $700.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
Distributions to shareholders
Initial Class	$2,553,431	$2,229,433
Investor Class	11,085,655	8,636,796
Total	$13,639,086	$10,866,229

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
Initial Class
Shares sold	375,208	912,835	$6,366,311	$16,146,381
Reinvestment of distributions	157,522	139,901	2,553,431	2,229,433
Shares redeemed	(660,410)	(352,627)	(11,108,095)	(5,850,455)
Net increase (decrease)	(127,680)	700,109	$(2,188,353)	$12,525,359
Investor Class
Shares sold	2,047,296	2,551,740	$34,377,754	$44,264,874
Reinvestment of distributions	688,550	547,114	11,085,655	8,636,796
Shares redeemed	(698,712)	(1,233,881)	(11,848,612)	(20,270,643)
Net increase (decrease)	2,037,134	1,864,973	$33,614,797	$32,631,027

11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
Initial Class	.67%
Actual		$1,000.00	$1,131.70	$3.54
Hypothetical-^C		$1,000.00	$1,021.47	$3.36
Investor Class	.75%
Actual		$1,000.00	$1,131.20	$3.96
Hypothetical-^C		$1,000.00	$1,021.08	$3.76

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

VIP Utilities 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.

VIP Utilities Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

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.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Fidelity Investments

VTELIC-SANN-0819
1.817394.114

Fidelity® Variable Insurance Products:

Financial Services Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
Citigroup, Inc.	7.3
Bank of America Corp.	6.0
Berkshire Hathaway, Inc. Class B	5.5
Wells Fargo & Co.	4.9
Capital One Financial Corp.	4.1
The Travelers Companies, Inc.	4.1
Hartford Financial Services Group, Inc.	3.9
JPMorgan Chase & Co.	3.7
PNC Financial Services Group, Inc.	3.5
Cboe Global Markets, Inc.	3.4
	46.4

Top Industries (% of fund's net assets)

As of June 30, 2019
	Banks	35.7%
	Insurance	25.7%
	Capital Markets	13.3%
	Consumer Finance	10.7%
	Diversified Financial Services	5.5%
	All Others*	9.1%

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

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value
Banks - 35.7%
Diversified Banks - 21.9%
Bank of America Corp.	330,500	$9,584,500
Citigroup, Inc.	165,300	11,575,959
JPMorgan Chase & Co.	52,154	5,830,817
Wells Fargo & Co.	163,796	7,750,827
		34,742,103
Regional Banks - 13.8%
BOK Financial Corp.	8,942	674,942
First Citizens Bancshares, Inc.	2,700	1,215,729
First Hawaiian, Inc.	43,800	1,133,106
First Horizon National Corp.	71,862	1,072,900
Huntington Bancshares, Inc.	287,370	3,971,453
KeyCorp	100,600	1,785,650
M&T Bank Corp.	10,100	1,717,707
PNC Financial Services Group, Inc.	40,200	5,518,656
Signature Bank	17,200	2,078,448
SunTrust Banks, Inc.	43,100	2,708,835
		21,877,426

TOTAL BANKS		56,619,529

Capital Markets - 13.3%
Asset Management & Custody Banks - 2.7%
Bank of New York Mellon Corp.	57,500	2,538,625
Oaktree Capital Group LLC Class A	34,516	1,709,923
		4,248,548
Financial Exchanges & Data - 3.4%
Cboe Global Markets, Inc.	51,727	5,360,469
Investment Banking & Brokerage - 7.2%
E*TRADE Financial Corp.	57,500	2,564,500
Goldman Sachs Group, Inc.	2,870	587,202
Hamilton Lane, Inc. Class A	31,600	1,803,096
Morgan Stanley	65,200	2,856,412
PJT Partners, Inc.	18,700	757,724
TD Ameritrade Holding Corp.	31,900	1,592,448
Tradeweb Markets, Inc. Class A	7,200	315,432
Virtu Financial, Inc. Class A (a)	47,400	1,032,372
		11,509,186

TOTAL CAPITAL MARKETS		21,118,203

Consumer Finance - 10.7%
Consumer Finance - 10.7%
American Express Co.	34,500	4,258,680
Capital One Financial Corp.	71,800	6,515,132
OneMain Holdings, Inc.	85,800	2,900,898
SLM Corp.	330,500	3,212,460
		16,887,170
Diversified Financial Services - 5.5%
Multi-Sector Holdings - 5.5%
Berkshire Hathaway, Inc. Class B (b)	40,568	8,647,881
Household Durables - 0.4%
Homebuilding - 0.4%
D.R. Horton, Inc.	14,800	638,324
Insurance - 25.7%
Insurance Brokers - 2.8%
Willis Group Holdings PLC	23,000	4,405,420
Life & Health Insurance - 1.9%
Torchmark Corp.	33,090	2,960,231
Multi-Line Insurance - 7.6%
American International Group, Inc.	83,300	4,438,224
Assurant, Inc.	13,100	1,393,578
Hartford Financial Services Group, Inc.	112,100	6,246,212
		12,078,014
Property & Casualty Insurance - 10.4%
Axis Capital Holdings Ltd.	35,900	2,141,435
Beazley PLC	175,800	1,231,264
FNF Group	114,970	4,633,291
Hiscox Ltd.	62,900	1,351,567
RSA Insurance Group PLC	90,100	659,989
The Travelers Companies, Inc.	43,512	6,505,914
		16,523,460
Reinsurance - 3.0%
Reinsurance Group of America, Inc.	30,300	4,727,709

TOTAL INSURANCE		40,694,834

IT Services - 1.4%
Data Processing & Outsourced Services - 1.4%
Visa, Inc. Class A	12,900	2,238,795
Mortgage Real Estate Investment Trusts - 2.9%
Mortgage REITs - 2.9%
AGNC Investment Corp.	145,000	2,438,900
MFA Financial, Inc.	289,900	2,081,482
		4,520,382
Software - 1.0%
Application Software - 1.0%
Black Knight, Inc. (b)	26,099	1,569,855
Thrifts & Mortgage Finance - 2.3%
Thrifts & Mortgage Finance - 2.3%
Essent Group Ltd. (b)	38,800	1,823,212
MGIC Investment Corp. (b)	143,700	1,888,218
		3,711,430
TOTAL COMMON STOCKS
(Cost $125,985,918)		156,646,403

Money Market Funds - 1.5%
Fidelity Cash Central Fund 2.42% (c)	1,390,131	1,390,409
Fidelity Securities Lending Cash Central Fund 2.42% (c)(d)	1,023,943	1,024,045
TOTAL MONEY MARKET FUNDS
(Cost $2,414,454)		2,414,454
TOTAL INVESTMENT IN SECURITIES - 100.4%
(Cost $128,400,372)		159,060,857
NET OTHER ASSETS (LIABILITIES) - (0.4)%		(663,105)
NET ASSETS - 100%		$158,397,752

Legend

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

(b) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$28,420
Fidelity Securities Lending Cash Central Fund	121
Total	$28,541

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $1,030,194) — See accompanying schedule: Unaffiliated issuers (cost $125,985,918)	$156,646,403
Fidelity Central Funds (cost $2,414,454)	2,414,454
Total Investment in Securities (cost $128,400,372)		$159,060,857
Receivable for investments sold		3,347,106
Receivable for fund shares sold		47,936
Dividends receivable		202,491
Distributions receivable from Fidelity Central Funds		2,598
Prepaid expenses		1,745
Other receivables		3,146
Total assets		162,665,879
Liabilities
Payable for investments purchased	$3,054,825
Payable for fund shares redeemed	69,521
Accrued management fee	71,445
Other affiliated payables	22,823
Other payables and accrued expenses	25,468
Collateral on securities loaned	1,024,045
Total liabilities		4,268,127
Net Assets		$158,397,752
Net Assets consist of:
Paid in capital		$125,924,455
Total distributable earnings (loss)		32,473,297
Net Assets		$158,397,752
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($24,630,318 ÷ 2,018,633 shares)		$12.20
Investor Class:
Net Asset Value, offering price and redemption price per share ($133,767,434 ÷ 11,015,270 shares)		$12.14

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$2,004,099
Income from Fidelity Central Funds (including $121 from security lending)		28,541
Total income		2,032,640
Expenses
Management fee	$443,379
Transfer agent fees	109,489
Accounting and security lending fees	32,062
Custodian fees and expenses	5,416
Independent trustees' fees and expenses	402
Audit	20,735
Legal	3,281
Miscellaneous	778
Total expenses before reductions	615,542
Expense reductions	(6,124)
Total expenses after reductions		609,418
Net investment income (loss)		1,423,222
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,175,840
Fidelity Central Funds	3
Foreign currency transactions	(1,110)
Total net realized gain (loss)		1,174,733
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	25,090,615
Assets and liabilities in foreign currencies	2
Total change in net unrealized appreciation (depreciation)		25,090,617
Net gain (loss)		26,265,350
Net increase (decrease) in net assets resulting from operations		$27,688,572

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,423,222	$2,608,525
Net realized gain (loss)	1,174,733	12,057,883
Change in net unrealized appreciation (depreciation)	25,090,617	(47,028,121)
Net increase (decrease) in net assets resulting from operations	27,688,572	(32,361,713)
Distributions to shareholders	(12,777,541)	(7,356,991)
Share transactions - net increase (decrease)	(14,645,864)	(37,604,333)
Redemption fees	–	6,648
Total increase (decrease) in net assets	265,167	(77,316,389)
Net Assets
Beginning of period	158,132,585	235,448,974
End of period	$158,397,752	$158,132,585

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

Financial Highlights

VIP Financial Services Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.15	$13.72	$11.50	$9.74	$10.23	$9.33
Income from Investment Operations
Net investment income (loss)^A	.11	.17	.11	.12	.10	.12
Net realized and unrealized gain (loss)	1.87	(2.28)	2.33	1.70	(.48)	.90
Total from investment operations	1.98	(2.11)	2.44	1.82	(.38)	1.02
Distributions from net investment income	(.06)	(.16)	(.09)	(.06)	(.11)	(.12)
Distributions from net realized gain	(.87)	(.29)	(.13)	–	–	–
Total distributions	(.93)	(.46)^B	(.22)	(.06)	(.11)	(.12)
Redemption fees added to paid in capital^A	–	–^C	–^C	–^C	–^C	–^C
Net asset value, end of period	$12.20	$11.15	$13.72	$11.50	$9.74	$10.23
Total Return^D,^E,^F	18.44%	(15.73)%	21.25%	18.72%	(3.69)%	10.88%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.68%^I	.67%	.69%	.72%	.71%	.73%
Expenses net of fee waivers, if any	.68%^I	.67%	.69%	.72%	.71%	.72%
Expenses net of all reductions	.67%^I	.66%	.69%	.71%	.71%	.72%
Net investment income (loss)	1.80%^I	1.25%	.91%	1.18%	1.02%	1.21%
Supplemental Data
Net assets, end of period (000 omitted)	$24,630	$24,142	$44,248	$41,404	$20,570	$23,351
Portfolio turnover rate^J	37%^I	59%	72%	87%	59%	58%

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

^B Total distributions of $.46 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.294 per share.

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

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

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

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

^I Annualized

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

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

VIP Financial Services Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.10	$13.66	$11.45	$9.71	$10.19	$9.30
Income from Investment Operations
Net investment income (loss)^A	.10	.15	.10	.11	.09	.11
Net realized and unrealized gain (loss)	1.87	(2.26)	2.32	1.69	(.47)	.89
Total from investment operations	1.97	(2.11)	2.42	1.80	(.38)	1.00
Distributions from net investment income	(.05)	(.15)	(.08)	(.06)	(.10)	(.11)
Distributions from net realized gain	(.87)	(.29)	(.13)	–	–	–
Total distributions	(.93)^B	(.45)^C	(.21)	(.06)	(.10)	(.11)
Redemption fees added to paid in capital^A	–	–^D	–^D	–^D	–^D	–^D
Net asset value, end of period	$12.14	$11.10	$13.66	$11.45	$9.71	$10.19
Total Return^E,^F,^G	18.41%	(15.82)%	21.18%	18.51%	(3.68)%	10.75%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.76%^J	.75%	.77%	.80%	.79%	.80%
Expenses net of fee waivers, if any	.76%^J	.75%	.77%	.80%	.79%	.80%
Expenses net of all reductions	.75%^J	.74%	.77%	.79%	.78%	.79%
Net investment income (loss)	1.72%^J	1.17%	.83%	1.10%	.95%	1.14%
Supplemental Data
Net assets, end of period (000 omitted)	$133,767	$133,990	$191,201	$129,912	$90,950	$83,817
Portfolio turnover rate^K	37%^J	59%	72%	87%	59%	58%

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

^B Total distributions of $.93 per share is comprised of distributions from net investment income of $.053 and distributions from net realized gain of $.874 per share.

^C Total distributions of $.45 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.294 per share.

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

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

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

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

^J Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

1. Organization.

VIP Financial 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.

3. Significant Accounting Policies.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Book-tax differences are primarily due to foreign currency transactions, partnerships and certain losses related to wash sales.

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

Gross unrealized appreciation	$32,831,891
Gross unrealized depreciation	(2,588,569)
Net unrealized appreciation (depreciation)	$30,243,322
Tax cost	$128,817,535

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $29,749,552 and $53,320,457, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$8,112
Investor Class	101,377
	$109,489

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $251 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $5,430 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $28.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $666.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
Distributions to shareholders
Initial Class	$1,921,950	$1,262,668
Investor Class	10,855,591	6,094,323
Total	$12,777,541	$7,356,991

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
Initial Class
Shares sold	115,575	514,137	$1,372,801	$6,923,550
Reinvestment of distributions	170,688	100,069	1,921,950	1,262,668
Shares redeemed	(433,502)	(1,673,395)	(5,079,796)	(22,265,392)
Net increase (decrease)	(147,239)	(1,059,189)	$(1,785,045)	$(14,079,174)
Investor Class
Shares sold	279,048	2,212,552	$3,317,829	$30,015,916
Reinvestment of distributions	968,385	486,202	10,855,591	6,094,323
Shares redeemed	(2,302,870)	(4,623,690)	(27,034,239)	(59,635,398)
Net increase (decrease)	(1,055,437)	(1,924,936)	$(12,860,819)	$(23,525,159)

11. Other.

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
Initial Class	.68%
Actual		$1,000.00	$1,184.40	$3.68
Hypothetical-^C		$1,000.00	$1,021.42	$3.41
Investor Class	.76%
Actual		$1,000.00	$1,184.10	$4.12
Hypothetical-^C		$1,000.00	$1,021.03	$3.81

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

VIP Financial Services 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.

VIP Financial Services Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

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.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Fidelity Investments

VFSIC-SANN-0819
1.817370.114

Fidelity® Variable Insurance Products:

Industrials Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
The Boeing Co.	6.9
AMETEK, Inc.	6.6
Union Pacific Corp.	5.6
Ingersoll-Rand PLC	5.0
Lockheed Martin Corp.	4.9
Roper Technologies, Inc.	4.8
Fortive Corp.	4.3
ITT, Inc.	4.0
IDEX Corp.	3.9
General Electric Co.	3.8
	49.8

Top Industries (% of fund's net assets)

As of June 30, 2019
	Aerospace & Defense	27.1%
	Industrial Conglomerates	16.1%
	Machinery	16.1%
	Road & Rail	13.5%
	Electrical Equipment	13.4%
	All Others*	13.8%

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

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value
Aerospace & Defense - 27.1%
Aerospace & Defense - 27.1%
General Dynamics Corp.	23,400	$4,254,588
Harris Corp.	18,900	3,574,557
HEICO Corp. Class A	39,600	4,093,452
Huntington Ingalls Industries, Inc.	8,150	1,831,631
Lockheed Martin Corp.	25,000	9,088,500
Northrop Grumman Corp.	10,800	3,489,588
Raytheon Co.	9,300	1,617,084
Teledyne Technologies, Inc. (a)	3,978	1,089,455
The Boeing Co.	34,700	12,631,146
TransDigm Group, Inc. (a)	10,000	4,838,000
United Technologies Corp.	27,129	3,532,196
		50,040,197
Air Freight & Logistics - 0.5%
Air Freight & Logistics - 0.5%
United Parcel Service, Inc. Class B	9,400	970,738
Airlines - 1.3%
Airlines - 1.3%
Delta Air Lines, Inc.	5,800	329,150
Southwest Airlines Co.	18,700	949,586
Spirit Airlines, Inc. (a)	22,500	1,073,925
		2,352,661
Commercial Services & Supplies - 4.0%
Diversified Support Services - 0.5%
Cintas Corp.	4,002	949,635
Environmental & Facility Services - 3.5%
Stericycle, Inc. (a)	16,400	783,100
Waste Connection, Inc. (United States)	58,200	5,562,756
		6,345,856

TOTAL COMMERCIAL SERVICES & SUPPLIES		7,295,491

Electrical Equipment - 13.4%
Electrical Components & Equipment - 13.4%
AMETEK, Inc.	133,000	12,081,720
Emerson Electric Co.	67,900	4,530,288
Fortive Corp.	98,392	8,020,916
		24,632,924
Industrial Conglomerates - 16.1%
Industrial Conglomerates - 16.1%
General Electric Co.	666,746	7,000,833
Honeywell International, Inc.	37,127	6,482,003
ITT, Inc.	113,656	7,442,195
Roper Technologies, Inc.	24,000	8,790,240
		29,715,271
Machinery - 16.1%
Agricultural & Farm Machinery - 2.0%
Deere & Co.	21,900	3,629,049
Construction Machinery & Heavy Trucks - 2.0%
Caterpillar, Inc.	27,100	3,693,459
Industrial Machinery - 12.1%
Flowserve Corp.	20,400	1,074,876
Gardner Denver Holdings, Inc. (a)	136,300	4,715,980
IDEX Corp.	41,340	7,116,268
Ingersoll-Rand PLC	73,500	9,310,245
Xylem, Inc.	1,400	117,096
		22,334,465

TOTAL MACHINERY		29,656,973

Professional Services - 4.4%
Human Resource & Employment Services - 1.2%
TriNet Group, Inc. (a)	33,200	2,250,960
Research & Consulting Services - 3.2%
Equifax, Inc.	38,100	5,152,644
IHS Markit Ltd. (a)	11,910	758,905
		5,911,549

TOTAL PROFESSIONAL SERVICES		8,162,509

Road & Rail - 13.5%
Railroads - 12.4%
CSX Corp.	69,800	5,400,426
Genesee & Wyoming, Inc. Class A (a)	11,100	1,110,000
Norfolk Southern Corp.	30,800	6,139,364
Union Pacific Corp.	60,800	10,281,888
		22,931,678
Trucking - 1.1%
Knight-Swift Transportation Holdings, Inc. Class A	61,400	2,016,376

TOTAL ROAD & RAIL		24,948,054

Trading Companies & Distributors - 2.8%
Trading Companies & Distributors - 2.8%
HD Supply Holdings, Inc. (a)	130,100	5,240,428
TOTAL COMMON STOCKS
(Cost $139,087,623)		183,015,246

Money Market Funds - 0.4%
Fidelity Cash Central Fund 2.42% (b)
(Cost $794,423)	794,265	794,423
TOTAL INVESTMENT IN SECURITIES - 99.6%
(Cost $139,882,046)		183,809,669
NET OTHER ASSETS (LIABILITIES) - 0.4%		651,605
NET ASSETS - 100%		$184,461,274

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$27,230
Fidelity Securities Lending Cash Central Fund	40
Total	$27,270

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $139,087,623)	$183,015,246
Fidelity Central Funds (cost $794,423)	794,423
Total Investment in Securities (cost $139,882,046)		$183,809,669
Receivable for investments sold		1,807,086
Receivable for fund shares sold		919
Dividends receivable		46,284
Distributions receivable from Fidelity Central Funds		949
Prepaid expenses		1,537
Other receivables		1,725
Total assets		185,668,169
Liabilities
Payable for investments purchased	$1,063,530
Payable for fund shares redeemed	6,262
Accrued management fee	81,502
Other affiliated payables	25,508
Other payables and accrued expenses	30,093
Total liabilities		1,206,895
Net Assets		$184,461,274
Net Assets consist of:
Paid in capital		$136,426,310
Total distributable earnings (loss)		48,034,964
Net Assets		$184,461,274
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($36,582,318 ÷ 1,684,890 shares)		$21.71
Investor Class:
Net Asset Value, offering price and redemption price per share ($147,878,956 ÷ 6,863,452 shares)		$21.55

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$1,349,670
Non-Cash dividends		262,629
Income from Fidelity Central Funds (including $40 from security lending)		27,270
Total income		1,639,569
Expenses
Management fee	$484,490
Transfer agent fees	116,393
Accounting and security lending fees	35,041
Custodian fees and expenses	12,621
Independent trustees' fees and expenses	425
Audit	20,463
Legal	494
Miscellaneous	727
Total expenses before reductions	670,654
Expense reductions	(8,487)
Total expenses after reductions		662,167
Net investment income (loss)		977,402
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,000,088
Foreign currency transactions	(47)
Total net realized gain (loss)		4,000,041
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	32,104,632
Assets and liabilities in foreign currencies	9
Total change in net unrealized appreciation (depreciation)		32,104,641
Net gain (loss)		36,104,682
Net increase (decrease) in net assets resulting from operations		$37,082,084

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$977,402	$1,594,387
Net realized gain (loss)	4,000,041	15,323,336
Change in net unrealized appreciation (depreciation)	32,104,641	(46,063,303)
Net increase (decrease) in net assets resulting from operations	37,082,084	(29,145,580)
Distributions to shareholders	(16,511,558)	(9,495,847)
Share transactions - net increase (decrease)	8,635,392	(24,953,454)
Total increase (decrease) in net assets	29,205,918	(63,594,881)
Net Assets
Beginning of period	155,255,356	218,850,237
End of period	$184,461,274	$155,255,356

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

Financial Highlights

VIP Industrials Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$19.29	$23.85	$20.88	$20.25	$22.92	$22.17
Income from Investment Operations
Net investment income (loss)^A	.12^B	.19	.16	.18	.17	.18
Net realized and unrealized gain (loss)	4.35	(3.68)	3.91	2.50	(.55)	1.17
Total from investment operations	4.47	(3.49)	4.07	2.68	(.38)	1.35
Distributions from net investment income	(.06)	(.18)	(.16)	(.13)	(.18)	(.20)
Distributions from net realized gain	(2.00)	(.89)	(.94)	(1.92)	(2.11)	(.40)
Total distributions	(2.05)^C	(1.07)	(1.10)	(2.05)	(2.29)	(.60)
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D	–^D
Net asset value, end of period	$21.71	$19.29	$23.85	$20.88	$20.25	$22.92
Total Return^E,^F,^G	24.21%	(15.12)%	20.15%	15.87%	(1.89)%	6.21%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.68%^J	.67%	.69%	.70%	.69%	.69%
Expenses net of fee waivers, if any	.68%^J	.67%	.68%	.70%	.69%	.69%
Expenses net of all reductions	.67%^J	.66%	.68%	.69%	.69%	.69%
Net investment income (loss)	1.15%^B,^J	.85%	.72%	.94%	.83%	.81%
Supplemental Data
Net assets, end of period (000 omitted)	$36,582	$30,987	$44,205	$42,322	$35,852	$46,692
Portfolio turnover rate^K	88%^J	94%	64%	62%	69%	70%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been .86%.

^C Total distributions of $2.05 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $1.997 per share.

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

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

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

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

^J Annualized

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

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

VIP Industrials Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$19.17	$23.69	$20.75	$20.15	$22.82	$22.07
Income from Investment Operations
Net investment income (loss)^A	.11^B	.17	.14	.16	.16	.16
Net realized and unrealized gain (loss)	4.32	(3.64)	3.88	2.48	(.56)	1.17
Total from investment operations	4.43	(3.47)	4.02	2.64	(.40)	1.33
Distributions from net investment income	(.05)	(.16)	(.15)	(.12)	(.17)	(.18)
Distributions from net realized gain	(2.00)	(.89)	(.94)	(1.92)	(2.11)	(.40)
Total distributions	(2.05)	(1.05)	(1.08)^C	(2.04)	(2.27)^D	(.58)
Redemption fees added to paid in capital^A	–	–	–^E	–^E	–^E	–^E
Net asset value, end of period	$21.55	$19.17	$23.69	$20.75	$20.15	$22.82
Total Return^F,^G,^H	24.14%	(15.14)%	20.05%	15.73%	(1.97)%	6.16%
Ratios to Average Net Assets^I,^J
Expenses before reductions	.76%^K	.75%	.77%	.78%	.77%	.77%
Expenses net of fee waivers, if any	.76%^K	.75%	.77%	.78%	.77%	.77%
Expenses net of all reductions	.75%^K	.74%	.76%	.77%	.77%	.77%
Net investment income (loss)	1.07%^B,^K	.77%	.64%	.86%	.76%	.73%
Supplemental Data
Net assets, end of period (000 omitted)	$147,879	$124,268	$174,645	$151,967	$110,411	$126,131
Portfolio turnover rate^L	88%^K	94%	64%	62%	69%	70%

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

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

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

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

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

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

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

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

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

^K Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

1. Organization.

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

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Non-cash Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions 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	$46,119,789
Gross unrealized depreciation	(2,356,819)
Net unrealized appreciation (depreciation)	$43,762,970
Tax cost	$140,046,699

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $77,756,044 and $86,374,008, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$11,518
Investor Class	104,875
	$116,393

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $254 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $648.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
Distributions to shareholders
Initial Class	$3,270,659	$1,914,706
Investor Class	13,240,899	7,581,141
Total	$16,511,558	$9,495,847

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
Initial Class
Shares sold	85,249	64,045	$1,778,953	$1,518,621
Reinvestment of distributions	165,185	87,878	3,270,659	1,914,706
Shares redeemed	(171,621)	(399,316)	(3,541,135)	(9,006,877)
Net increase (decrease)	78,813	(247,393)	$1,508,477	$(5,573,550)
Investor Class
Shares sold	504,110	548,185	$10,377,964	$12,933,255
Reinvestment of distributions	673,837	349,657	13,240,899	7,581,141
Shares redeemed	(798,499)	(1,785,165)	(16,491,948)	(39,894,300)
Net increase (decrease)	379,448	(887,323)	$7,126,915	$(19,379,904)

11. Other.

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
Initial Class	.68%
Actual		$1,000.00	$1,242.10	$3.78
Hypothetical-^C		$1,000.00	$1,021.42	$3.41
Investor Class	.76%
Actual		$1,000.00	$1,241.40	$4.22
Hypothetical-^C		$1,000.00	$1,021.03	$3.81

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

VIP Industrials Portfolio

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The fund had a portfolio manager change in November 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager change.

VIP Industrials Portfolio

The Board considered the fund's underperformance for different time based on time periods ended prior to June 30, 2018 (which periods are not shown in the chart above). The Board noted that the fund's underperformance has continued since the Board approved the management contract in 2017 and 2018. The Board's discussions with SelectCo regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; attribution reports on contributors to the fund's underperformance; and the applicable portfolio manager's explanation of his or her underperformance. The Board engages with SelectCo on steps that might be taken to address a fund's underperformance. The Board noted that the fund's more recent performance had improved.

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.

VIP Industrials Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

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.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Fidelity Investments

VCYLIC-SANN-0819
1.817364.114

Fidelity® Variable Insurance Products:

Consumer Discretionary Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
Amazon.com, Inc.	23.1
The Home Depot, Inc.	8.1
McDonald's Corp.	5.0
Lowe's Companies, Inc.	3.9
The Booking Holdings, Inc.	3.6
Royal Caribbean Cruises Ltd.	3.2
NIKE, Inc. Class B	3.1
TJX Companies, Inc.	2.9
Burlington Stores, Inc.	2.9
Dollar Tree, Inc.	2.4
	58.2

Top Industries (% of fund's net assets)

As of June 30, 2019
	Internet & Direct Marketing Retail	27.4%
	Specialty Retail	26.6%
	Hotels, Restaurants & Leisure	22.2%
	Textiles, Apparel & Luxury Goods	9.3%
	Multiline Retail	5.1%
	All Others*	9.4%

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

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares	Value
Automobiles - 0.3%
Automobile Manufacturers - 0.3%
Ferrari NV	4,200	$677,964
Beverages - 0.3%
Distillers & Vintners - 0.2%
Constellation Brands, Inc. Class A (sub. vtg.)	2,700	531,738
Soft Drinks - 0.1%
Luckin Coffee, Inc. ADR	2,100	40,929
Monster Beverage Corp. (a)	1,800	114,894
		155,823

TOTAL BEVERAGES		687,561

Commercial Services & Supplies - 0.2%
Diversified Support Services - 0.2%
Copart, Inc. (a)	5,600	418,544
Distributors - 0.6%
Distributors - 0.6%
LKQ Corp. (a)	30,000	798,300
Pool Corp.	2,447	467,377
		1,265,677
Diversified Consumer Services - 1.3%
Education Services - 1.3%
Grand Canyon Education, Inc. (a)	19,700	2,305,294
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	4,100	395,978
		2,701,272
Entertainment - 0.6%
Interactive Home Entertainment - 0.1%
Electronic Arts, Inc. (a)	2,000	202,520
Movies & Entertainment - 0.5%
Live Nation Entertainment, Inc. (a)	3,800	251,750
Netflix, Inc. (a)	1,000	367,320
World Wrestling Entertainment, Inc. Class A	5,700	411,597
		1,030,667

TOTAL ENTERTAINMENT		1,233,187

Food & Staples Retailing - 1.3%
Food Distributors - 0.5%
Performance Food Group Co. (a)	27,900	1,116,837
Hypermarkets & Super Centers - 0.8%
BJ's Wholesale Club Holdings, Inc.	40,100	1,058,640
Walmart, Inc.	4,700	519,303
		1,577,943

TOTAL FOOD & STAPLES RETAILING		2,694,780

Health Care Providers & Services - 0.1%
Health Care Services - 0.1%
National Vision Holdings, Inc. (a)	3,500	107,555
Hotels, Restaurants & Leisure - 22.2%
Casinos & Gaming - 1.8%
Boyd Gaming Corp.	22,600	608,844
Churchill Downs, Inc.	6,500	747,955
Eldorado Resorts, Inc. (a)	32,862	1,513,952
Wynn Resorts Ltd.	7,598	942,076
		3,812,827
Hotels, Resorts & Cruise Lines - 7.9%
Hilton Grand Vacations, Inc. (a)	27,383	871,327
Hilton Worldwide Holdings, Inc.	13,600	1,329,264
Marriott International, Inc. Class A	31,000	4,348,990
Marriott Vacations Worldwide Corp.	16,400	1,580,960
Royal Caribbean Cruises Ltd.	54,800	6,642,308
Wyndham Destinations, Inc.	16,600	728,740
Wyndham Hotels & Resorts, Inc.	16,000	891,840
		16,393,429
Leisure Facilities - 1.7%
Drive Shack, Inc. (a)	62,200	291,718
Planet Fitness, Inc. (a)	28,000	2,028,320
Vail Resorts, Inc.	5,280	1,178,390
		3,498,428
Restaurants - 10.8%
ARAMARK Holdings Corp.	42,021	1,515,277
Chipotle Mexican Grill, Inc. (a)	2,511	1,840,262
Domino's Pizza, Inc.	7,205	2,005,007
McDonald's Corp.	50,500	10,486,830
Restaurant Brands International, Inc.	14,300	994,465
Starbucks Corp.	21,670	1,816,596
U.S. Foods Holding Corp. (a)	32,613	1,166,241
Yum! Brands, Inc.	24,500	2,711,415
		22,536,093

TOTAL HOTELS, RESTAURANTS & LEISURE		46,240,777

Household Durables - 3.3%
Home Furnishings - 0.5%
Mohawk Industries, Inc. (a)	7,000	1,032,290
Homebuilding - 2.8%
Cavco Industries, Inc. (a)	2,600	409,604
D.R. Horton, Inc.	52,700	2,272,951
Lennar Corp. Class A	33,100	1,604,026
NVR, Inc. (a)	470	1,584,018
		5,870,599

TOTAL HOUSEHOLD DURABLES		6,902,889

Interactive Media & Services - 0.5%
Interactive Media & Services - 0.5%
Alphabet, Inc. Class A (a)	1,000	1,082,800
Internet & Direct Marketing Retail - 27.4%
Internet & Direct Marketing Retail - 27.4%
Amazon.com, Inc. (a)	25,399	48,096,309
eBay, Inc.	16,900	667,550
Liberty Interactive Corp. QVC Group Series A (a)	47,750	591,623
The Booking Holdings, Inc. (a)	4,000	7,498,840
The RealReal, Inc.	400	11,560
Wayfair LLC Class A (a)	1,737	253,602
		57,119,484
IT Services - 0.3%
Data Processing & Outsourced Services - 0.3%
PayPal Holdings, Inc. (a)	5,100	583,746
Leisure Products - 0.5%
Leisure Products - 0.5%
Mattel, Inc. (a)(b)	73,996	829,495
OneSpaWorld Holdings Ltd. (a)	18,400	285,200
		1,114,695
Multiline Retail - 5.1%
General Merchandise Stores - 5.1%
B&M European Value Retail SA	56,770	240,293
Dollar General Corp.	33,900	4,581,924
Dollar Tree, Inc. (a)	46,200	4,961,418
Ollie's Bargain Outlet Holdings, Inc. (a)	9,900	862,389
		10,646,024
Software - 0.1%
Application Software - 0.1%
2U, Inc. (a)	7,105	267,432
Specialty Retail - 26.6%
Apparel Retail - 8.7%
Burlington Stores, Inc. (a)	35,083	5,969,372
Ross Stores, Inc.	43,582	4,319,848
The Children's Place Retail Stores, Inc.	17,600	1,678,688
TJX Companies, Inc.	115,534	6,109,438
		18,077,346
Automotive Retail - 2.8%
AutoZone, Inc. (a)	2,000	2,198,940
Monro, Inc.	9,010	768,553
O'Reilly Automotive, Inc. (a)	7,973	2,944,588
		5,912,081
Computer & Electronics Retail - 0.9%
Best Buy Co., Inc.	26,777	1,867,160
Home Improvement Retail - 12.4%
Floor & Decor Holdings, Inc. Class A (a)	21,400	896,660
Lowe's Companies, Inc.	80,700	8,143,437
The Home Depot, Inc.	81,300	16,907,961
		25,948,058
Specialty Stores - 1.8%
Five Below, Inc. (a)	6,800	816,136
Tiffany & Co., Inc.	6,000	561,840
Ulta Beauty, Inc. (a)	6,600	2,289,474
		3,667,450

TOTAL SPECIALTY RETAIL		55,472,095

Textiles, Apparel & Luxury Goods - 9.3%
Apparel, Accessories & Luxury Goods - 6.1%
adidas AG	1,221	376,950
Canada Goose Holdings, Inc. (a)	8,900	344,501
Capri Holdings Ltd. (a)	39,200	1,359,456
Carter's, Inc.	5,900	575,486
G-III Apparel Group Ltd. (a)	12,500	367,750
Kering SA	885	523,394
lululemon athletica, Inc. (a)	2,368	426,737
LVMH Moet Hennessy Louis Vuitton SE	1,854	788,183
PVH Corp.	36,100	3,416,504
Tapestry, Inc.	92,600	2,938,198
VF Corp.	17,700	1,546,095
		12,663,254
Footwear - 3.2%
NIKE, Inc. Class B	76,770	6,444,842
Puma AG	3,430	228,750
		6,673,592

TOTAL TEXTILES, APPAREL & LUXURY GOODS		19,336,846

TOTAL COMMON STOCKS
(Cost $147,011,019)		208,553,328

Money Market Funds - 0.5%
Fidelity Cash Central Fund 2.42% (c)	327,398	327,463
Fidelity Securities Lending Cash Central Fund 2.42% (c)(d)	650,710	650,775
TOTAL MONEY MARKET FUNDS
(Cost $978,238)		978,238
TOTAL INVESTMENT IN SECURITIES - 100.5%
(Cost $147,989,257)		209,531,566
NET OTHER ASSETS (LIABILITIES) - (0.5)%		(1,110,857)
NET ASSETS - 100%		$208,420,709

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$6,976
Fidelity Securities Lending Cash Central Fund	1,952
Total	$8,928

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$208,553,328	$207,765,145	$788,183	$--
Money Market Funds	978,238	978,238	--	--
Total Investments in Securities:	$209,531,566	$208,743,383	$788,183	$--

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $651,256) — See accompanying schedule: Unaffiliated issuers (cost $147,011,019)	$208,553,328
Fidelity Central Funds (cost $978,238)	978,238
Total Investment in Securities (cost $147,989,257)		$209,531,566
Receivable for investments sold		518,151
Receivable for fund shares sold		15
Dividends receivable		124,034
Distributions receivable from Fidelity Central Funds		1,126
Prepaid expenses		1,225
Other receivables		4,144
Total assets		210,180,261
Liabilities
Payable for investments purchased	$755,348
Payable for fund shares redeemed	202,185
Accrued management fee	92,422
Other affiliated payables	29,788
Other payables and accrued expenses	29,569
Collateral on securities loaned	650,240
Total liabilities		1,759,552
Net Assets		$208,420,709
Net Assets consist of:
Paid in capital		$148,876,717
Total distributable earnings (loss)		59,543,992
Net Assets		$208,420,709
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($28,162,214 ÷ 1,175,509 shares)		$23.96
Investor Class:
Net Asset Value, offering price and redemption price per share ($180,258,495 ÷ 7,549,120 shares)		$23.88

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$1,031,824
Income from Fidelity Central Funds (including $1,952 from security lending)		8,928
Total income		1,040,752
Expenses
Management fee	$545,645
Transfer agent fees	136,154
Accounting and security lending fees	39,555
Custodian fees and expenses	13,192
Independent trustees' fees and expenses	485
Audit	28,426
Legal	157
Miscellaneous	712
Total expenses before reductions	764,326
Expense reductions	(6,060)
Total expenses after reductions		758,266
Net investment income (loss)		282,486
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	887,299
Fidelity Central Funds	(2)
Foreign currency transactions	1,804
Total net realized gain (loss)		889,101
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	35,118,423
Assets and liabilities in foreign currencies	41
Total change in net unrealized appreciation (depreciation)		35,118,464
Net gain (loss)		36,007,565
Net increase (decrease) in net assets resulting from operations		$36,290,051

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$282,486	$539,950
Net realized gain (loss)	889,101	7,936,610
Change in net unrealized appreciation (depreciation)	35,118,464	(16,134,939)
Net increase (decrease) in net assets resulting from operations	36,290,051	(7,658,379)
Distributions to shareholders	(10,037,051)	(7,904,633)
Share transactions - net increase (decrease)	(4,423,270)	52,445,882
Total increase (decrease) in net assets	21,829,730	36,882,870
Net Assets
Beginning of period	186,590,979	149,708,109
End of period	$208,420,709	$186,590,979

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

Financial Highlights

VIP Consumer Discretionary Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$20.97	$22.27	$18.33	$17.88	$19.01	$18.54
Income from Investment Operations
Net investment income (loss)^A	.04	.08	.12	.15	.13	.08
Net realized and unrealized gain (loss)	4.10	(.30)	3.93	.73	.73	1.59
Total from investment operations	4.14	(.22)	4.05	.88	.86	1.67
Distributions from net investment income	(.03)	(.07)	(.11)	(.14)	(.09)	(.10)
Distributions from net realized gain	(1.12)	(1.01)	–	(.30)	(1.91)	(1.11)
Total distributions	(1.15)	(1.08)	(.11)	(.44)	(2.00)	(1.20)^B
Redemption fees added to paid in capital^A	–	–	–^C	.01	.01	–^C
Net asset value, end of period	$23.96	$20.97	$22.27	$18.33	$17.88	$19.01
Total Return^D,^E,^F	20.34%	(1.09)%	22.16%	5.24%	4.71%	9.64%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.68%^I	.68%	.71%	.70%	.70%	.72%
Expenses net of fee waivers, if any	.68%^I	.68%	.71%	.70%	.70%	.72%
Expenses net of all reductions	.68%^I	.67%	.70%	.70%	.69%	.71%
Net investment income (loss)	.35%^I	.35%	.58%	.86%	.69%	.45%
Supplemental Data
Net assets, end of period (000 omitted)	$28,162	$25,079	$22,057	$23,677	$42,048	$21,446
Portfolio turnover rate^J	51%^I	38%	81%	43%	46%	129%

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

^B Total distributions of $1.20 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $1.106 per share.

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

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

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

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

^I Annualized

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

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

VIP Consumer Discretionary Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$20.91	$22.21	$18.28	$17.84	$18.97	$18.50
Income from Investment Operations
Net investment income (loss)^A	.03	.06	.10	.14	.11	.07
Net realized and unrealized gain (loss)	4.09	(.29)	3.93	.71	.74	1.59
Total from investment operations	4.12	(.23)	4.03	.85	.85	1.66
Distributions from net investment income	(.02)	(.06)	(.10)	(.13)	(.08)	(.08)
Distributions from net realized gain	(1.12)	(1.01)	–	(.30)	(1.91)	(1.11)
Total distributions	(1.15)^B	(1.07)	(.10)	(.42)^C	(1.99)	(1.19)
Redemption fees added to paid in capital^A	–	–	–^D	.01	.01	–^D
Net asset value, end of period	$23.88	$20.91	$22.21	$18.28	$17.84	$18.97
Total Return^E,^F,^G	20.28%	(1.16)%	22.07%	5.12%	4.66%	9.58%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.76%^J	.76%	.79%	.78%	.78%	.80%
Expenses net of fee waivers, if any	.76%^J	.76%	.79%	.78%	.77%	.79%
Expenses net of all reductions	.76%^J	.75%	.78%	.78%	.77%	.78%
Net investment income (loss)	.27%^J	.27%	.50%	.78%	.61%	.38%
Supplemental Data
Net assets, end of period (000 omitted)	$180,259	$161,512	$127,651	$124,272	$165,927	$86,882
Portfolio turnover rate^K	51%^J	38%	81%	43%	46%	129%

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

^B Total distributions of $1.15 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $1.123 per share.

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

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

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

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

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

^J Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

1. Organization.

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

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2019 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. 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.

Book-tax differences are primarily due to foreign currency transactions, partnerships 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	$66,028,001
Gross unrealized depreciation	(5,394,498)
Net unrealized appreciation (depreciation)	$60,633,503
Tax cost	$148,898,063

The Fund elected to defer to its next fiscal year approximately $919,061 of capital losses recognized during the period November 1, 2018 to December 31, 2018.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $50,970,385 and $64,408,639, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$8,846
Investor Class	127,308
	$136,154

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $292 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $780.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
Distributions to shareholders
Initial Class	$1,341,870	$1,134,568
Investor Class	8,695,181	6,770,065
Total	$10,037,051	$7,904,633

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
Initial Class
Shares sold	68,943	431,880	$1,618,961	$10,153,361
Reinvestment of distributions	62,210	52,520	1,341,870	1,134,568
Shares redeemed	(151,386)	(279,023)	(3,419,447)	(6,318,800)
Net increase (decrease)	(20,233)	205,377	$(458,616)	$4,969,129
Investor Class
Shares sold	480,986	3,052,639	$11,255,555	$71,763,597
Reinvestment of distributions	404,239	314,264	8,695,181	6,770,065
Shares redeemed	(1,059,069)	(1,391,020)	(23,915,390)	(31,056,909)
Net increase (decrease)	(173,844)	1,975,883	$(3,964,654)	$47,476,753

11. Other.

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
Initial Class	.68%
Actual		$1,000.00	$1,203.40	$3.71
Hypothetical-^C		$1,000.00	$1,021.42	$3.41
Investor Class	.76%
Actual		$1,000.00	$1,202.80	$4.15
Hypothetical-^C		$1,000.00	$1,021.03	$3.81

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

VIP Consumer Discretionary 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.

VIP Consumer Discretionary Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

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.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Fidelity Investments

VCONIC-SANN-0819
1.817358.114

Fidelity® Variable Insurance Products:

Real Estate Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
Prologis, Inc.	9.4
AvalonBay Communities, Inc.	6.2
Boston Properties, Inc.	5.0
Ventas, Inc.	5.0
Simon Property Group, Inc.	4.9
Essex Property Trust, Inc.	4.4
Equity Residential (SBI)	4.3
UDR, Inc.	4.1
Welltower, Inc.	3.7
CubeSmart	3.7
	50.7

Top Five REIT Sectors as of June 30, 2019

	% of fund's net assets
REITs - Apartments	21.1
REITs - Office Property	12.9
REITs - Warehouse/Industrial	11.3
REITs - Health Care	11.1
REITs - Storage	8.6

Asset Allocation (% of fund's net assets)

As of June 30, 2019
	Stocks	97.5%
	Short-Term Investments and Net Other Assets (Liabilities)	2.5%

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares	Value
Equity Real Estate Investment Trusts (REITs) - 95.6%
REITs - Apartments - 21.1%
AvalonBay Communities, Inc.	124,142	$25,223,172
Equity Residential (SBI)	228,970	17,383,402
Essex Property Trust, Inc.	60,648	17,704,971
Invitation Homes, Inc.	324,700	8,679,231
UDR, Inc.	375,800	16,869,662
		85,860,438
REITs - Diversified - 8.4%
Clipper Realty, Inc.	186,100	2,080,598
Crown Castle International Corp.	31,200	4,066,920
Digital Realty Trust, Inc.	70,300	8,280,637
Duke Realty Corp.	325,800	10,298,538
Equinix, Inc.	19,200	9,682,368
		34,409,061
REITs - Health Care - 11.1%
Healthcare Realty Trust, Inc.	309,100	9,681,012
Ventas, Inc.	296,210	20,245,954
Welltower, Inc.	186,228	15,183,169
		45,110,135
REITs - Hotels - 4.6%
Braemar Hotels & Resorts, Inc.	178,900	1,771,110
Host Hotels & Resorts, Inc.	149,178	2,718,023
RLJ Lodging Trust	468,700	8,314,738
Sunstone Hotel Investors, Inc.	437,100	5,992,641
		18,796,512
REITs - Management/Investment - 1.4%
Weyerhaeuser Co.	223,600	5,889,624
REITs - Manufactured Homes - 3.6%
Equity Lifestyle Properties, Inc.	119,910	14,549,879
REITs - Office Property - 12.9%
Alexandria Real Estate Equities, Inc.	78,500	11,075,565
Boston Properties, Inc.	157,477	20,314,533
Douglas Emmett, Inc.	236,900	9,438,096
Highwoods Properties, Inc. (SBI)	243,200	10,044,160
Mack-Cali Realty Corp.	79,366	1,848,434
		52,720,788
REITs - Regional Malls - 6.8%
Simon Property Group, Inc.	124,799	19,937,888
Taubman Centers, Inc.	189,200	7,725,036
		27,662,924
REITs - Shopping Centers - 5.8%
Acadia Realty Trust (SBI)	254,000	6,951,980
Cedar Realty Trust, Inc.	810,991	2,149,126
DDR Corp.	587,500	7,778,500
Urban Edge Properties	387,505	6,715,462
		23,595,068
REITs - Storage - 8.6%
CubeSmart	447,500	14,964,400
Extra Space Storage, Inc.	100,300	10,641,830
Public Storage	40,155	9,563,716
		35,169,946
REITs - Warehouse/Industrial - 11.3%
Americold Realty Trust	116,500	3,776,930
Prologis, Inc.	476,554	38,171,976
Terreno Realty Corp.	83,700	4,104,648
		46,053,554

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		389,817,929

Hotels, Restaurants & Leisure - 1.9%
Hotels, Resorts & Cruise Lines - 1.9%
Hilton Grand Vacations, Inc. (a)	63,700	2,026,934
Marriott International, Inc. Class A	40,400	5,667,716
		7,694,650
TOTAL COMMON STOCKS
(Cost $300,506,268)		397,512,579

Money Market Funds - 2.2%
Fidelity Cash Central Fund 2.42% (b)
(Cost $8,972,760)	8,971,293	8,973,087
TOTAL INVESTMENT IN SECURITIES - 99.7%
(Cost $309,479,028)		406,485,666
NET OTHER ASSETS (LIABILITIES) - 0.3%		1,266,479
NET ASSETS - 100%		$407,752,145

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$62,732
Fidelity Securities Lending Cash Central Fund	147
Total	$62,879

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $300,506,268)	$397,512,579
Fidelity Central Funds (cost $8,972,760)	8,973,087
Total Investment in Securities (cost $309,479,028)		$406,485,666
Receivable for investments sold		839,059
Receivable for fund shares sold		2,765,691
Dividends receivable		1,609,704
Distributions receivable from Fidelity Central Funds		14,084
Prepaid expenses		2,567
Other receivables		1,265
Total assets		411,718,036
Liabilities
Payable for investments purchased	$3,603,750
Payable for fund shares redeemed	80,831
Accrued management fee	180,641
Distribution and service plan fees payable	25,877
Other affiliated payables	47,212
Other payables and accrued expenses	27,580
Total liabilities		3,965,891
Net Assets		$407,752,145
Net Assets consist of:
Paid in capital		$299,292,208
Total distributable earnings (loss)		108,459,937
Net Assets		$407,752,145
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($87,366,151 ÷ 4,548,826 shares)		$19.21
Service Class:
Net Asset Value, offering price and redemption price per share ($11,957,414 ÷ 625,449 shares)		$19.12
Service Class 2:
Net Asset Value, offering price and redemption price per share ($124,091,617 ÷ 6,577,157 shares)		$18.87
Investor Class:
Net Asset Value, offering price and redemption price per share ($184,336,963 ÷ 9,656,218 shares)		$19.09

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$6,069,261
Income from Fidelity Central Funds (including $147 from security lending)		62,879
Total income		6,132,140
Expenses
Management fee	$1,036,098
Transfer agent fees	194,713
Distribution and service plan fees	150,508
Accounting and security lending fees	74,978
Custodian fees and expenses	5,594
Independent trustees' fees and expenses	909
Audit	24,906
Legal	283
Miscellaneous	1,408
Total expenses before reductions	1,489,397
Expense reductions	(10,869)
Total expenses after reductions		1,478,528
Net investment income (loss)		4,653,612
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	8,417,121
Total net realized gain (loss)		8,417,121
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	45,188,911
Fidelity Central Funds	(1)
Total change in net unrealized appreciation (depreciation)		45,188,910
Net gain (loss)		53,606,031
Net increase (decrease) in net assets resulting from operations		$58,259,643

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$4,653,612	$8,162,318
Net realized gain (loss)	8,417,121	6,629,182
Change in net unrealized appreciation (depreciation)	45,188,910	(38,796,353)
Net increase (decrease) in net assets resulting from operations	58,259,643	(24,004,853)
Distributions to shareholders	(7,170,411)	(31,385,907)
Share transactions - net increase (decrease)	17,102,494	(27,132,122)
Total increase (decrease) in net assets	68,191,726	(82,522,882)
Net Assets
Beginning of period	339,560,419	422,083,301
End of period	$407,752,145	$339,560,419

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

Financial Highlights

VIP Real Estate Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$16.68	$19.44	$20.21	$19.61	$19.73	$16.35
Income from Investment Operations
Net investment income (loss)^A	.24	.40	.36	.36^B	.38	.35
Net realized and unrealized gain (loss)	2.65	(1.64)	.42	.74	.33	4.53
Total from investment operations	2.89	(1.24)	.78	1.10	.71	4.88
Distributions from net investment income	(.01)	(.51)	(.36)	(.30)	(.39)	(.31)^C
Distributions from net realized gain	(.35)	(1.00)	(1.19)	(.20)	(.44)	(1.19)^C
Total distributions	(.36)	(1.52)^D	(1.55)	(.50)	(.83)	(1.50)
Net asset value, end of period	$19.21	$16.68	$19.44	$20.21	$19.61	$19.73
Total Return^E,^F,^G	17.39%	(6.22)%	4.07%	5.75%	3.71%	30.18%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.66%^J	.67%	.68%	.67%	.67%	.68%
Expenses net of fee waivers, if any	.66%^J	.67%	.68%	.67%	.67%	.68%
Expenses net of all reductions	.65%^J	.67%	.67%	.66%	.67%	.67%
Net investment income (loss)	2.53%^J	2.23%	1.84%	1.79%^B	1.92%	1.84%
Supplemental Data
Net assets, end of period (000 omitted)	$87,366	$74,259	$107,038	$102,666	$99,804	$91,749
Portfolio turnover rate^K	50%^J	50%	52%	65%	72%	65%

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

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

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

^D Total distributions of $1.52 per share is comprised of distributions from net investment income of $.514 and distributions from net realized gain of $1.004 per share.

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

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

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

^J Annualized

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

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

VIP Real Estate Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$16.61	$19.37	$20.14	$19.56	$19.68	$16.32
Income from Investment Operations
Net investment income (loss)^A	.23	.38	.34	.34^B	.36	.33
Net realized and unrealized gain (loss)	2.63	(1.63)	.42	.74	.33	4.51
Total from investment operations	2.86	(1.25)	.76	1.08	.69	4.84
Distributions from net investment income	(.01)	(.50)	(.34)	(.29)	(.37)	(.29)^C
Distributions from net realized gain	(.35)	(1.00)	(1.19)	(.20)	(.44)	(1.19)^C
Total distributions	(.35)^D	(1.51)^E	(1.53)	(.50)^F	(.81)	(1.48)
Net asset value, end of period	$19.12	$16.61	$19.37	$20.14	$19.56	$19.68
Total Return^G,^H,^I	17.33%	(6.31)%	3.98%	5.63%	3.61%	29.98%
Ratios to Average Net Assets^J,^K
Expenses before reductions	.76%^L	.77%	.78%	.77%	.77%	.78%
Expenses net of fee waivers, if any	.76%^L	.77%	.78%	.77%	.77%	.78%
Expenses net of all reductions	.75%^L	.77%	.77%	.76%	.76%	.77%
Net investment income (loss)	2.43%^L	2.13%	1.74%	1.69%^B	1.82%	1.75%
Supplemental Data
Net assets, end of period (000 omitted)	$11,957	$9,737	$7,877	$8,781	$4,060	$4,056
Portfolio turnover rate^M	50%^L	50%	52%	65%	72%	65%

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

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

^D Total distributions of $.35 per share is comprised of distributions from net investment income of $.009 and distributions from net realized gain of $.345 per share.

^E Total distributions of $1.51 per share is comprised of distributions from net investment income of $.503 and distributions from net realized gain of $1.004 per share.

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

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

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

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

^L Annualized

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

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

VIP Real Estate Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$16.40	$19.14	$19.92	$19.35	$19.47	$16.16
Income from Investment Operations
Net investment income (loss)^A	.21	.35	.31	.31^B	.33	.30
Net realized and unrealized gain (loss)	2.61	(1.62)	.41	.72	.33	4.46
Total from investment operations	2.82	(1.27)	.72	1.03	.66	4.76
Distributions from net investment income	–^C	(.47)	(.31)	(.26)	(.34)	(.26)^D
Distributions from net realized gain	(.35)	(1.00)	(1.19)	(.20)	(.44)	(1.19)^D
Total distributions	(.35)	(1.47)	(1.50)	(.46)	(.78)	(1.45)
Net asset value, end of period	$18.87	$16.40	$19.14	$19.92	$19.35	$19.47
Total Return^E,^F,^G	17.27%	(6.45)%	3.77%	5.46%	3.49%	29.80%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.91%^J	.92%	.93%	.92%	.92%	.93%
Expenses net of fee waivers, if any	.91%^J	.92%	.93%	.92%	.92%	.93%
Expenses net of all reductions	.90%^J	.92%	.92%	.91%	.91%	.92%
Net investment income (loss)	2.28%^J	1.98%	1.59%	1.54%^B	1.67%	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$124,092	$104,238	$119,798	$213,984	$194,640	$200,481
Portfolio turnover rate^K	50%^J	50%	52%	65%	72%	65%

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

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

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

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

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

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

^J Annualized

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

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

VIP Real Estate Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$16.58	$19.34	$20.11	$19.52	$19.64	$16.29
Income from Investment Operations
Net investment income (loss)^A	.23	.38	.34	.35^B	.36	.33
Net realized and unrealized gain (loss)	2.63	(1.64)	.42	.73	.33	4.50
Total from investment operations	2.86	(1.26)	.76	1.08	.69	4.83
Distributions from net investment income	(.01)	(.50)	(.35)	(.28)	(.37)	(.30)^C
Distributions from net realized gain	(.35)	(1.00)	(1.19)	(.20)	(.44)	(1.19)^C
Total distributions	(.35)^D	(1.50)	(1.53)^E	(.49)^F	(.81)	(1.48)^G
Net asset value, end of period	$19.09	$16.58	$19.34	$20.11	$19.52	$19.64
Total Return^H,^I,^J	17.36%	(6.33)%	3.99%	5.65%	3.64%	30.02%
Ratios to Average Net Assets^K,^L
Expenses before reductions	.74%^M	.75%	.76%	.75%	.75%	.76%
Expenses net of fee waivers, if any	.74%^M	.75%	.76%	.75%	.75%	.76%
Expenses net of all reductions	.73%^M	.75%	.75%	.74%	.74%	.75%
Net investment income (loss)	2.45%^M	2.15%	1.76%	1.71%^B	1.84%	1.76%
Supplemental Data
Net assets, end of period (000 omitted)	$184,337	$151,327	$187,371	$230,521	$222,596	$219,550
Portfolio turnover rate^N	50%^M	50%	52%	65%	72%	65%

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

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

^D Total distributions of $.35 per share is comprised of distributions from net investment income of $.009 and distributions from net realized gain of $.345 per share.

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

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

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

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

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

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

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

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

^M Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

1. Organization.

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

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Book-tax differences are primarily due to short-term capital gains, foreign currency transactions, and losses deferred due to wash sales.

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	$108,663,476
Gross unrealized depreciation	(13,249,243)
Net unrealized appreciation (depreciation)	$95,414,233
Tax cost	$311,071,433

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $101,914,297 and $93,618,436, respectively.

5. Fees and Other Transactions with Affiliates.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

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

Service Class	$5,615
Service Class 2	144,893
	$150,508

Initial Class	$27,342
Service Class	3,650
Service Class 2	37,672
Investor Class	126,049
	$194,713

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $533 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $9,118 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $315.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,436.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
Distributions to shareholders
Initial Class	$1,584,749	$7,673,740
Service Class	203,316	713,768
Service Class 2	2,176,928	9,221,236
Investor Class	3,205,418	13,777,163
Total	$7,170,411	$31,385,907

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
Initial Class
Shares sold	293,619	495,417	$5,498,442	$8,594,131
Reinvestment of distributions	85,755	462,425	1,584,749	7,673,740
Shares redeemed	(282,635)	(2,012,593)	(5,259,853)	(36,655,697)
Net increase (decrease)	96,739	(1,054,751)	$1,823,338	$(20,387,826)
Service Class
Shares sold	93,233	266,146	$1,749,000	$4,748,357
Reinvestment of distributions	11,050	43,021	203,316	713,768
Shares redeemed	(65,012)	(129,663)	(1,211,112)	(2,304,588)
Net increase (decrease)	39,271	179,504	$741,204	$3,157,537
Service Class 2
Shares sold	997,208	1,624,109	$18,498,547	$28,739,955
Reinvestment of distributions	119,809	564,331	2,176,928	9,221,236
Shares redeemed	(894,054)	(2,092,364)	(16,267,440)	(36,826,165)
Net increase (decrease)	222,963	96,076	$4,408,035	$1,135,026
Investor Class
Shares sold	883,822	286,688	$16,620,428	$5,147,252
Reinvestment of distributions	174,492	833,888	3,205,418	13,777,163
Shares redeemed	(526,840)	(1,686,408)	(9,695,929)	(29,961,274)
Net increase (decrease)	531,474	(565,832)	$10,129,917	$(11,036,859)

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 55% of the total outstanding shares of the Fund and one otherwise unaffiliated shareholder was the owner of record of 11% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
Initial Class	.66%
Actual		$1,000.00	$1,173.90	$3.56
Hypothetical-^C		$1,000.00	$1,021.52	$3.31
Service Class	.76%
Actual		$1,000.00	$1,173.30	$4.10
Hypothetical-^C		$1,000.00	$1,021.03	$3.81
Service Class 2	.91%
Actual		$1,000.00	$1,172.70	$4.90
Hypothetical-^C		$1,000.00	$1,020.28	$4.56
Investor Class	.74%
Actual		$1,000.00	$1,173.60	$3.99
Hypothetical-^C		$1,000.00	$1,021.12	$3.71

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

VIP Real Estate Portfolio

The Board considered the fund's underperformance for different time periods based on the June 30, 2018 data presented above and based on earlier periods ended prior to June 30, 2018. The Board noted that the fund's underperformance has continued since the Board approved the management contract in 2017 and 2018. The Board's discussions with SelectCo regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; attribution reports on contributors to the fund's underperformance; and the applicable portfolio manager's explanation of his or her underperformance. The Board engages with SelectCo on steps that might be taken to address a fund's underperformance. For a fund with underperformance over longer periods of time, the Board typically monitors the effect of any remedial actions and other relevant factors.

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.

VIP Real Estate Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

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.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Fidelity Investments

VIPRE-SANN-0819
1.787989.116

Fidelity® Variable Insurance Products:

Consumer Staples Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
The Coca-Cola Co.	10.3
Procter & Gamble Co.	9.8
Philip Morris International, Inc.	6.2
Altria Group, Inc.	5.7
PepsiCo, Inc.	4.9
Monster Beverage Corp.	4.9
Spectrum Brands Holdings, Inc.	3.8
Mondelez International, Inc.	3.4
Coty, Inc. Class A	3.2
Costco Wholesale Corp.	3.0
	55.2

Top Industries (% of fund's net assets)

As of June 30, 2019
	Beverages	26.0%
	Household Products	19.4%
	Food Products	18.9%
	Tobacco	12.6%
	Personal Products	9.6%
	All Others^*	13.5%

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

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares	Value
Beverages - 26.0%
Brewers - 1.3%
Anheuser-Busch InBev SA NV	20,700	$1,831,751
Beijing Yanjing Brewery Co. Ltd. (A Shares)	882,479	853,332
China Resources Beer Holdings Co. Ltd.	18,666	88,650
		2,773,733
Distillers & Vintners - 2.3%
Constellation Brands, Inc. Class A (sub. vtg.)	24,000	4,726,560
Kweichow Moutai Co. Ltd. (A Shares)	1,850	265,102
		4,991,662
Soft Drinks - 22.4%
Coca-Cola European Partners PLC	27,400	1,548,100
Coca-Cola FEMSA S.A.B. de CV sponsored ADR	10,200	633,828
Coca-Cola West Co. Ltd.	6,250	158,199
Fever-Tree Drinks PLC	263	7,742
Keurig Dr. Pepper, Inc. (a)	97,200	2,809,080
Monster Beverage Corp. (b)	168,400	10,748,972
PepsiCo, Inc.	82,006	10,753,447
The Coca-Cola Co.	448,438	22,834,461
		49,493,829

TOTAL BEVERAGES		57,259,224

Food & Staples Retailing - 9.5%
Drug Retail - 1.3%
Walgreens Boots Alliance, Inc.	54,600	2,984,982
Food Distributors - 1.8%
Performance Food Group Co. (b)	8,200	328,246
Sysco Corp.	50,500	3,571,360
		3,899,606
Food Retail - 1.9%
Kroger Co.	168,652	3,661,435
Sprouts Farmers Market LLC (b)	27,000	510,030
		4,171,465
Hypermarkets & Super Centers - 4.5%
BJ's Wholesale Club Holdings, Inc.	2,900	76,560
Costco Wholesale Corp.	25,000	6,606,500
Walmart, Inc.	28,904	3,193,603
		9,876,663

TOTAL FOOD & STAPLES RETAILING		20,932,716

Food Products - 18.9%
Agricultural Products - 1.0%
Bunge Ltd.	11,200	623,952
Darling International, Inc. (b)	56,300	1,119,807
Ingredion, Inc.	4,200	346,458
		2,090,217
Packaged Foods & Meats - 17.9%
Conagra Brands, Inc.	92,900	2,463,708
Danone SA	44,056	3,730,319
Freshpet, Inc. (b)	51,100	2,325,561
General Mills, Inc.	58,400	3,067,168
JBS SA	353,800	1,955,139
Kellogg Co.	19,500	1,044,615
Mondelez International, Inc.	138,500	7,465,150
Muyuan Foodstuff Co. Ltd. (A Shares)	49,800	426,362
Nomad Foods Ltd. (b)	10,600	226,416
Post Holdings, Inc. (b)	8,700	904,539
SunOpta, Inc. (b)	28,900	95,081
The Hain Celestial Group, Inc. (b)	19,180	420,042
The J.M. Smucker Co.	30,400	3,501,776
The Kraft Heinz Co.	149,600	4,643,584
The Simply Good Foods Co. (b)	44,800	1,078,784
TreeHouse Foods, Inc. (b)	46,400	2,510,240
Tyson Foods, Inc. Class A	39,600	3,197,304
Wens Foodstuffs Group Co. Ltd. (A Shares)	83,314	435,085
		39,490,873

TOTAL FOOD PRODUCTS		41,581,090

Hotels, Restaurants & Leisure - 0.9%
Restaurants - 0.9%
U.S. Foods Holding Corp. (b)	52,600	1,880,976
Household Products - 19.4%
Household Products - 19.4%
C&S Paper Co. Ltd. (A Shares)	594,361	1,062,905
Colgate-Palmolive Co.	87,490	6,270,408
Energizer Holdings, Inc.	21,000	811,440
Essity AB Class B	140,000	4,302,752
Procter & Gamble Co.	196,407	21,536,028
Reckitt Benckiser Group PLC	5,164	407,722
Spectrum Brands Holdings, Inc.	157,400	8,463,398
		42,854,653
Internet & Direct Marketing Retail - 0.3%
Internet & Direct Marketing Retail - 0.3%
Ocado Group PLC (b)	50,500	748,426
Multiline Retail - 1.0%
General Merchandise Stores - 1.0%
Dollar General Corp.	4,900	662,284
Dollar Tree, Inc. (b)	13,800	1,481,982
		2,144,266
Personal Products - 9.6%
Personal Products - 9.6%
Avon Products, Inc. (b)	579,815	2,249,682
Coty, Inc. Class A	518,902	6,953,287
Edgewell Personal Care Co. (b)	122,800	3,309,460
Estee Lauder Companies, Inc. Class A	6,300	1,153,593
Ontex Group NV	113,300	1,826,858
Unilever NV (Certificaten Van Aandelen) (Bearer)	93,086	5,655,736
		21,148,616
Tobacco - 12.6%
Tobacco - 12.6%
Altria Group, Inc.	264,196	12,509,681
British American Tobacco PLC sponsored ADR	42,796	1,492,297
Philip Morris International, Inc.	175,734	13,800,391
		27,802,369
TOTAL COMMON STOCKS
(Cost $176,363,690)		216,352,336

Convertible Preferred Stocks - 1.1%
Internet & Direct Marketing Retail - 1.1%
Internet & Direct Marketing Retail - 1.1%
The Honest Co., Inc.:
Series D (b)(c)(d)	32,783	1,500,150
Series E (b)(c)(d)	51,008	999,757

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $2,499,988)		2,499,907

Money Market Funds - 1.3%
Fidelity Cash Central Fund 2.42% (e)	1,512,052	1,512,355
Fidelity Securities Lending Cash Central Fund 2.42% (e)(f)	1,392,261	1,392,400
TOTAL MONEY MARKET FUNDS
(Cost $2,904,755)		2,904,755
TOTAL INVESTMENT IN SECURITIES - 100.6%
(Cost $181,768,433)		221,756,998
NET OTHER ASSETS (LIABILITIES) - (0.6)%		(1,321,291)
NET ASSETS - 100%		$220,435,707

Legend

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

(b) Non-income producing

(d) Level 3 security

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$10,661
Fidelity Securities Lending Cash Central Fund	3,183
Total	$13,844

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$216,352,336	$204,726,808	$11,625,528	$--
Convertible Preferred Stocks	2,499,907	--	--	2,499,907
Money Market Funds	2,904,755	2,904,755	--	--
Total Investments in Securities:	$221,756,998	$207,631,563	$11,625,528	$2,499,907

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	$2,350,006
Total Realized Gain (Loss)	--
Total Unrealized Gain (Loss)	149,901
Cost of Purchases	--
Proceeds of Sales	--
Amortization/Accretion	--
Transfers in to Level 3	--
Transfers out of Level 3	--
Ending Balance	$2,499,907
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2019	$149,901

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

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

United States of America	87.2%
Netherlands	2.6%
Sweden	1.9%
United Kingdom	1.9%
France	1.7%
Belgium	1.6%
China	1.4%
Others (Individually Less Than 1%)	1.7%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $1,364,080) — See accompanying schedule: Unaffiliated issuers (cost $178,863,678)	$218,852,243
Fidelity Central Funds (cost $2,904,755)	2,904,755
Total Investment in Securities (cost $181,768,433)		$221,756,998
Cash		32,399
Foreign currency held at value (cost $3,575)		3,576
Receivable for investments sold		757,343
Dividends receivable		683,857
Distributions receivable from Fidelity Central Funds		3,118
Prepaid expenses		1,805
Other receivables		1,994
Total assets		223,241,090
Liabilities
Payable for investments purchased	$1,076,354
Payable for fund shares redeemed	179,093
Accrued management fee	98,723
Other affiliated payables	32,534
Other payables and accrued expenses	26,279
Collateral on securities loaned	1,392,400
Total liabilities		2,805,383
Net Assets		$220,435,707
Net Assets consist of:
Paid in capital		$179,222,918
Total distributable earnings (loss)		41,212,789
Net Assets		$220,435,707
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($18,918,533 ÷ 1,080,864 shares)		$17.50
Investor Class:
Net Asset Value, offering price and redemption price per share ($201,517,174 ÷ 11,566,707 shares)		$17.42

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$3,375,738
Income from Fidelity Central Funds (including $3,183 from security lending)		13,844
Total income		3,389,582
Expenses
Management fee	$565,493
Transfer agent fees	145,173
Accounting and security lending fees	41,071
Custodian fees and expenses	8,612
Independent trustees' fees and expenses	498
Audit	27,817
Legal	522
Miscellaneous	822
Total expenses before reductions	790,008
Expense reductions	(3,010)
Total expenses after reductions		786,998
Net investment income (loss)		2,602,584
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	628,841
Fidelity Central Funds	130
Foreign currency transactions	792
Total net realized gain (loss)		629,763
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	34,767,191
Assets and liabilities in foreign currencies	138
Total change in net unrealized appreciation (depreciation)		34,767,329
Net gain (loss)		35,397,092
Net increase (decrease) in net assets resulting from operations		$37,999,676

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,602,584	$5,671,592
Net realized gain (loss)	629,763	7,016,820
Change in net unrealized appreciation (depreciation)	34,767,329	(51,944,128)
Net increase (decrease) in net assets resulting from operations	37,999,676	(39,255,716)
Distributions to shareholders	(8,025,916)	(22,676,118)
Share transactions - net increase (decrease)	2,080,933	(37,166,338)
Total increase (decrease) in net assets	32,054,693	(99,098,172)
Net Assets
Beginning of period	188,381,014	287,479,186
End of period	$220,435,707	$188,381,014

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

Financial Highlights

VIP Consumer Staples Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$15.10	$19.72	$17.48	$18.25	$18.08	$16.44
Income from Investment Operations
Net investment income (loss)^A	.21	.44^B	.32	.33	.28	.28
Net realized and unrealized gain (loss)	2.84	(3.36)	2.24	.30	1.34	2.21
Total from investment operations	3.05	(2.92)	2.56	.63	1.62	2.49
Distributions from net investment income	(.04)	(.50)	(.32)	(.33)^C	(.27)	(.24)
Distributions from net realized gain	(.61)	(1.19)	–	(1.07)^C	(1.18)	(.61)
Total distributions	(.65)	(1.70)^D	(.32)	(1.40)	(1.45)	(.85)
Redemption fees added to paid in capital^A	–	–	–^E	–^E	–^E	–^E
Net asset value, end of period	$17.50	$15.10	$19.72	$17.48	$18.25	$18.08
Total Return^F,^G,^H	20.62%	(15.55)%	14.66%	3.72%	9.46%	15.66%
Ratios to Average Net Assets^I,^J
Expenses before reductions	.68%^K	.68%	.68%	.68%	.69%	.71%
Expenses net of fee waivers, if any	.68%^K	.68%	.68%	.68%	.69%	.70%
Expenses net of all reductions	.68%^K	.67%	.68%	.67%	.68%	.70%
Net investment income (loss)	2.55%^K	2.53%^B	1.69%	1.79%	1.61%	1.66%
Supplemental Data
Net assets, end of period (000 omitted)	$18,919	$16,285	$29,388	$38,192	$28,077	$22,943
Portfolio turnover rate^L	51%^K	38%	41%	45%	38%	78%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.71%.

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

^D Total distributions of $1.70 per share is comprised of distributions from net investment income of $.501 and distributions from net realized gain of $1.194 per share.

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

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

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

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

^K Annualized

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

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

VIP Consumer Staples Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$15.04	$19.64	$17.42	$18.19	$18.02	$16.40
Income from Investment Operations
Net investment income (loss)^A	.21	.42^B	.31	.32	.27	.26
Net realized and unrealized gain (loss)	2.82	(3.34)	2.21	.30	1.34	2.20
Total from investment operations	3.03	(2.92)	2.52	.62	1.61	2.46
Distributions from net investment income	(.04)	(.49)	(.30)	(.32)^C	(.26)	(.23)
Distributions from net realized gain	(.61)	(1.19)	–	(1.07)^C	(1.18)	(.61)
Total distributions	(.65)	(1.68)	(.30)	(1.39)	(1.44)	(.84)
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D	–^D
Net asset value, end of period	$17.42	$15.04	$19.64	$17.42	$18.19	$18.02
Total Return^E,^F,^G	20.55%	(15.58)%	14.52%	3.67%	9.41%	15.52%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.76%^J	.76%	.76%	.76%	.77%	.78%
Expenses net of fee waivers, if any	.76%^J	.76%	.76%	.76%	.76%	.78%
Expenses net of all reductions	.76%^J	.75%	.76%	.75%	.76%	.77%
Net investment income (loss)	2.47%^J	2.45%^B	1.61%	1.71%	1.53%	1.59%
Supplemental Data
Net assets, end of period (000 omitted)	$201,517	$172,096	$258,092	$278,992	$213,575	$160,591
Portfolio turnover rate^K	51%^J	38%	41%	45%	38%	78%

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

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

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

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

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

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

^J Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

1. Organization.

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

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input^(a)
Equities	$2,499,907	Market comparable	Enterprise value/Sales multiple (EV/S)	3.1	Increase
			Discount for lack of marketability	10.0%	Decrease
			Liquidity preference	$19.60 - $45.76/$35.30	Increase

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes 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	$55,667,721
Gross unrealized depreciation	(17,269,118)
Net unrealized appreciation (depreciation)	$38,398,603
Tax cost	$183,358,395

The Fund elected to defer to its next fiscal year approximately $20,642 of capital losses recognized during the period November 1, 2018 to December 31, 2018.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $52,509,859 and $56,712,924, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$5,870
Investor Class	139,303
	$145,173

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $294 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $791.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
Distributions to shareholders
Initial Class	$683,528	$2,244,849
Investor Class	7,342,388	20,431,269
Total	$8,025,916	$22,676,118

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
Initial Class
Shares sold	65,681	72,349	$1,119,489	$1,253,500
Reinvestment of distributions	42,908	132,625	683,528	2,244,849
Shares redeemed	(105,925)	(617,276)	(1,758,790)	(10,591,791)
Net increase (decrease)	2,664	(412,302)	$44,227	$(7,093,442)
Investor Class
Shares sold	599,102	494,836	$10,141,468	$8,484,254
Reinvestment of distributions	462,950	1,216,231	7,342,388	20,431,269
Shares redeemed	(937,674)	(3,410,323)	(15,447,150)	(58,988,419)
Net increase (decrease)	124,378	(1,699,256)	$2,036,706	$(30,072,896)

11. Other.

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
Initial Class	.68%
Actual		$1,000.00	$1,206.20	$3.72
Hypothetical-^C		$1,000.00	$1,021.42	$3.41
Investor Class	.76%
Actual		$1,000.00	$1,205.50	$4.16
Hypothetical-^C		$1,000.00	$1,021.03	$3.81

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

VIP Consumer Staples Portfolio

The Board considered the fund's underperformance for different time periods based on the June 30, 2018 data presented above. The Board's discussions with SelectCo regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; attribution reports on contributors to the fund's underperformance; and the applicable portfolio manager's explanation of his or her underperformance. The Board engages with SelectCo on steps that might be taken to address a fund's underperformance.

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.

VIP Consumer Staples Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

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.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Fidelity Investments

VCSP-SANN-0819
1.850997.112

Fidelity® Variable Insurance Products:

Materials Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
Linde PLC	13.4
DowDuPont, Inc.	10.5
Air Products & Chemicals, Inc.	6.6
Olin Corp.	6.2
The Chemours Co. LLC	5.1
Corteva, Inc.	4.7
Sherwin-Williams Co.	4.5
Ecolab, Inc.	3.8
International Flavors & Fragrances, Inc.	3.6
Vulcan Materials Co.	3.6
	62.0

Top Industries (% of fund's net assets)

As of June 30, 2019
	Chemicals	69.3%
	Containers & Packaging	11.3%
	Construction Materials	7.0%
	Pharmaceuticals	4.7%
	Metals & Mining	4.3%
	All Others*	3.4%

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

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value
Chemicals - 68.2%
Commodity Chemicals - 9.9%
Cabot Corp.	9,000	$429,390
LyondellBasell Industries NV Class A	5,516	475,093
Olin Corp.	145,546	3,188,913
Orion Engineered Carbons SA	19,800	423,918
Westlake Chemical Corp.	8,157	566,585
		5,083,899
Diversified Chemicals - 19.1%
Dow, Inc. (a)	21,814	1,075,648
DowDuPont, Inc.	71,499	5,367,430
Hexion U.S. Finance Corp. (b)(c)	4,853	69,962
Ingevity Corp. (a)	6,500	683,605
The Chemours Co. LLC	107,490	2,579,760
		9,776,405
Fertilizers & Agricultural Chemicals - 1.2%
CF Industries Holdings, Inc.	13,100	611,901
Industrial Gases - 20.0%
Air Products & Chemicals, Inc.	14,900	3,372,913
Linde PLC	34,030	6,833,225
		10,206,138
Specialty Chemicals - 18.0%
Ecolab, Inc.	9,900	1,954,656
Element Solutions, Inc. (a)	37,600	388,784
International Flavors & Fragrances, Inc. (d)	12,600	1,828,134
PolyOne Corp.	4,700	147,533
Sherwin-Williams Co.	5,000	2,291,450
Tronox Holdings PLC	141,780	1,811,948
W.R. Grace & Co.	10,400	791,544
		9,214,049

TOTAL CHEMICALS		34,892,392

Commercial Services & Supplies - 1.0%
Environmental & Facility Services - 1.0%
Waste Connection, Inc. (United States)	5,300	506,574
Construction Materials - 7.0%
Construction Materials - 7.0%
Martin Marietta Materials, Inc.	7,000	1,610,770
Summit Materials, Inc. (a)	6,600	127,050
Vulcan Materials Co.	13,300	1,826,223
		3,564,043
Containers & Packaging - 11.3%
Metal & Glass Containers - 8.6%
Aptargroup, Inc.	10,000	1,243,400
Ball Corp.	20,000	1,399,800
Crown Holdings, Inc. (a)	28,739	1,755,953
		4,399,153
Paper Packaging - 2.7%
Avery Dennison Corp.	11,800	1,365,024

TOTAL CONTAINERS & PACKAGING		5,764,177

Metals & Mining - 4.3%
Gold - 4.3%
Newmont Goldcorp Corp.	47,300	1,819,631
Royal Gold, Inc.	3,800	389,462
		2,209,093
Pharmaceuticals - 4.7%
Pharmaceuticals - 4.7%
Corteva, Inc.	82,299	2,433,581
Trading Companies & Distributors - 2.4%
Trading Companies & Distributors - 2.4%
Univar, Inc. (a)	57,000	1,256,280
TOTAL COMMON STOCKS
(Cost $46,183,103)		50,626,140
	Principal Amount	Value

Nonconvertible Bonds - 1.1%
Chemicals - 1.1%
Diversified Chemicals - 1.1%
Hexion U.S. Finance Corp. 6.625% 4/15/20(e)
(Cost $560,475)	705,000	546,375
	Shares	Value

Money Market Funds - 1.7%
Fidelity Securities Lending Cash Central Fund 2.42% (f)(g)
(Cost $900,634)	900,544	900,634
TOTAL INVESTMENT IN SECURITIES - 101.7%
(Cost $47,644,212)		52,073,149
NET OTHER ASSETS (LIABILITIES) - (1.7)%		(887,902)
NET ASSETS - 100%		$51,185,247

Legend

(a) Non-income producing

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

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

(e) Non-income producing - Security is in default.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$1,108
Fidelity Securities Lending Cash Central Fund	1,925
Total	$3,033

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$50,626,140	$50,556,178	$--	$69,962
Nonconvertible Bonds	546,375	--	546,375	--
Money Market Funds	900,634	900,634	--	--
Total Investments in Securities:	$52,073,149	$51,456,812	$546,375	$69,962

Other Information

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

United States of America	80.4%
Ireland	13.4%
United Kingdom	3.5%
Canada	1.0%
Others (Individually Less Than 1%)	1.7%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $892,013) — See accompanying schedule: Unaffiliated issuers (cost $46,743,578)	$51,172,515
Fidelity Central Funds (cost $900,634)	900,634
Total Investment in Securities (cost $47,644,212)		$52,073,149
Receivable for investments sold		1,334,737
Receivable for fund shares sold		3,023
Dividends receivable		47,031
Distributions receivable from Fidelity Central Funds		175
Prepaid expenses		673
Other receivables		543
Total assets		53,459,331
Liabilities
Payable to custodian bank	$121,563
Payable for investments purchased
Regular delivery	1,125,217
Delayed delivery	63,089
Payable for fund shares redeemed	10,441
Accrued management fee	22,517
Other affiliated payables	7,067
Other payables and accrued expenses	23,508
Collateral on securities loaned	900,682
Total liabilities		2,274,084
Net Assets		$51,185,247
Net Assets consist of:
Paid in capital		$46,815,371
Total distributable earnings (loss)		4,369,876
Net Assets		$51,185,247
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($9,828,466 ÷ 834,213 shares)		$11.78
Investor Class:
Net Asset Value, offering price and redemption price per share ($41,356,781 ÷ 3,512,760 shares)		$11.77

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$610,754
Income from Fidelity Central Funds (including $1,925 from security lending)		3,033
Total income		613,787
Expenses
Management fee	$144,719
Transfer agent fees	34,978
Accounting and security lending fees	10,488
Custodian fees and expenses	4,028
Independent trustees' fees and expenses	131
Audit	20,754
Legal	42
Miscellaneous	284
Total expenses before reductions	215,424
Expense reductions	(2,278)
Total expenses after reductions		213,146
Net investment income (loss)		400,641
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(174,961)
Fidelity Central Funds	(48)
Foreign currency transactions	2,303
Total net realized gain (loss)		(172,706)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	6,005,783
Assets and liabilities in foreign currencies	(113)
Total change in net unrealized appreciation (depreciation)		6,005,670
Net gain (loss)		5,832,964
Net increase (decrease) in net assets resulting from operations		$6,233,605

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$400,641	$960,216
Net realized gain (loss)	(172,706)	4,273,157
Change in net unrealized appreciation (depreciation)	6,005,670	(23,387,385)
Net increase (decrease) in net assets resulting from operations	6,233,605	(18,154,012)
Distributions to shareholders	(4,654,214)	(6,273,404)
Share transactions - net increase (decrease)	(2,569,281)	(20,735,414)
Total increase (decrease) in net assets	(989,890)	(45,162,830)
Net Assets
Beginning of period	52,175,137	97,337,967
End of period	$51,185,247	$52,175,137

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

Financial Highlights

VIP Materials Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.46	$16.18	$13.16	$12.18	$14.84	$15.53
Income from Investment Operations
Net investment income (loss)^A	.09	.18	.15	.17	.17	.15
Net realized and unrealized gain (loss)	1.28	(3.83)	3.25	1.23	(1.33)	(.09)
Total from investment operations	1.37	(3.65)	3.40	1.40	(1.16)	.06
Distributions from net investment income	(.05)	(.21)	(.13)	(.11)	(.19)	(.15)
Distributions from net realized gain	(1.00)	(.86)	(.25)	(.31)	(1.32)	(.60)
Total distributions	(1.05)	(1.07)	(.38)	(.42)	(1.50)^B	(.75)
Redemption fees added to paid in capital^A	–	–	–^C	–^C	–^C	–^C
Net asset value, end of period	$11.78	$11.46	$16.18	$13.16	$12.18	$14.84
Total Return^D,^E,^F	12.41%	(23.60)%	26.08%	12.20%	(9.01)%	.37%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.74%^I	.72%	.73%	.77%	.75%	.75%
Expenses net of fee waivers, if any	.74%^I	.72%	.73%	.77%	.75%	.74%
Expenses net of all reductions	.73%^I	.71%	.72%	.76%	.75%	.73%
Net investment income (loss)	1.56%^I	1.26%	1.05%	1.37%	1.23%	1.00%
Supplemental Data
Net assets, end of period (000 omitted)	$9,828	$9,728	$19,126	$12,726	$11,432	$17,469
Portfolio turnover rate^J	71%^I	87%	64%	56%	68%	78%

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

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

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

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

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

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

^I Annualized

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

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

VIP Materials Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.46	$16.17	$13.15	$12.18	$14.84	$15.53
Income from Investment Operations
Net investment income (loss)^A	.09	.17	.14	.16	.16	.14
Net realized and unrealized gain (loss)	1.27	(3.82)	3.25	1.23	(1.33)	(.09)
Total from investment operations	1.36	(3.65)	3.39	1.39	(1.17)	.05
Distributions from net investment income	(.05)	(.20)	(.12)	(.11)	(.17)	(.14)
Distributions from net realized gain	(1.00)	(.86)	(.25)	(.31)	(1.32)	(.60)
Total distributions	(1.05)	(1.06)	(.37)	(.42)	(1.49)	(.74)
Redemption fees added to paid in capital^A	–	–	–^B	–^B	–^B	–^B
Net asset value, end of period	$11.77	$11.46	$16.17	$13.15	$12.18	$14.84
Total Return^C,^D,^E	12.32%	(23.65)%	26.02%	12.06%	(9.09)%	.32%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.82%^H	.80%	.81%	.85%	.83%	.82%
Expenses net of fee waivers, if any	.82%^H	.80%	.81%	.85%	.83%	.81%
Expenses net of all reductions	.81%^H	.79%	.80%	.85%	.82%	.81%
Net investment income (loss)	1.48%^H	1.18%	.97%	1.29%	1.16%	.93%
Supplemental Data
Net assets, end of period (000 omitted)	$41,357	$42,448	$78,212	$52,786	$39,807	$54,837
Portfolio turnover rate^I	71%^H	87%	64%��	56%	68%	78%

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

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

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

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

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

^H Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

1. Organization.

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

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. 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.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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	$6,959,215
Gross unrealized depreciation	(2,853,047)
Net unrealized appreciation (depreciation)	$4,106,168
Tax cost	$47,966,981

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $18,733,023 and $25,508,652, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 3,265
Investor Class	31,713
	$34,978

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $81 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $211.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
Distributions to shareholders
Initial Class	$ 857,115	$ 1,189,699
Investor Class	3,797,099	5,083,705
Total	$4,654,214	$6,273,404

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
Initial Class
Shares sold	25,300	134,745	$298,239	$2,077,924
Reinvestment of distributions	76,392	85,091	857,115	1,189,699
Shares redeemed	(115,941)	(553,509)	(1,360,610)	(8,043,417)
Net increase (decrease)	(14,249)	(333,673)	$(205,256)	$(4,775,794)
Investor Class
Shares sold	125,739	631,940	$1,508,737	$9,646,433
Reinvestment of distributions	338,724	363,152	3,797,099	5,083,705
Shares redeemed	(655,196)	(2,129,331)	(7,669,861)	(30,689,758)
Net increase (decrease)	(190,733)	(1,134,239)	$(2,364,025)	$(15,959,620)

11. Other.

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
Initial Class	.74%
Actual		$1,000.00	$1,124.10	$3.90
Hypothetical-^C		$1,000.00	$1,021.12	$3.71
Investor Class	.82%
Actual		$1,000.00	$1,123.20	$4.32
Hypothetical-^C		$1,000.00	$1,020.73	$4.11

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

VIP Materials Portfolio

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The fund had a portfolio manager change in November 2017. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager change.

VIP Materials Portfolio

The Board considered the fund's underperformance for different time periods based on the June 30, 2018 data presented above and based on earlier periods ended prior to June 30, 2018. The Board's discussions with SelectCo regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; attribution reports on contributors to the fund's underperformance; and the applicable portfolio manager's explanation of his or her underperformance. The Board engages with SelectCo on steps that might be taken to address a fund's underperformance.

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.

VIP Materials Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

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.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Fidelity Investments

VMATP-SANN-0819
1.851002.112

Fidelity® Variable Insurance Products:

Communication Services Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

Investment Summary (Unaudited)

Top Ten Stocks as of June 30, 2019

	% of fund's net assets
Alphabet, Inc. Class A	20.8
Facebook, Inc. Class A	18.3
The Walt Disney Co.	7.9
Comcast Corp. Class A	4.6
Activision Blizzard, Inc.	4.3
Electronic Arts, Inc.	3.3
T-Mobile U.S., Inc.	3.0
Meituan Dianping Class B	2.8
Netflix, Inc.	2.5
Verizon Communications, Inc.	2.3
	69.8

Top Industries (% of fund's net assets)

As of June 30, 2019
	Interactive Media & Services	43.5%
	Entertainment	22.4%
	Media	16.8%
	Diversified Telecommunication Services	8.9%
	Internet & Direct Marketing Retail	3.8%
	All Others*	4.6%

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

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares	Value
Diversified Telecommunication Services - 8.9%
Alternative Carriers - 3.5%
CenturyLink, Inc.	19,100	$224,616
Cogent Communications Group, Inc.	6,663	395,516
Iliad SA	2,168	243,466
Iridium Communications, Inc. (a)	29,863	694,613
ORBCOMM, Inc. (a)	21,431	155,375
Vonage Holdings Corp. (a)	32,300	365,959
Zayo Group Holdings, Inc. (a)	10,000	329,100
		2,408,645
Integrated Telecommunication Services - 5.4%
AT&T, Inc.	42,618	1,428,129
Atn International, Inc.	2,700	155,871
Cincinnati Bell, Inc. (a)	16,407	81,215
Masmovil Ibercom SA (a)	21,600	481,403
Verizon Communications, Inc.	27,500	1,571,075
		3,717,693

TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES		6,126,338

Entertainment - 22.4%
Interactive Home Entertainment - 10.1%
Activision Blizzard, Inc.	62,600	2,954,720
Electronic Arts, Inc. (a)	22,800	2,308,728
Take-Two Interactive Software, Inc. (a)	12,700	1,441,831
Zynga, Inc. (a)	48,600	297,918
		7,003,197
Movies & Entertainment - 12.3%
Lions Gate Entertainment Corp. Class B	28,300	328,563
Live Nation Entertainment, Inc. (a)	3,000	198,750
Netflix, Inc. (a)	4,810	1,766,809
The Walt Disney Co.	39,123	5,463,136
World Wrestling Entertainment, Inc. Class A	10,200	736,542
		8,493,800

TOTAL ENTERTAINMENT		15,496,997

Hotels, Restaurants & Leisure - 0.9%
Casinos & Gaming - 0.9%
The Stars Group, Inc. (a)	36,300	619,641
Interactive Media & Services - 43.5%
Interactive Media & Services - 43.5%
Alphabet, Inc. Class A (a)	13,290	14,390,411
Facebook, Inc. Class A (a)	65,700	12,680,100
Match Group, Inc. (b)	4,700	316,169
Momo, Inc. ADR	29,000	1,038,200
TripAdvisor, Inc. (a)	5,200	240,708
Twitter, Inc. (a)	32,700	1,141,230
Zillow Group, Inc. Class A (a)	6,100	279,136
		30,085,954
Internet & Direct Marketing Retail - 3.8%
Internet & Direct Marketing Retail - 3.8%
Alibaba Group Holding Ltd. sponsored ADR (a)	4,100	694,745
Meituan Dianping Class B	224,200	1,965,987
		2,660,732
Media - 16.8%
Broadcasting - 4.4%
Discovery Communications, Inc. Class C (non-vtg.) (a)	26,000	739,700
Fox Corp. Class B	7,733	282,486
Liberty Media Corp.:
Liberty Media Class A (a)	27,500	986,150
Liberty SiriusXM Series A (a)	12,700	480,187
Sinclair Broadcast Group, Inc. Class A	10,700	573,841
		3,062,364
Cable & Satellite - 11.8%
Charter Communications, Inc. Class A (a)	1,900	750,842
Comcast Corp. Class A	75,800	3,204,824
DISH Network Corp. Class A (a)	10,700	410,987
GCI Liberty, Inc. (a)	15,582	957,670
Liberty Broadband Corp. Class A (a)	14,200	1,460,328
Liberty Global PLC Class C (a)	39,800	1,055,894
Liberty Latin America Ltd. Class C (a)	14,036	241,279
Sirius XM Holdings, Inc.	9,360	52,229
		8,134,053
Publishing - 0.6%
The New York Times Co. Class A	12,200	397,964

TOTAL MEDIA		11,594,381

Software - 0.3%
Application Software - 0.3%
Sciplay Corp. (A Shares)	14,800	202,908
Wireless Telecommunication Services - 3.3%
Wireless Telecommunication Services - 3.3%
Boingo Wireless, Inc. (a)	11,000	197,670
T-Mobile U.S., Inc. (a)	28,128	2,085,410
		2,283,080
TOTAL COMMON STOCKS
(Cost $60,632,608)		69,070,031

Money Market Funds - 0.8%
Fidelity Cash Central Fund 2.42% (c)	254,612	254,663
Fidelity Securities Lending Cash Central Fund 2.42% (c)(d)	292,977	293,007
TOTAL MONEY MARKET FUNDS
(Cost $547,670)		547,670
TOTAL INVESTMENT IN SECURITIES - 100.7%
(Cost $61,180,278)		69,617,701
NET OTHER ASSETS (LIABILITIES) - (0.7)%		(461,992)
NET ASSETS - 100%		$69,155,709

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$9,166
Fidelity Securities Lending Cash Central Fund	397
Total	$9,563

Investment Valuation

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

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $282,534) — See accompanying schedule: Unaffiliated issuers (cost $60,632,608)	$69,070,031
Fidelity Central Funds (cost $547,670)	547,670
Total Investment in Securities (cost $61,180,278)		$69,617,701
Foreign currency held at value (cost $40)		40
Receivable for fund shares sold		83,397
Dividends receivable		459
Distributions receivable from Fidelity Central Funds		785
Prepaid expenses		264
Other receivables		937
Total assets		69,703,583
Liabilities
Payable for investments purchased	$187,683
Payable for fund shares redeemed	75
Accrued management fee	30,336
Other affiliated payables	9,792
Other payables and accrued expenses	27,038
Collateral on securities loaned	292,950
Total liabilities		547,874
Net Assets		$69,155,709
Net Assets consist of:
Paid in capital		$60,706,951
Total distributable earnings (loss)		8,448,758
Net Assets		$69,155,709
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($9,188,206 ÷ 761,833 shares)		$12.06
Investor Class:
Net Asset Value, offering price and redemption price per share ($59,967,503 ÷ 5,013,462 shares)		$11.96

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends		$159,913
Income from Fidelity Central Funds (including $397 from security lending)		9,563
Total income		169,476
Expenses
Management fee	$161,473
Transfer agent fees	40,503
Accounting and security lending fees	11,689
Custodian fees and expenses	8,156
Independent trustees' fees and expenses	134
Audit	20,754
Legal	37
Miscellaneous	154
Total expenses before reductions	242,900
Expense reductions	(2,836)
Total expenses after reductions		240,064
Net investment income (loss)		(70,588)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	366,315
Fidelity Central Funds	57
Foreign currency transactions	213
Total net realized gain (loss)		366,585
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	9,314,038
Assets and liabilities in foreign currencies	6
Total change in net unrealized appreciation (depreciation)		9,314,044
Net gain (loss)		9,680,629
Net increase (decrease) in net assets resulting from operations		$9,610,041

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(70,588)	$735,952
Net realized gain (loss)	366,585	3,433,489
Change in net unrealized appreciation (depreciation)	9,314,044	(7,025,738)
Net increase (decrease) in net assets resulting from operations	9,610,041	(2,856,297)
Distributions to shareholders	(3,149,321)	(4,870,900)
Share transactions - net increase (decrease)	18,367,244	9,243,582
Total increase (decrease) in net assets	24,827,964	1,516,385
Net Assets
Beginning of period	44,327,745	42,811,360
End of period	$69,155,709	$44,327,745

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

Financial Highlights

VIP Communication Services Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$10.58	$12.74	$13.10	$10.85	$10.74	$10.77
Income from Investment Operations
Net investment income (loss)^A	(.01)	.21^B	.26	.19	.15	.36^C
Net realized and unrealized gain (loss)	2.19	(.89)	–^D	2.28	.10	.03
Total from investment operations	2.18	(.68)	.26	2.47	.25	.39
Distributions from net investment income	(.01)	(.19)	(.39)	(.15)	(.13)^E	(.40)
Distributions from net realized gain	(.69)	(1.29)	(.23)	(.08)	(.01)^E	(.02)
Total distributions	(.70)	(1.48)	(.62)	(.22)^F	(.14)	(.42)
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D	–^D
Net asset value, end of period	$12.06	$10.58	$12.74	$13.10	$10.85	$10.74
Total Return^G,^H,^I	21.23%	(5.36)%	2.05%	22.81%	2.34%	3.59%
Ratios to Average Net Assets^J,^K
Expenses before reductions	.74%^L	.81%	.76%	.78%	.88%	.96%
Expenses net of fee waivers, if any	.74%^L	.81%	.76%	.78%	.88%	.95%
Expenses net of all reductions	.73%^L	.79%	.74%	.77%	.87%	.93%
Net investment income (loss)	(.16)%^L	1.87%^B	2.02%	1.52%	1.36%	3.31%^C
Supplemental Data
Net assets, end of period (000 omitted)	$9,188	$5,702	$6,067	$15,797	$4,839	$3,723
Portfolio turnover rate^M	57%^L	162%	74%	100%	64%	99%

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

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.45%.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.41%.

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

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

^F Total distributions of $.22 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.077 per share.

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

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

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

^L Annualized

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

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

VIP Communication Services Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$10.50	$12.65	$13.02	$10.79	$10.67	$10.71
Income from Investment Operations
Net investment income (loss)^A	(.01)	.20^B	.25	.18	.14	.35^C
Net realized and unrealized gain (loss)	2.17	(.88)	(.01)	2.27	.11	.03
Total from investment operations	2.16	(.68)	.24	2.45	.25	.38
Distributions from net investment income	(.01)	(.18)	(.37)	(.14)	(.12)^D	(.40)
Distributions from net realized gain	(.69)	(1.29)	(.23)	(.08)	(.01)^D	(.02)
Total distributions	(.70)	(1.47)	(.61)^E	(.22)	(.13)	(.42)
Redemption fees added to paid in capital^A	–	–	–^F	–^F	–^F	–^F
Net asset value, end of period	$11.96	$10.50	$12.65	$13.02	$10.79	$10.67
Total Return^G,^H,^I	21.17%	(5.39)%	1.89%	22.69%	2.38%	3.48%
Ratios to Average Net Assets^J,^K
Expenses before reductions	.82%^L	.89%	.84%	.86%	.95%	1.01%
Expenses net of fee waivers, if any	.82%^L	.89%	.84%	.86%	.95%	.99%
Expenses net of all reductions	.81%^L	.87%	.83%	.85%	.94%	.97%
Net investment income (loss)	(.24)%^L	1.79%^B	1.94%	1.44%	1.29%	3.27%^C
Supplemental Data
Net assets, end of period (000 omitted)	$59,968	$38,626	$36,744	$74,059	$23,080	$16,159
Portfolio turnover rate^M	57%^L	162%	74%	100%	64%	99%

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

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

^E Total distributions of $.61 per share is comprised of distributions from net investment income of $.373 and distributions from net realized gain of $.232 per share.

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

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

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

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

^L Annualized

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

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

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.

3. Significant Accounting Policies.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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

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

Gross unrealized appreciation	$9,605,564
Gross unrealized depreciation	(1,819,506)
Net unrealized appreciation (depreciation)	$7,786,058
Tax cost	$61,831,643

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $32,552,824 and $16,881,821, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$2,455
Investor Class	38,048
	$40,503

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $71 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

8. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $185.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
Distributions to shareholders
Initial Class	411,415	$652,471
Investor Class	2,737,906	4,218,429
Total	$3,149,321	$4,870,900

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
Initial Class
Shares sold	349,418	196,801	$4,170,233	$2,250,219
Reinvestment of distributions	37,266	60,945	411,415	652,471
Shares redeemed	(163,625)	(195,337)	(1,884,604)	(2,224,399)
Net increase (decrease)	223,059	62,409	$2,697,044	$678,291
Investor Class
Shares sold	1,727,903	1,290,839	$20,228,883	$14,552,923
Reinvestment of distributions	249,809	396,674	2,737,906	4,218,429
Shares redeemed	(641,668)	(914,084)	(7,296,589)	(10,206,061)
Net increase (decrease)	1,336,044	773,429	$15,670,200	$8,565,291

11. Other.

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

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
Initial Class	.74%
Actual		$1,000.00	$1,212.30	$4.06
Hypothetical-^C		$1,000.00	$1,021.12	$3.71
Investor Class	.82%
Actual		$1,000.00	$1,211.70	$4.50
Hypothetical-^C		$1,000.00	$1,020.73	$4.11

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

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

VIP Communication Services Portfolio (formerly known as VIP Telecommunications Portfolio)

VIP Communication Services 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.

VIP Communication Services Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

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.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

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

Fidelity Investments

VTELP-SANN-0819
1.851007.112

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.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Variable Insurance Products Fund IV’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund IV’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


(a)	(1)	Not applicable.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Variable Insurance Products Fund IV


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	August 26, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	August 26, 2019


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	August 26, 2019

Variable Insurance Products Fund Iv N-CSRSCertified semi-annual shareholder report (management investment company)