Prospectus - Investment Objective

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)

Nicole Macarchuk, 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, 2025

Item 1.

Reports to Stockholders


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Industrials Portfolio VIP Industrials Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Industrials Portfolio for the period April 25, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2 A	$ 17	0.85%

AExpenses for the full reporting period would be higher.

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$294,425,450
Number of Holdings	52
Portfolio Turnover	30%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Aerospace & Defense	27.2
Machinery	20.2
Electrical Equipment	15.6
Building Products	8.7
Ground Transportation	8.6
Trading Companies & Distributors	5.3
Commercial Services & Supplies	4.7
Construction & Engineering	3.0
Professional Services	2.4
Others	2.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.4
	Short-Term Investments and Net Other Assets (Liabilities) - 1.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 100.0

TOP HOLDINGS (% of Fund's net assets)
GE Aerospace	7.6
GE Vernova Inc	7.6
Howmet Aerospace Inc	6.0
Boeing Co	4.2
Parker-Hannifin Corp	4.0
Eaton Corp PLC	3.9
Trane Technologies PLC	3.9
TransDigm Group Inc	3.2
Ingersoll Rand Inc	3.1
Deere & Co	3.1
	46.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9919230.100 9072-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Materials Portfolio VIP Materials Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Materials Portfolio for the period April 25, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2 A	$ 17	0.91%

AExpenses for the full reporting period would be higher.

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$61,791,421
Number of Holdings	44
Portfolio Turnover	53%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	57.0
Metals & Mining	22.5
Containers & Packaging	10.6
Construction Materials	8.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.9
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 86.2
	Canada - 7.2
	Zambia - 3.4
	Brazil - 3.0
	Germany - 0.2

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	17.4
Ecolab Inc	8.8
Air Products and Chemicals Inc	5.2
Corteva Inc	5.1
Mosaic Co/The	4.9
International Paper Co	3.5
First Quantum Minerals Ltd	3.4
CRH PLC	3.1
AptarGroup Inc	3.1
Wheaton Precious Metals Corp	3.0
	57.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9919235.100 9073-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Utilities Portfolio VIP Utilities Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Utilities Portfolio for the period April 25, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2 A	$ 16	0.85%

AExpenses for the full reporting period would be higher.

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$321,132,406
Number of Holdings	29
Portfolio Turnover	176%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	64.7
Multi-Utilities	16.7
Independent Power and Renewable Electricity Producers	8.3
Oil, Gas & Consumable Fuels	2.7
Electrical Equipment	2.1
Gas Utilities	1.6
Construction & Engineering	1.6
Commercial Services & Supplies	0.6
Semiconductors & Semiconductor Equipment	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.9
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 97.3
	Canada - 2.7

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	11.8
Constellation Energy Corp	9.2
Duke Energy Corp	8.2
Vistra Corp	7.7
Sempra	6.0
Exelon Corp	5.5
Entergy Corp	4.7
PPL Corp	4.0
Ameren Corp	3.9
Xcel Energy Inc	3.8
	64.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9919240.100 9074-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Utilities Portfolio VIP Utilities Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Utilities Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 35	0.68%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$321,132,406
Number of Holdings	29
Portfolio Turnover	176%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	64.7
Multi-Utilities	16.7
Independent Power and Renewable Electricity Producers	8.3
Oil, Gas & Consumable Fuels	2.7
Electrical Equipment	2.1
Gas Utilities	1.6
Construction & Engineering	1.6
Commercial Services & Supplies	0.6
Semiconductors & Semiconductor Equipment	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.9
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 97.3
	Canada - 2.7

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	11.8
Constellation Energy Corp	9.2
Duke Energy Corp	8.2
Vistra Corp	7.7
Sempra	6.0
Exelon Corp	5.5
Entergy Corp	4.7
PPL Corp	4.0
Ameren Corp	3.9
Xcel Energy Inc	3.8
	64.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915975.101 1480-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Utilities Portfolio VIP Utilities Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 31	0.60%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$321,132,406
Number of Holdings	29
Portfolio Turnover	176%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	64.7
Multi-Utilities	16.7
Independent Power and Renewable Electricity Producers	8.3
Oil, Gas & Consumable Fuels	2.7
Electrical Equipment	2.1
Gas Utilities	1.6
Construction & Engineering	1.6
Commercial Services & Supplies	0.6
Semiconductors & Semiconductor Equipment	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.9
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 97.3
	Canada - 2.7

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	11.8
Constellation Energy Corp	9.2
Duke Energy Corp	8.2
Vistra Corp	7.7
Sempra	6.0
Exelon Corp	5.5
Entergy Corp	4.7
PPL Corp	4.0
Ameren Corp	3.9
Xcel Energy Inc	3.8
	64.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915976.101 905-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Technology Portfolio VIP Technology Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Technology Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 42	0.82%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$3,012,771,758
Number of Holdings	103
Portfolio Turnover	44%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	45.9
Software	24.5
Technology Hardware, Storage & Peripherals	12.6
IT Services	6.0
Communications Equipment	4.1
Ground Transportation	2.4
Broadline Retail	0.9
Entertainment	0.8
Hotels, Restaurants & Leisure	0.3
Others	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.2
	Preferred Stocks - 1.7
	Preferred Securities - 0.0
	Bonds - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 2.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 90.9
	Netherlands - 4.5
	Taiwan - 2.4
	Canada - 1.6
	United Kingdom - 0.2
	India - 0.2
	France - 0.1
	China - 0.1
	Israel - 0.0
	Korea (South) - 0.0

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	24.7
Microsoft Corp	12.2
Apple Inc	9.9
Cisco Systems Inc	4.1
Marvell Technology Inc	3.8
NXP Semiconductors NV	3.7
ON Semiconductor Corp	3.1
Taiwan Semiconductor Manufacturing Co Ltd	2.4
Uber Technologies Inc	2.3
GlobalFoundries Inc	2.2
	68.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915956.101 7361-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Technology Portfolio VIP Technology Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 33	0.65%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$3,012,771,758
Number of Holdings	103
Portfolio Turnover	44%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	45.9
Software	24.5
Technology Hardware, Storage & Peripherals	12.6
IT Services	6.0
Communications Equipment	4.1
Ground Transportation	2.4
Broadline Retail	0.9
Entertainment	0.8
Hotels, Restaurants & Leisure	0.3
Others	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.2
	Preferred Stocks - 1.7
	Preferred Securities - 0.0
	Bonds - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 2.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 90.9
	Netherlands - 4.5
	Taiwan - 2.4
	Canada - 1.6
	United Kingdom - 0.2
	India - 0.2
	France - 0.1
	China - 0.1
	Israel - 0.0
	Korea (South) - 0.0

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	24.7
Microsoft Corp	12.2
Apple Inc	9.9
Cisco Systems Inc	4.1
Marvell Technology Inc	3.8
NXP Semiconductors NV	3.7
ON Semiconductor Corp	3.1
Taiwan Semiconductor Manufacturing Co Ltd	2.4
Uber Technologies Inc	2.3
GlobalFoundries Inc	2.2
	68.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915955.101 1479-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Technology Portfolio VIP Technology Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 29	0.57%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$3,012,771,758
Number of Holdings	103
Portfolio Turnover	44%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	45.9
Software	24.5
Technology Hardware, Storage & Peripherals	12.6
IT Services	6.0
Communications Equipment	4.1
Ground Transportation	2.4
Broadline Retail	0.9
Entertainment	0.8
Hotels, Restaurants & Leisure	0.3
Others	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.2
	Preferred Stocks - 1.7
	Preferred Securities - 0.0
	Bonds - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 2.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 90.9
	Netherlands - 4.5
	Taiwan - 2.4
	Canada - 1.6
	United Kingdom - 0.2
	India - 0.2
	France - 0.1
	China - 0.1
	Israel - 0.0
	Korea (South) - 0.0

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	24.7
Microsoft Corp	12.2
Apple Inc	9.9
Cisco Systems Inc	4.1
Marvell Technology Inc	3.8
NXP Semiconductors NV	3.7
ON Semiconductor Corp	3.1
Taiwan Semiconductor Manufacturing Co Ltd	2.4
Uber Technologies Inc	2.3
GlobalFoundries Inc	2.2
	68.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915957.101 913-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Real Estate Portfolio VIP Real Estate Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Real Estate Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 42	0.85%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$344,627,587
Number of Holdings	32
Portfolio Turnover	41%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Specialized REITs	36.4
Residential REITs	14.1
Retail REITs	12.7
Industrial REITs	11.6
Health Care REITs	11.3
Real Estate Management & Development	9.3
Office REITs	1.8
Hotel & Resort REITs	1.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.9
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 100.0

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	13.1
Equinix Inc	8.2
Prologis Inc	7.6
Ventas Inc	6.7
Jones Lang LaSalle Inc	5.7
Welltower Inc	4.6
Public Storage Operating Co	4.4
Iron Mountain Inc	3.4
Essex Property Trust Inc	3.3
Sun Communities Inc	3.1
	60.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916049.101 1157-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Real Estate Portfolio VIP Real Estate Portfolio Service Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$344,627,587
Number of Holdings	32
Portfolio Turnover	41%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Specialized REITs	36.4
Residential REITs	14.1
Retail REITs	12.7
Industrial REITs	11.6
Health Care REITs	11.3
Real Estate Management & Development	9.3
Office REITs	1.8
Hotel & Resort REITs	1.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.9
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 100.0

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	13.1
Equinix Inc	8.2
Prologis Inc	7.6
Ventas Inc	6.7
Jones Lang LaSalle Inc	5.7
Welltower Inc	4.6
Public Storage Operating Co	4.4
Iron Mountain Inc	3.4
Essex Property Trust Inc	3.3
Sun Communities Inc	3.1
	60.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916048.101 1156-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Real Estate Portfolio VIP Real Estate Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 34	0.68%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$344,627,587
Number of Holdings	32
Portfolio Turnover	41%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Specialized REITs	36.4
Residential REITs	14.1
Retail REITs	12.7
Industrial REITs	11.6
Health Care REITs	11.3
Real Estate Management & Development	9.3
Office REITs	1.8
Hotel & Resort REITs	1.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.9
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 100.0

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	13.1
Equinix Inc	8.2
Prologis Inc	7.6
Ventas Inc	6.7
Jones Lang LaSalle Inc	5.7
Welltower Inc	4.6
Public Storage Operating Co	4.4
Iron Mountain Inc	3.4
Essex Property Trust Inc	3.3
Sun Communities Inc	3.1
	60.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916050.101 1469-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Real Estate Portfolio VIP Real Estate Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$344,627,587
Number of Holdings	32
Portfolio Turnover	41%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Specialized REITs	36.4
Residential REITs	14.1
Retail REITs	12.7
Industrial REITs	11.6
Health Care REITs	11.3
Real Estate Management & Development	9.3
Office REITs	1.8
Hotel & Resort REITs	1.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.9
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 100.0

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	13.1
Equinix Inc	8.2
Prologis Inc	7.6
Ventas Inc	6.7
Jones Lang LaSalle Inc	5.7
Welltower Inc	4.6
Public Storage Operating Co	4.4
Iron Mountain Inc	3.4
Essex Property Trust Inc	3.3
Sun Communities Inc	3.1
	60.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916047.101 1155-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Materials Portfolio VIP Materials Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Materials Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$61,791,421
Number of Holdings	44
Portfolio Turnover	53%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	57.0
Metals & Mining	22.5
Containers & Packaging	10.6
Construction Materials	8.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.9
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 86.2
	Canada - 7.2
	Zambia - 3.4
	Brazil - 3.0
	Germany - 0.2

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	17.4
Ecolab Inc	8.8
Air Products and Chemicals Inc	5.2
Corteva Inc	5.1
Mosaic Co/The	4.9
International Paper Co	3.5
First Quantum Minerals Ltd	3.4
CRH PLC	3.1
AptarGroup Inc	3.1
Wheaton Precious Metals Corp	3.0
	57.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916121.101 1842-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Materials Portfolio VIP Materials Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$61,791,421
Number of Holdings	44
Portfolio Turnover	53%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	57.0
Metals & Mining	22.5
Containers & Packaging	10.6
Construction Materials	8.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.9
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 86.2
	Canada - 7.2
	Zambia - 3.4
	Brazil - 3.0
	Germany - 0.2

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	17.4
Ecolab Inc	8.8
Air Products and Chemicals Inc	5.2
Corteva Inc	5.1
Mosaic Co/The	4.9
International Paper Co	3.5
First Quantum Minerals Ltd	3.4
CRH PLC	3.1
AptarGroup Inc	3.1
Wheaton Precious Metals Corp	3.0
	57.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916120.101 1841-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Industrials Portfolio VIP Industrials Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Industrials Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$294,425,450
Number of Holdings	52
Portfolio Turnover	30%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Aerospace & Defense	27.2
Machinery	20.2
Electrical Equipment	15.6
Building Products	8.7
Ground Transportation	8.6
Trading Companies & Distributors	5.3
Commercial Services & Supplies	4.7
Construction & Engineering	3.0
Professional Services	2.4
Others	2.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.4
	Short-Term Investments and Net Other Assets (Liabilities) - 1.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 100.0

TOP HOLDINGS (% of Fund's net assets)
GE Aerospace	7.6
GE Vernova Inc	7.6
Howmet Aerospace Inc	6.0
Boeing Co	4.2
Parker-Hannifin Corp	4.0
Eaton Corp PLC	3.9
Trane Technologies PLC	3.9
TransDigm Group Inc	3.2
Ingersoll Rand Inc	3.1
Deere & Co	3.1
	46.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916034.101 1475-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Industrials Portfolio VIP Industrials Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 33	0.61%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$294,425,450
Number of Holdings	52
Portfolio Turnover	30%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Aerospace & Defense	27.2
Machinery	20.2
Electrical Equipment	15.6
Building Products	8.7
Ground Transportation	8.6
Trading Companies & Distributors	5.3
Commercial Services & Supplies	4.7
Construction & Engineering	3.0
Professional Services	2.4
Others	2.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.4
	Short-Term Investments and Net Other Assets (Liabilities) - 1.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 100.0

TOP HOLDINGS (% of Fund's net assets)
GE Aerospace	7.6
GE Vernova Inc	7.6
Howmet Aerospace Inc	6.0
Boeing Co	4.2
Parker-Hannifin Corp	4.0
Eaton Corp PLC	3.9
Trane Technologies PLC	3.9
TransDigm Group Inc	3.2
Ingersoll Rand Inc	3.1
Deere & Co	3.1
	46.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916035.101 970-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Health Care Portfolio VIP Health Care Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Health Care Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 41	0.84%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$964,952,068
Number of Holdings	122
Portfolio Turnover	59%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Biotechnology	32.7
Health Care Equipment & Supplies	28.5
Health Care Providers & Services	17.0
Pharmaceuticals	9.5
Life Sciences Tools & Services	7.7
Health Care Technology	3.6
Financial Services	0.2
Chemicals	0.0

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.4
	Preferred Stocks - 1.2
	Preferred Securities - 0.4
	Bonds - 0.2
	Short-Term Investments and Net Other Assets (Liabilities) - 0.8

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 90.0
	Netherlands - 3.9
	Denmark - 2.0
	Belgium - 1.7
	Canada - 0.9
	Germany - 0.7
	China - 0.4
	United Kingdom - 0.3
	Israel - 0.1

TOP HOLDINGS (% of Fund's net assets)
Boston Scientific Corp	8.8
Danaher Corp	5.8
UnitedHealth Group Inc	5.2
Eli Lilly & Co	5.0
Penumbra Inc	4.7
Masimo Corp	4.0
CVS Health Corp	3.6
Alnylam Pharmaceuticals Inc	3.5
Insulet Corp	3.3
Stryker Corp	3.2
	47.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915961.101 1021-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Health Care Portfolio VIP Health Care Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 33	0.67%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$964,952,068
Number of Holdings	122
Portfolio Turnover	59%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Biotechnology	32.7
Health Care Equipment & Supplies	28.5
Health Care Providers & Services	17.0
Pharmaceuticals	9.5
Life Sciences Tools & Services	7.7
Health Care Technology	3.6
Financial Services	0.2
Chemicals	0.0

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.4
	Preferred Stocks - 1.2
	Preferred Securities - 0.4
	Bonds - 0.2
	Short-Term Investments and Net Other Assets (Liabilities) - 0.8

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 90.0
	Netherlands - 3.9
	Denmark - 2.0
	Belgium - 1.7
	Canada - 0.9
	Germany - 0.7
	China - 0.4
	United Kingdom - 0.3
	Israel - 0.1

TOP HOLDINGS (% of Fund's net assets)
Boston Scientific Corp	8.8
Danaher Corp	5.8
UnitedHealth Group Inc	5.2
Eli Lilly & Co	5.0
Penumbra Inc	4.7
Masimo Corp	4.0
CVS Health Corp	3.6
Alnylam Pharmaceuticals Inc	3.5
Insulet Corp	3.3
Stryker Corp	3.2
	47.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915962.101 1477-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Health Care Portfolio VIP Health Care Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 29	0.59%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$964,952,068
Number of Holdings	122
Portfolio Turnover	59%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Biotechnology	32.7
Health Care Equipment & Supplies	28.5
Health Care Providers & Services	17.0
Pharmaceuticals	9.5
Life Sciences Tools & Services	7.7
Health Care Technology	3.6
Financial Services	0.2
Chemicals	0.0

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.4
	Preferred Stocks - 1.2
	Preferred Securities - 0.4
	Bonds - 0.2
	Short-Term Investments and Net Other Assets (Liabilities) - 0.8

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 90.0
	Netherlands - 3.9
	Denmark - 2.0
	Belgium - 1.7
	Canada - 0.9
	Germany - 0.7
	China - 0.4
	United Kingdom - 0.3
	Israel - 0.1

TOP HOLDINGS (% of Fund's net assets)
Boston Scientific Corp	8.8
Danaher Corp	5.8
UnitedHealth Group Inc	5.2
Eli Lilly & Co	5.0
Penumbra Inc	4.7
Masimo Corp	4.0
CVS Health Corp	3.6
Alnylam Pharmaceuticals Inc	3.5
Insulet Corp	3.3
Stryker Corp	3.2
	47.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915963.101 942-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Financials Portfolio VIP Financials Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Financials Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 44	0.85%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$324,126,570
Number of Holdings	67
Portfolio Turnover	56%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Banks	32.3
Capital Markets	23.5
Insurance	18.5
Financial Services	17.3
Consumer Finance	6.2
Professional Services	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.0
	Short-Term Investments and Net Other Assets (Liabilities) - 1.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 94.2
	United Kingdom - 2.4
	Puerto Rico - 1.3
	Australia - 1.1
	Grand Cayman (UK Overseas Ter) - 0.5
	Mexico - 0.5

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	9.4
Wells Fargo & Co	6.5
Bank of America Corp	5.6
Citigroup Inc	3.7
Reinsurance Group of America Inc	3.6
Charles Schwab Corp/The	3.5
Chubb Ltd	3.0
State Street Corp	2.5
Morgan Stanley	2.4
Capital One Financial Corp	2.2
	42.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916032.101 7360-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Financials Portfolio VIP Financials Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 35	0.68%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$324,126,570
Number of Holdings	67
Portfolio Turnover	56%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Banks	32.3
Capital Markets	23.5
Insurance	18.5
Financial Services	17.3
Consumer Finance	6.2
Professional Services	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.0
	Short-Term Investments and Net Other Assets (Liabilities) - 1.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 94.2
	United Kingdom - 2.4
	Puerto Rico - 1.3
	Australia - 1.1
	Grand Cayman (UK Overseas Ter) - 0.5
	Mexico - 0.5

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	9.4
Wells Fargo & Co	6.5
Bank of America Corp	5.6
Citigroup Inc	3.7
Reinsurance Group of America Inc	3.6
Charles Schwab Corp/The	3.5
Chubb Ltd	3.0
State Street Corp	2.5
Morgan Stanley	2.4
Capital One Financial Corp	2.2
	42.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916031.101 1476-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Financials Portfolio VIP Financials Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 31	0.60%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$324,126,570
Number of Holdings	67
Portfolio Turnover	56%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Banks	32.3
Capital Markets	23.5
Insurance	18.5
Financial Services	17.3
Consumer Finance	6.2
Professional Services	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.0
	Short-Term Investments and Net Other Assets (Liabilities) - 1.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 94.2
	United Kingdom - 2.4
	Puerto Rico - 1.3
	Australia - 1.1
	Grand Cayman (UK Overseas Ter) - 0.5
	Mexico - 0.5

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	9.4
Wells Fargo & Co	6.5
Bank of America Corp	5.6
Citigroup Inc	3.7
Reinsurance Group of America Inc	3.6
Charles Schwab Corp/The	3.5
Chubb Ltd	3.0
State Street Corp	2.5
Morgan Stanley	2.4
Capital One Financial Corp	2.2
	42.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916033.101 947-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Energy Portfolio VIP Energy Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Energy Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 42	0.85%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$439,810,114
Number of Holdings	36
Portfolio Turnover	21%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	84.6
Energy Equipment & Services	11.1
Independent Power and Renewable Electricity Producers	4.1
Machinery	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.2
Short-Term Investments and Net Other Assets (Liabilities) - (0.2)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 86.9
	Canada - 9.6
	United Kingdom - 3.2
	Norway - 0.3
	France - 0.0

TOP HOLDINGS (% of Fund's net assets)
Exxon Mobil Corp	24.9
Chevron Corp	5.8
Cheniere Energy Inc	5.2
Energy Transfer LP	5.0
Marathon Petroleum Corp	4.8
Canadian Natural Resources Ltd	4.4
Vistra Corp	4.1
Cenovus Energy Inc	3.9
Valero Energy Corp	3.6
Schlumberger NV	3.4
	65.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915958.101 1438-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Energy Portfolio VIP Energy Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 34	0.68%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$439,810,114
Number of Holdings	36
Portfolio Turnover	21%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	84.6
Energy Equipment & Services	11.1
Independent Power and Renewable Electricity Producers	4.1
Machinery	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.2
Short-Term Investments and Net Other Assets (Liabilities) - (0.2)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 86.9
	Canada - 9.6
	United Kingdom - 3.2
	Norway - 0.3
	France - 0.0

TOP HOLDINGS (% of Fund's net assets)
Exxon Mobil Corp	24.9
Chevron Corp	5.8
Cheniere Energy Inc	5.2
Energy Transfer LP	5.0
Marathon Petroleum Corp	4.8
Canadian Natural Resources Ltd	4.4
Vistra Corp	4.1
Cenovus Energy Inc	3.9
Valero Energy Corp	3.6
Schlumberger NV	3.4
	65.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915959.101 1478-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Energy Portfolio VIP Energy Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$439,810,114
Number of Holdings	36
Portfolio Turnover	21%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	84.6
Energy Equipment & Services	11.1
Independent Power and Renewable Electricity Producers	4.1
Machinery	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.2
Short-Term Investments and Net Other Assets (Liabilities) - (0.2)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 86.9
	Canada - 9.6
	United Kingdom - 3.2
	Norway - 0.3
	France - 0.0

TOP HOLDINGS (% of Fund's net assets)
Exxon Mobil Corp	24.9
Chevron Corp	5.8
Cheniere Energy Inc	5.2
Energy Transfer LP	5.0
Marathon Petroleum Corp	4.8
Canadian Natural Resources Ltd	4.4
Vistra Corp	4.1
Cenovus Energy Inc	3.9
Valero Energy Corp	3.6
Schlumberger NV	3.4
	65.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915960.101 930-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Consumer Staples Portfolio VIP Consumer Staples Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Consumer Staples Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 42	0.86%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$218,080,181
Number of Holdings	36
Portfolio Turnover	47%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Beverages	38.1
Consumer Staples Distribution & Retail	20.1
Household Products	16.6
Food Products	16.4
Personal Care Products	5.8
Tobacco	2.9

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.0
	United Kingdom - 5.0

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	14.0
Procter & Gamble Co/The	11.8
Keurig Dr Pepper Inc	10.5
Walmart Inc	8.8
Constellation Brands Inc Class A	4.7
Estee Lauder Cos Inc/The Class A	4.2
Target Corp	4.0
Energizer Holdings Inc	3.5
Bunge Global SA	3.5
JM Smucker Co	3.3
	68.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916119.101 7359-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Consumer Staples Portfolio VIP Consumer Staples Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 34	0.69%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$218,080,181
Number of Holdings	36
Portfolio Turnover	47%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Beverages	38.1
Consumer Staples Distribution & Retail	20.1
Household Products	16.6
Food Products	16.4
Personal Care Products	5.8
Tobacco	2.9

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.0
	United Kingdom - 5.0

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	14.0
Procter & Gamble Co/The	11.8
Keurig Dr Pepper Inc	10.5
Walmart Inc	8.8
Constellation Brands Inc Class A	4.7
Estee Lauder Cos Inc/The Class A	4.2
Target Corp	4.0
Energizer Holdings Inc	3.5
Bunge Global SA	3.5
JM Smucker Co	3.3
	68.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916118.101 1840-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Consumer Staples Portfolio VIP Consumer Staples Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 30	0.61%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$218,080,181
Number of Holdings	36
Portfolio Turnover	47%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Beverages	38.1
Consumer Staples Distribution & Retail	20.1
Household Products	16.6
Food Products	16.4
Personal Care Products	5.8
Tobacco	2.9

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.0
	United Kingdom - 5.0

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	14.0
Procter & Gamble Co/The	11.8
Keurig Dr Pepper Inc	10.5
Walmart Inc	8.8
Constellation Brands Inc Class A	4.7
Estee Lauder Cos Inc/The Class A	4.2
Target Corp	4.0
Energizer Holdings Inc	3.5
Bunge Global SA	3.5
JM Smucker Co	3.3
	68.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916117.101 1839-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Consumer Discretionary Portfolio VIP Consumer Discretionary Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Consumer Discretionary Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 41	0.86%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$227,752,624
Number of Holdings	57
Portfolio Turnover	19%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	27.5
Specialty Retail	23.0
Hotels, Restaurants & Leisure	18.5
Automobiles	14.7
Textiles, Apparel & Luxury Goods	5.5
Household Durables	5.3
Automobile Components	2.5
Consumer Staples Distribution & Retail	1.0
Construction Materials	0.9
Building Products	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 94.0
	Canada - 2.1
	Bailiwick Of Jersey - 2.1
	Brazil - 1.3
	Switzerland - 0.3
	France - 0.2

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	25.0
Tesla Inc	13.3
Home Depot Inc/The	4.2
Lowe's Cos Inc	3.9
TJX Cos Inc/The	2.8
McDonald's Corp	2.7
Booking Holdings Inc	2.5
Somnigroup International Inc	2.5
Hilton Worldwide Holdings Inc	2.5
Dick's Sporting Goods Inc	2.2
	61.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916037.101 7358-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Consumer Discretionary Portfolio VIP Consumer Discretionary Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 33	0.69%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$227,752,624
Number of Holdings	57
Portfolio Turnover	19%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	27.5
Specialty Retail	23.0
Hotels, Restaurants & Leisure	18.5
Automobiles	14.7
Textiles, Apparel & Luxury Goods	5.5
Household Durables	5.3
Automobile Components	2.5
Consumer Staples Distribution & Retail	1.0
Construction Materials	0.9
Building Products	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 94.0
	Canada - 2.1
	Bailiwick Of Jersey - 2.1
	Brazil - 1.3
	Switzerland - 0.3
	France - 0.2

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	25.0
Tesla Inc	13.3
Home Depot Inc/The	4.2
Lowe's Cos Inc	3.9
TJX Cos Inc/The	2.8
McDonald's Corp	2.7
Booking Holdings Inc	2.5
Somnigroup International Inc	2.5
Hilton Worldwide Holdings Inc	2.5
Dick's Sporting Goods Inc	2.2
	61.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916036.101 1474-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Consumer Discretionary Portfolio VIP Consumer Discretionary Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 30	0.61%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$227,752,624
Number of Holdings	57
Portfolio Turnover	19%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	27.5
Specialty Retail	23.0
Hotels, Restaurants & Leisure	18.5
Automobiles	14.7
Textiles, Apparel & Luxury Goods	5.5
Household Durables	5.3
Automobile Components	2.5
Consumer Staples Distribution & Retail	1.0
Construction Materials	0.9
Building Products	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.1
	Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 94.0
	Canada - 2.1
	Bailiwick Of Jersey - 2.1
	Brazil - 1.3
	Switzerland - 0.3
	France - 0.2

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	25.0
Tesla Inc	13.3
Home Depot Inc/The	4.2
Lowe's Cos Inc	3.9
TJX Cos Inc/The	2.8
McDonald's Corp	2.7
Booking Holdings Inc	2.5
Somnigroup International Inc	2.5
Hilton Worldwide Holdings Inc	2.5
Dick's Sporting Goods Inc	2.2
	61.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916038.101 991-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Communication Services Portfolio VIP Communication Services Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Communication Services Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$289,492,926
Number of Holdings	40
Portfolio Turnover	154%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	51.0
Entertainment	28.5
Media	7.2
Broadline Retail	4.8
Semiconductors & Semiconductor Equipment	2.8
Software	1.9
Diversified Telecommunication Services	0.8
Technology Hardware, Storage & Peripherals	0.6
Specialty Retail	0.5
Others	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.8
	Preferred Stocks - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 97.1
	Singapore - 1.4
	Taiwan - 1.1
	United Kingdom - 0.3
	Korea (South) - 0.1

TOP HOLDINGS (% of Fund's net assets)
Meta Platforms Inc Class A	24.8
Alphabet Inc Class A	24.0
Walt Disney Co/The	5.0
Amazon.com Inc	4.8
ROBLOX Corp Class A	4.7
Netflix Inc	3.5
Take-Two Interactive Software Inc	3.4
Charter Communications Inc Class A	2.5
Magnite Inc	2.4
Live Nation Entertainment Inc	2.0
	77.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916123.101 1844-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Communication Services Portfolio VIP Communication Services Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 33	0.61%

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$289,492,926
Number of Holdings	40
Portfolio Turnover	154%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	51.0
Entertainment	28.5
Media	7.2
Broadline Retail	4.8
Semiconductors & Semiconductor Equipment	2.8
Software	1.9
Diversified Telecommunication Services	0.8
Technology Hardware, Storage & Peripherals	0.6
Specialty Retail	0.5
Others	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.8
	Preferred Stocks - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 97.1
	Singapore - 1.4
	Taiwan - 1.1
	United Kingdom - 0.3
	Korea (South) - 0.1

TOP HOLDINGS (% of Fund's net assets)
Meta Platforms Inc Class A	24.8
Alphabet Inc Class A	24.0
Walt Disney Co/The	5.0
Amazon.com Inc	4.8
ROBLOX Corp Class A	4.7
Netflix Inc	3.5
Take-Two Interactive Software Inc	3.4
Charter Communications Inc Class A	2.5
Magnite Inc	2.4
Live Nation Entertainment Inc	2.0
	77.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916122.101 1843-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Communication Services Portfolio VIP Communications Services Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Communication Services Portfolio for the period April 25, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2 A	$ 18	0.86%

AExpenses for the full reporting period would be higher.

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$289,492,926
Number of Holdings	40
Portfolio Turnover	154%

What did the Fund invest in?
(as of June 30, 2025)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	51.0
Entertainment	28.5
Media	7.2
Broadline Retail	4.8
Semiconductors & Semiconductor Equipment	2.8
Software	1.9
Diversified Telecommunication Services	0.8
Technology Hardware, Storage & Peripherals	0.6
Specialty Retail	0.5
Others	0.8

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.8
	Preferred Stocks - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 97.1
	Singapore - 1.4
	Taiwan - 1.1
	United Kingdom - 0.3
	Korea (South) - 0.1

TOP HOLDINGS (% of Fund's net assets)
Meta Platforms Inc Class A	24.8
Alphabet Inc Class A	24.0
Walt Disney Co/The	5.0
Amazon.com Inc	4.8
ROBLOX Corp Class A	4.7
Netflix Inc	3.5
Take-Two Interactive Software Inc	3.4
Charter Communications Inc Class A	2.5
Magnite Inc	2.4
Live Nation Entertainment Inc	2.0
	77.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9919225.100 9071-TSRS-0825

Item 2.

Code of Ethics

Not applicable.

Item 3.

Audit Committee Financial Expert

Not applicable.

Item 4.

Principal Accountant Fees and Services

Not applicable.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

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

Fidelity® Variable Insurance Products:

VIP Utilities Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Utilities Portfolio

Notes to Financial Statements

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

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

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

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

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Utilities Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($)
CANADA - 2.7%
Energy - 2.7%
Oil, Gas & Consumable Fuels - 2.7%
Cameco Corp (United States) (a)	116,700	8,662,641
UNITED STATES - 96.2%
Industrials - 4.3%
Commercial Services & Supplies - 0.6%
GFL Environmental Inc Subordinate Voting Shares (United States)	40,400	2,038,584
Construction & Engineering - 1.6%
Quanta Services Inc	13,275	5,019,012
Electrical Equipment - 2.1%
GE Vernova Inc	13,000	6,878,950
TOTAL INDUSTRIALS		13,936,546

Information Technology - 0.6%
Semiconductors & Semiconductor Equipment - 0.6%
First Solar Inc (b)	11,094	1,836,501
Utilities - 91.3%
Electric Utilities - 64.7%
American Electric Power Co Inc	61,733	6,405,416
Constellation Energy Corp	91,640	29,577,726
Duke Energy Corp	223,179	26,335,122
Entergy Corp	182,152	15,140,474
Evergy Inc	158,039	10,893,628
Eversource Energy	42,208	2,685,273
Exelon Corp	405,800	17,619,836
NextEra Energy Inc	546,168	37,914,983
NRG Energy Inc	71,636	11,503,309
PG&E Corp	712,038	9,925,810
PPL Corp	376,999	12,776,496
Southern Co/The	112,788	10,357,322
TXNM Energy Inc	77,983	4,392,003
Xcel Energy Inc	177,590	12,093,879
		207,621,277
Gas Utilities - 1.6%
UGI Corp (a)	138,000	5,025,960
Independent Power and Renewable Electricity Producers - 8.3%
AES Corp/The	49,100	516,531
Talen Energy Corp (b)	5,002	1,454,432
Vistra Corp	127,834	24,775,508
		26,746,471
Multi-Utilities - 16.7%
Ameren Corp	129,400	12,427,576
CenterPoint Energy Inc	326,370	11,990,834
NiSource Inc	245,638	9,909,036
Sempra	253,989	19,244,747
		53,572,193
TOTAL UTILITIES		292,965,901

TOTAL UNITED STATES		308,738,948
TOTAL COMMON STOCKS (Cost $235,329,054)		317,401,589

Money Market Funds - 3.2%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	4.32	269,801	269,855
Fidelity Securities Lending Cash Central Fund (c)(d)	4.32	10,082,267	10,083,275
TOTAL MONEY MARKET FUNDS (Cost $10,353,130)			10,353,130

TOTAL INVESTMENT IN SECURITIES - 102.1% (Cost $245,682,184)	327,754,719
NET OTHER ASSETS (LIABILITIES) - (2.1)%	(6,622,313)
NET ASSETS - 100.0%	321,132,406

Legend

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

(b)	Non-income producing

(c)

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

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	13,920,928	96,276,825	109,927,898	198,529	-	-	269,855	269,801	0.0%
Fidelity Securities Lending Cash Central Fund	1,078,700	71,664,917	62,660,342	887	-	-	10,083,275	10,082,267	0.0%
Total	14,999,628	167,941,742	172,588,240	199,416	-	-	10,353,130

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2025, 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
Energy	8,662,641	8,662,641	-	-
Industrials	13,936,546	13,936,546	-	-
Information Technology	1,836,501	1,836,501	-	-
Utilities	292,965,901	292,965,901	-	-

Money Market Funds	10,353,130	10,353,130	-	-
Total Investments in Securities:	327,754,719	327,754,719	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $9,999,839) - See accompanying schedule:
Unaffiliated issuers (cost $235,329,054)	$	317,401,589
Fidelity Central Funds (cost $10,353,130)		10,353,130


Total Investment in Securities (cost $245,682,184)			$	327,754,719
Receivable for investments sold				3,183,700
Receivable for fund shares sold				185,738
Dividends receivable				440,652
Distributions receivable from Fidelity Central Funds				12,856
Total assets				331,577,665
Liabilities
Payable for investments purchased	$	158,227
Payable for fund shares redeemed		7,808
Accrued management fee		170,719
Distribution and service plan fees payable		21
Other payables and accrued expenses		25,209
Collateral on securities loaned		10,083,275
Total liabilities				10,445,259
Net Assets			$	321,132,406
Net Assets consist of:
Paid in capital			$	225,933,672
Total accumulated earnings (loss)				95,198,734
Net Assets			$	321,132,406

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($52,575,447 ÷ 2,100,421 shares)			$	25.03
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($104,893 ÷ 4,193 shares)			$	25.02
Investor Class :
Net Asset Value, offering price and redemption price per share ($268,452,066 ÷ 10,827,726 shares)			$	24.79

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	4,215,426
Income from Fidelity Central Funds (including $887 from security lending)				199,416
Total income				4,414,842
Expenses
Management fee	$	1,008,517
Distribution and service plan fees		47
Custodian fees and expenses		9,265
Independent trustees' fees and expenses		588
Audit fees		20,264
Legal		249
Miscellaneous		544
Total expenses				1,039,474
Net Investment income (loss)				3,375,368
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		10,372,041
Total net realized gain (loss)				10,372,041
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		5,898,060
Assets and liabilities in foreign currencies		400
Total change in net unrealized appreciation (depreciation)				5,898,460
Net gain (loss)				16,270,501
Net increase (decrease) in net assets resulting from operations			$	19,645,869

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,375,368	$	5,343,014
Net realized gain (loss)		10,372,041		11,095,957
Change in net unrealized appreciation (depreciation)		5,898,460		38,037,994
Net increase (decrease) in net assets resulting from operations		19,645,869		54,476,965
Distributions to shareholders		(8,144,135)		(17,521,898)

Share transactions - net increase (decrease)		(7,475,507)		73,300,062
Total increase (decrease) in net assets		4,026,227		110,255,129

Net Assets
Beginning of period		317,106,179		206,851,050
End of period	$	321,132,406	$	317,106,179

Financial Highlights

VIP Utilities Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	24.17	$	20.23	$	21.53	$	20.80	$	18.05	$	18.79
Income from Investment Operations
Net investment income (loss) A,B		.27		.51		.44		.38		.40		.34
Net realized and unrealized gain (loss)		1.24		5.05		(.71)		.75		2.71		(.35)
Total from investment operations		1.51		5.56		(.27)		1.13		3.11		(.01)
Distributions from net investment income		(.08)		(.45)		(.46)		(.34)		(.36)		(.45)
Distributions from net realized gain		(.57)		(1.17)		(.58)		(.06)		-		(.28)
Total distributions		(.65)		(1.62)		(1.03) C		(.40)		(.36)		(.73)
Net asset value, end of period	$	25.03	$	24.17	$	20.23	$	21.53	$	20.80	$	18.05
Total Return D,E,F		6.35 %		29.00%		(1.08)%		5.47%		17.43%		(.12)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.60% I		.61%		.65%		.64%		.65%		.67%
Expenses net of fee waivers, if any		.60 % I		.61%		.64%		.64%		.65%		.67%
Expenses net of all reductions, if any		.60% I		.61%		.64%		.64%		.65%		.66%
Net investment income (loss)		2.24% I		2.29%		2.18%		1.81%		2.09%		1.96%
Supplemental Data
Net assets, end of period (000 omitted)	$	52,575	$	47,664	$	33,579	$	48,029	$	29,279	$	26,868
Portfolio turnover rate J		176 % I		77%		71%		53%		32%		66%

ACalculated based on average shares outstanding during the period.

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

CTotal distributions per share do not sum due to rounding.

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

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

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Utilities Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited) A
Selected Per-Share Data
Net asset value, beginning of period	$	23.85
Income from Investment Operations
Net investment income (loss) B,C		.10
Net realized and unrealized gain (loss)		1.07
Total from investment operations		1.17
Net asset value, end of period	$	25.02
Total Return D,E		4.91 %
Ratios to Average Net Assets C,F,G
Expenses before reductions		.85% H
Expenses net of fee waivers, if any		.85 % H
Expenses net of all reductions, if any		.85% H
Net investment income (loss)		2.28% H
Supplemental Data
Net assets, end of period (000 omitted)	$	105
Portfolio turnover rate I		176 % H

AFor the period April 25, 2025 (commencement of sale of shares) through June 30, 2025.

BCalculated based on average shares outstanding during the period.

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

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

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

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

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Utilities Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	23.95	$	20.07	$	21.36	$	20.64	$	17.92	$	18.66
Income from Investment Operations
Net investment income (loss) A,B		.26		.49		.42		.36		.38		.32
Net realized and unrealized gain (loss)		1.22		5.00		(.69)		.74		2.69		(.35)
Total from investment operations		1.48		5.49		(.27)		1.10		3.07		(.03)
Distributions from net investment income		(.08)		(.45)		(.44)		(.32)		(.35)		(.44)
Distributions from net realized gain		(.57)		(1.17)		(.58)		(.06)		-		(.28)
Total distributions		(.64) C		(1.61) C		(1.02)		(.38)		(.35)		(.71) C
Net asset value, end of period	$	24.79	$	23.95	$	20.07	$	21.36	$	20.64	$	17.92
Total Return D,E,F		6.30 %		28.89%		(1.12)%		5.39%		17.30%		(.20)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.68% I		.69%		.73%		.72%		.73%		.75%
Expenses net of fee waivers, if any		.68 % I		.69%		.72%		.72%		.73%		.75%
Expenses net of all reductions, if any		.68% I		.69%		.72%		.72%		.73%		.74%
Net investment income (loss)		2.15% I		2.21%		2.11%		1.74%		2.01%		1.89%
Supplemental Data
Net assets, end of period (000 omitted)	$	268,452	$	269,442	$	173,272	$	236,275	$	168,490	$	151,484
Portfolio turnover rate J		176 % I		77%		71%		53%		32%		66%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

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 commenced sale of Service Class 2 shares on April 25, 2025. The Fund offers the following classes of shares: Initial Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 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	$82,536,495
Gross unrealized depreciation	(2,240,015)
Net unrealized appreciation (depreciation)	$80,296,480
Tax cost	$247,458,239

New Accounting Pronouncement. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Utilities Portfolio	267,353,389	268,724,281

5. Fees and Other Transactions with Affiliates.

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

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

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

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

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

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

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

Service Class 2

$47

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

	Amount ($)
VIP Utilities Portfolio	5,978

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Utilities Portfolio	4,465,358	12,619,658	748,319

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

	Amount ($)
VIP Utilities Portfolio	1,084

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

	Amount ($)
VIP Utilities Portfolio	242

7. Security Lending.

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

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Utilities Portfolio	96	-	-

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Utilities Portfolio
Distributions to shareholders
Initial Class	$1,279,153	$2,783,546
Investor Class	6,864,982	14,738,352
Total	$8,144,135	$17,521,898

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2025 A	Year ended December 31, 2024	Six months ended June 30, 2025 A	Year ended December 31, 2024
VIP Utilities Portfolio
Initial Class
Shares sold	272,199	569,725	$6,587,702	$13,487,281
Reinvestment of distributions	53,232	133,195	1,279,153	2,783,546
Shares redeemed	(197,128)	(390,410)	(4,729,599)	(8,582,084)
Net increase (decrease)	128,303	312,510	$3,137,256	$7,688,743
Service Class 2
Shares sold	4,193	-	$100,000	$ -
Net increase (decrease)	4,193	-	$100,000	$ -
Investor Class
Shares sold	755,870	3,696,454	$17,990,457	$89,228,575
Reinvestment of distributions	288,323	705,642	6,864,981	14,738,352
Shares redeemed	(1,466,380)	(1,784,442)	(35,568,201)	(38,355,608)
Net increase (decrease)	(422,187)	2,617,654	$(10,712,763)	$65,611,319

A Share transactions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through June 30, 2025.

10. Other.

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

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

Fund	Affiliated %
VIP Utilities Portfolio	95%

11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

Board Approval of Investment Advisory Contract and Management Fees

VIP Utilities Portfolio

At its January 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for Service Class 2 of the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its January 2025 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to Service Class 2 of the fund under the Amended Contract will continue to benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of Service Class 2 of the fund and the estimated total expense ratio of Service Class 2. The Board also considered that, in exchange for the variable management fee, Service Class 2 of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee and proposed maximum class-level management fee rate for Service Class 2 of the fund is below the median fee rate of funds with similar Morningstar classifications. The Board also considered that the estimated total net expense ratio of Service Class 2 of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

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

Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of Service Class 2 of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.

Economies of Scale. The Board considered that it previously received and reviewed information regarding 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 a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for Service Class 2 was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.

Board Approval of Investment Advisory Contracts and Management Fees

VIP Utilities Portfolio

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Investor Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

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

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

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

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

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

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

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

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

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

The information provided to the Board indicated that the management fee rate of Investor Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Investor Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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

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

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

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

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity 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.

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

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

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

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

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

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

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

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

1.817394.120

VTELIC-SANN-0825

Fidelity® Variable Insurance Products:

VIP Technology Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Technology Portfolio

Notes to Financial Statements

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Technology Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares	Value ($)
CANADA - 1.6%
Information Technology - 1.6%
IT Services - 1.6%
Shopify Inc Class A (United States) (b)	429,400	49,531,290
CHINA - 0.0%
Health Care - 0.0%
Health Care Equipment & Supplies - 0.0%
China Medical Technologies Inc ADR (b)(c)	300	0
Pharmaceuticals - 0.0%
Chime Biologics Wuhan Co Ltd (b)(c)	94,814	1
TOTAL CHINA		1
FRANCE - 0.1%
Information Technology - 0.1%
IT Services - 0.1%
Capgemini SE	24,200	4,143,921
INDIA - 0.0%
Information Technology - 0.0%
Software - 0.0%
Pine Labs Pvt Ltd (c)(d)	167,111	613,221
ISRAEL - 0.0%
Information Technology - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
Xsight Labs Ltd warrants 1/11/2034 (b)(c)(d)	10,921	0
Xsight Labs Ltd warrants 12/30/2031 (b)(c)(d)	9,468	0

TOTAL ISRAEL		0
KOREA (SOUTH) - 0.0%
Materials - 0.0%
Chemicals - 0.0%
LG Chem Ltd	3,710	579,878
NETHERLANDS - 4.5%
Information Technology - 4.5%
Semiconductors & Semiconductor Equipment - 4.5%
ASML Holding NV	28,800	23,078,501
NXP Semiconductors NV	511,604	111,780,358

TOTAL NETHERLANDS		134,858,859
TAIWAN - 2.4%
Health Care - 0.0%
Life Sciences Tools & Services - 0.0%
Eden Biologics Inc (b)(c)	94,814	0
Information Technology - 2.4%
Semiconductors & Semiconductor Equipment - 2.4%
Taiwan Semiconductor Manufacturing Co Ltd	1,984,000	72,536,217
TOTAL TAIWAN		72,536,217
UNITED KINGDOM - 0.2%
Consumer Discretionary - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Deliveroo PLC Class A (b)(e)(f)	955,100	2,306,081
Financials - 0.1%
Financial Services - 0.1%
Revolut Group Holdings Ltd (c)(d)	3,331	3,230,437
TOTAL UNITED KINGDOM		5,536,518
UNITED STATES - 87.4%
Communication Services - 0.8%
Entertainment - 0.8%
Netflix Inc (b)	18,832	25,218,496
Consumer Discretionary - 1.1%
Broadline Retail - 0.9%
Amazon.com Inc (b)	125,500	27,533,445
Hotels, Restaurants & Leisure - 0.2%
Airbnb Inc Class A (b)	40,900	5,412,706
TOTAL CONSUMER DISCRETIONARY		32,946,151

Consumer Staples - 0.0%
Consumer Staples Distribution & Retail - 0.0%
Maplebear Inc (b)	10,890	492,663
Industrials - 2.4%
Aerospace & Defense - 0.0%
Relativity Space Inc (b)(c)	2,420	2,735
Ground Transportation - 2.4%
CreateAI Holdings Inc Class A (b)	31,800	9,540
Lyft Inc Class A (b)	180,097	2,838,329
Uber Technologies Inc (b)	753,724	70,322,449
		73,170,318
TOTAL INDUSTRIALS		73,173,053

Information Technology - 83.1%
Communications Equipment - 4.1%
Cisco Systems Inc	1,788,300	124,072,254
IT Services - 4.2%
CoreWeave Inc Class A (g)	188,000	30,655,280
CoreWeave Inc Class A (c)(g)	12,205	1,990,155
Okta Inc Class A (b)	438,763	43,863,137
Snowflake Inc Class A (b)	225,268	50,408,220
		126,916,792
Semiconductors & Semiconductor Equipment - 39.0%
Astera Labs Inc (b)	177,612	16,059,677
Broadcom Inc	235,600	64,943,140
GlobalFoundries Inc (b)	1,770,035	67,615,337
Marvell Technology Inc	1,473,204	114,025,990
Micron Technology Inc	457,415	56,376,399
NVIDIA Corp	4,710,292	744,179,033
ON Semiconductor Corp (b)	1,765,293	92,519,006
Teradyne Inc	196,500	17,669,280
		1,173,387,862
Software - 23.3%
Atlassian Corp Class A (b)	52,700	10,702,843
Autodesk Inc (b)	23,300	7,212,981
Celestial AI Inc (c)(d)	3,687	62,641
Crowdstrike Holdings Inc Class A (b)	32,300	16,450,713
CyberArk Software Ltd (b)	55,400	22,541,152
Datadog Inc Class A (b)	426,740	57,323,984
HubSpot Inc (b)	60,033	33,416,169
Manhattan Associates Inc (b)	162,300	32,049,381
Microsoft Corp	735,700	365,944,537
Monday.com Ltd (b)	28,470	8,953,246
OpenAI Global LLC rights (b)(c)(d)	1,521,400	2,236,458
Palantir Technologies Inc Class A (b)	353,800	48,230,016
Salesforce Inc	46,265	12,616,003
Servicenow Inc (b)	61,334	63,056,259
Zscaler Inc (b)	54,700	17,172,518
		697,968,901
Technology Hardware, Storage & Peripherals - 12.5%
Apple Inc	1,458,060	299,150,170
Sandisk Corp/DE	213,340	9,674,969
Seagate Technology Holdings PLC	162,491	23,452,326
Western Digital Corp	699,720	44,775,083
		377,052,548
TOTAL INFORMATION TECHNOLOGY		2,499,398,357

TOTAL UNITED STATES		2,631,228,720
TOTAL COMMON STOCKS (Cost $1,374,139,550)		2,899,028,625

Convertible Corporate Bonds - 0.0%
	Principal Amount (a)	Value ($)
UNITED STATES - 0.0%
Information Technology - 0.0%
Electronic Equipment, Instruments & Components - 0.0%
Enevate Corp 10% 5/12/2199 (c)(d) (Cost $55,238)	55,238	38,556

Convertible Preferred Stocks - 1.7%
	Shares	Value ($)
CHINA - 0.1%
Communication Services - 0.1%
Interactive Media & Services - 0.1%
ByteDance Ltd Series E1 (b)(c)(d)	9,903	2,171,530
INDIA - 0.2%
Consumer Discretionary - 0.0%
Broadline Retail - 0.0%
Meesho Series E-1 (c)(d)	75,000	98,249
Meesho Series F (c)(d)	1,043,847	1,367,440
		1,465,689
Information Technology - 0.2%
Software - 0.2%
Pine Labs Pvt Ltd Series 1 (c)(d)	399,337	1,465,386
Pine Labs Pvt Ltd Series A (c)(d)	99,834	366,345
Pine Labs Pvt Ltd Series B (c)(d)	108,610	398,549
Pine Labs Pvt Ltd Series B2 (c)(d)	87,752	322,010
Pine Labs Pvt Ltd Series C (c)(d)	163,296	599,222
Pine Labs Pvt Ltd Series C1 (c)(d)	34,465	126,471
Pine Labs Pvt Ltd Series D (c)(d)	36,754	134,870
		3,412,853
TOTAL INDIA		4,878,542
ISRAEL - 0.0%
Information Technology - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
Xsight Labs Ltd Series D (b)(c)(d)	37,800	63,504
Xsight Labs Ltd Series E (c)(d)	47,340	378,720
Xsight Labs Ltd Series E1 (c)(d)	36,402	291,216

TOTAL ISRAEL		733,440
UNITED STATES - 1.4%
Consumer Discretionary - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Discord Inc Series I (b)(c)(d)	200	49,584
Consumer Staples - 0.0%
Consumer Staples Distribution & Retail - 0.0%
GoBrands Inc Series G (b)(c)(d)	5,260	181,943
Financials - 0.1%
Financial Services - 0.1%
Akeana Series C (b)(c)(d)	14,600	187,026
Tenstorrent Holdings Inc Series C1 (b)(c)(d)	4,586	340,235
Tenstorrent Holdings Inc Series D1 (c)(d)	20,361	1,600,375
Tenstorrent Holdings Inc Series D2 (c)(d)	1,677	127,184
		2,254,820
Information Technology - 1.3%
Electronic Equipment, Instruments & Components - 0.1%
Enevate Corp Series E (b)(c)(d)	3,556,678	1,102,570
Vast Data Ltd Series A (b)(c)(d)	12,260	291,911
Vast Data Ltd Series A1 (b)(c)(d)	30,177	718,514
Vast Data Ltd Series A2 (b)(c)(d)	34,713	826,517
Vast Data Ltd Series B (b)(c)(d)	27,621	657,656
Vast Data Ltd Series C (b)(c)(d)	805	19,167
Vast Data Ltd Series E (b)(c)(d)	26,394	628,441
		4,244,776
IT Services - 0.1%
X.Ai Holdings Corp Series C (c)(d)	91,800	3,356,208
Semiconductors & Semiconductor Equipment - 0.0%
Retym Inc Series C (b)(c)(d)	50,104	498,034
Retym Inc Series D (c)	12,430	130,639
SiMa Technologies Inc Series B (b)(c)(d)	85,000	515,100
SiMa Technologies Inc Series B1 (b)(c)(d)	36,016	257,514
		1,401,287
Software - 1.0%
Anthropic PBC Series B (b)(c)(d)	78,539	6,864,308
Anthropic PBC Series D (b)(c)(d)	79,696	7,280,230
Celestial AI Inc Series A (c)(d)	23,505	399,350
Celestial AI Inc Series B (c)(d)	17,687	300,502
Celestial AI Inc Series C1 (c)(d)	70,849	1,203,725
Databricks Inc Series G (b)(c)(d)	14,100	1,587,096
Databricks Inc Series H (b)(c)(d)	36,297	4,085,591
Databricks Inc Series I (b)(c)(d)	479	53,916
Databricks Inc Series J (c)(d)	15,590	1,754,810
Runway AI Inc Series D (c)(d)	220,780	2,605,204
		26,134,732
Technology Hardware, Storage & Peripherals - 0.1%
Lightmatter Inc Series C1 (b)(c)(d)	29,615	1,892,991
Lightmatter Inc Series C2 (b)(c)(d)	4,652	303,124
Lightmatter Inc Series D (c)(d)	22,205	1,765,742
		3,961,857
TOTAL INFORMATION TECHNOLOGY		39,098,860

Materials - 0.0%
Metals & Mining - 0.0%
Diamond Foundry Inc Series C (b)(c)(d)	56,576	1,403,651
TOTAL UNITED STATES		42,988,858
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $36,473,909)		50,772,370

Preferred Securities - 0.0%
	Principal Amount (a)	Value ($)
UNITED STATES - 0.0%
Information Technology - 0.0%
Electronic Equipment, Instruments & Components - 0.0%
Enevate Corp 6% (c)(d)(h)	197,659	101,329
Semiconductors & Semiconductor Equipment - 0.0%
SiMa Technologies Inc 10% 12/31/2027 (c)(d)	121,186	128,530
TOTAL INFORMATION TECHNOLOGY		229,859

TOTAL PREFERRED SECURITIES (Cost $318,845)		229,859

Money Market Funds - 1.8%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (i) (Cost $54,541,708)	4.32	54,530,802	54,541,708

TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $1,465,529,250)	3,004,611,118
NET OTHER ASSETS (LIABILITIES) - 0.3%	8,160,640
NET ASSETS - 100.0%	3,012,771,758

Legend

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

(b)	Non-income producing

(c)	Level 3 security

(d)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $57,052,903 or 1.9% of net assets.

(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,306,081 or 0.1% of net assets.

(f)	Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $2,306,081 or 0.1% of net assets.

(g)

Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $32,645,435 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(i)

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

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

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

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

Celestial AI Inc	2/25/25	54,625

Celestial AI Inc Series A	2/25/25	348,243

Celestial AI Inc Series B	2/25/25	262,045

Celestial AI Inc Series C1	2/25/25	1,234,912

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

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

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

Databricks Inc Series J	12/17/24	1,442,075

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

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

Enevate Corp 10% 5/12/2199	11/12/24	55,238

Enevate Corp 6%	11/02/23 - 10/31/24	197,659

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

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

Lightmatter Inc Series C1	5/19/23	487,368

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

Lightmatter Inc Series D	10/11/24	1,781,518

Meesho Series E-1	4/18/24	70,000

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

OpenAI Global LLC rights	9/30/24	1,521,400

Pine Labs Pvt Ltd	6/30/21	490,191

Pine Labs Pvt Ltd Series 1	6/30/21	1,171,033

Pine Labs Pvt Ltd Series A	6/30/21	292,948

Pine Labs Pvt Ltd Series B	6/30/21	318,675

Pine Labs Pvt Ltd Series B2	6/30/21	257,526

Pine Labs Pvt Ltd Series C	6/30/21	479,005

Pine Labs Pvt Ltd Series C1	6/30/21	101,298

Pine Labs Pvt Ltd Series D	6/30/21	108,010

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

Revolut Group Holdings Ltd	12/27/24	2,897,153

Runway AI Inc Series D	9/06/24	2,393,648

SiMa Technologies Inc 10% 12/31/2027	4/08/24 - 4/05/25	121,186

SiMa Technologies Inc Series B	5/10/21	435,829

SiMa Technologies Inc Series B1	4/25/22 - 10/17/22	255,386

Tenstorrent Holdings Inc Series C1	4/23/21	272,690

Tenstorrent Holdings Inc Series D1	7/16/24 - 1/15/25	1,604,985

Tenstorrent Holdings Inc Series D2	7/17/24	127,418

Vast Data Ltd Series A	11/28/23	134,860

Vast Data Ltd Series A1	11/28/23	331,947

Vast Data Ltd Series A2	11/28/23	381,843

Vast Data Ltd Series B	11/28/23	303,831

Vast Data Ltd Series C	11/28/23	8,855

Vast Data Ltd Series E	11/28/23	580,668

X.Ai Holdings Corp Series C	11/22/24	1,987,470

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

Xsight Labs Ltd Series E	11/04/24 - 12/30/24	378,719

Xsight Labs Ltd Series E1	1/11/24	291,070

Xsight Labs Ltd warrants 1/11/2034	1/11/24	0

Xsight Labs Ltd warrants 12/30/2031	11/04/24 - 12/30/24	0

Additional information on each lock-up restriction is as follows:
Security	Restriction Expiration Date
CoreWeave Inc Class A	9/24/2025

CoreWeave Inc Class A	9/24/2025

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	59,961,523	502,613,755	508,033,570	939,100	-	-	54,541,708	54,530,802	0.1%
Fidelity Securities Lending Cash Central Fund	-	34,535,763	34,535,763	2,506	-	-	-	-	0.0%
Total	59,961,523	537,149,518	542,569,333	941,606	-	-	54,541,708

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

Investment Valuation

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

Common Stocks
Communication Services	25,218,496	25,218,496	-	-
Consumer Discretionary	35,252,232	35,252,232	-	-
Consumer Staples	492,663	492,663	-	-
Financials	3,230,437	-	-	3,230,437
Health Care	1	-	-	1
Industrials	73,173,053	73,170,318	-	2,735
Information Technology	2,761,081,865	2,656,420,751	99,758,639	4,902,475
Materials	579,878	579,878	-	-

Convertible Corporate Bonds
Information Technology	38,556	-	-	38,556

Convertible Preferred Stocks
Communication Services	2,171,530	-	-	2,171,530
Consumer Discretionary	1,515,273	-	-	1,515,273
Consumer Staples	181,943	-	-	181,943
Financials	2,254,820	-	-	2,254,820
Information Technology	43,245,153	-	-	43,245,153
Materials	1,403,651	-	-	1,403,651

Preferred Securities
Information Technology	229,859	-	-	229,859

Money Market Funds	54,541,708	54,541,708	-	-
Total Investments in Securities:	3,004,611,118	2,845,676,046	99,758,639	59,176,433

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

	Beginning Balance ($)	Net Realized Gain (Loss) on Investement Securities ($)	Net Unrealized Gain (Loss) on Investement Securities ($)	Cost of Purchases ($)	Proceeds of Sales ($)	Amoritization/ Accretion ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Ending Balance ($)	The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2025($)
Common Stocks	10,960,507	-	(7,313,401)	7,891,164	(3,402,622)	-	-	-	8,135,648	(1,322,483)
Convertible Preferred Stocks	37,729,717	-	14,239,365	9,347,774	(10,544,486)	-	-	-	50,772,370	10,617,335
Convertible Corporate Bonds	55,962	-	(17,406)	-	-	-	-	-	38,556	(17,405)
Preferred Securities	292,543	-	(68,534)	5,850	-	-	-	-	229,859	(68,534)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $1,410,987,542)	$	2,950,069,410
Fidelity Central Funds (cost $54,541,708)		54,541,708


Total Investment in Securities (cost $1,465,529,250)			$	3,004,611,118
Cash				4,807
Foreign currency held at value (cost $8)				8
Receivable for investments sold				9,000,112
Receivable for fund shares sold				772,645
Dividends receivable				879,753
Interest receivable				3,511
Distributions receivable from Fidelity Central Funds				137,635
Total assets				3,015,409,589
Liabilities
Payable for investments purchased	$	429,108
Payable for fund shares redeemed		564,625
Accrued management fee		1,490,730
Distribution and service plan fees payable		6,180
Other payables and accrued expenses		147,188
Total liabilities				2,637,831
Net Assets			$	3,012,771,758
Net Assets consist of:
Paid in capital			$	1,404,753,812
Total accumulated earnings (loss)				1,608,017,946
Net Assets			$	3,012,771,758

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($599,197,854 ÷ 14,276,672 shares)			$	41.97
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($31,481,991 ÷ 753,816 shares)			$	41.76
Investor Class :
Net Asset Value, offering price and redemption price per share ($2,382,091,913 ÷ 58,119,695 shares)			$	40.99

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	5,983,071
Interest				2,756
Income from Fidelity Central Funds (including $2,506 from security lending)				941,606
Total income				6,927,433
Expenses
Management fee	$	8,382,771
Distribution and service plan fees		32,754
Custodian fees and expenses		17,060
Independent trustees' fees and expenses		5,159
Audit fees		31,148
Legal		3,656
Interest		6,673
Miscellaneous		6,567
Total expenses				8,485,788
Net Investment income (loss)				(1,558,355)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		78,098,423
Foreign currency transactions		(21,400)
Total net realized gain (loss)				78,077,023
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $120,873)		108,959,096
Assets and liabilities in foreign currencies		4,763
Total change in net unrealized appreciation (depreciation)				108,963,859
Net gain (loss)				187,040,882
Net increase (decrease) in net assets resulting from operations			$	185,482,527

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(1,558,355)	$	(2,063,443)
Net realized gain (loss)		78,077,023		236,657,556
Change in net unrealized appreciation (depreciation)		108,963,859		516,269,082
Net increase (decrease) in net assets resulting from operations		185,482,527		750,863,195
Distributions to shareholders		(178,514,414)		(104,526,052)

Share transactions - net increase (decrease)		100,338,669		165,606,050
Total increase (decrease) in net assets		107,306,782		811,943,193

Net Assets
Beginning of period		2,905,464,976		2,093,521,783
End of period	$	3,012,771,758	$	2,905,464,976

Financial Highlights

VIP Technology Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	41.79	$	32.11	$	20.94	$	35.65	$	30.99	$	19.08
Income from Investment Operations
Net investment income (loss) A,B		(.01)		(.01)		.04		.01		(.04)		(.01)
Net realized and unrealized gain (loss)		2.72		11.22		11.94		(12.04)		8.22		12.36
Total from investment operations		2.71		11.21		11.98		(12.03)		8.18		12.35
Distributions from net investment income		-		-		(.04)		-		-		(.02)
Distributions from net realized gain		(2.53)		(1.53)		(.77)		(2.68)		(3.52)		(.42)
Total distributions		(2.53)		(1.53)		(.81)		(2.68)		(3.52)		(.44)
Net asset value, end of period	$	41.97	$	41.79	$	32.11	$	20.94	$	35.65	$	30.99
Total Return C,D,E		6.99 %		35.59%		58.32%		(35.86)%		28.16%		64.95%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.57% H		.58%		.62%		.63%		.62%		.63%
Expenses net of fee waivers, if any		.57 % H		.58%		.61%		.62%		.62%		.63%
Expenses net of all reductions, if any		.57% H		.58%		.61%		.62%		.62%		.63%
Net investment income (loss)		(.05)% H		(.02)%		.14%		.05%		(.12)%		(.03)%
Supplemental Data
Net assets, end of period (000 omitted)	$	599,198	$	554,750	$	386,441	$	185,489	$	356,589	$	286,967
Portfolio turnover rate I		44 % H		52%		24%		21%		31%		52%

ACalculated based on average shares outstanding during the period.

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

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

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Technology Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	41.64	$	32.07	$	28.65
Income from Investment Operations
Net investment income (loss) B,C		(.06)		(.10)		(.01)
Net realized and unrealized gain (loss)		2.70		11.20		3.57
Total from investment operations		2.64		11.10		3.56
Distributions from net investment income		-		-		(.04)
Distributions from net realized gain		(2.52)		(1.53)		(.10)
Total distributions		(2.52)		(1.53)		(.14)
Net asset value, end of period	$	41.76	$	41.64	$	32.07
Total Return D,E,F		6.84 %		35.26%		12.45%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.82% I		.82%		.88% I
Expenses net of fee waivers, if any		.82 % I		.82%		.87% I
Expenses net of all reductions, if any		.82% I		.82%		.87% I
Net investment income (loss)		(.30)% I		(.26)%		(.13)% I
Supplemental Data
Net assets, end of period (000 omitted)	$	31,482	$	26,588	$	5,041
Portfolio turnover rate J		44 % I		52%		24% I

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

BCalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Technology Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	40.88	$	31.46	$	20.54	$	35.03	$	30.51	$	18.80
Income from Investment Operations
Net investment income (loss) A,B		(.02)		(.03)		.02		(.01)		(.06)		(.02)
Net realized and unrealized gain (loss)		2.66		10.98		11.69		(11.81)		8.07		12.16
Total from investment operations		2.64		10.95		11.71		(11.82)		8.01		12.14
Distributions from net investment income		-		-		(.02)		-		-		(.02)
Distributions from net realized gain		(2.53)		(1.53)		(.77)		(2.67)		(3.49)		(.41)
Total distributions		(2.53)		(1.53)		(.79)		(2.67)		(3.49)		(.43)
Net asset value, end of period	$	40.99	$	40.88	$	31.46	$	20.54	$	35.03	$	30.51
Total Return C,D,E		6.97 %		35.49%		58.14%		(35.87)%		28.06%		64.76%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.65% H		.66%		.70%		.70%		.70%		.71%
Expenses net of fee waivers, if any		.65 % H		.65%		.69%		.70%		.70%		.71%
Expenses net of all reductions, if any		.65% H		.65%		.69%		.70%		.70%		.71%
Net investment income (loss)		(.13)% H		(.09)%		.07%		(.02)%		(.20)%		(.11)%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,382,092	$	2,324,127	$	1,702,040	$	942,013	$	1,692,073	$	1,365,091
Portfolio turnover rate I		44 % H		52%		24%		21%		31%		52%

ACalculated based on average shares outstanding during the period.

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

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

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Common Stocks	$8,135,648	Market comparable	Enterprise value/Net income (EV/NI)	15.5	Increase
			Enterprise value/Revenue multiple (EV/R)	0.7 - 32.6 / 28.0	Increase
		Market approach	Transaction price	$4.63	Increase
		Recovery value	Recovery value	$0.00	Increase
		Black scholes	Discount rate	3.8% - 4.0% / 4.0%	Increase
			Term	3.0 - 5.0 / 5.0	Increase
			Volatility	50.0% - 80.0% / 50.0%	Increase
Convertible Corporate Bonds	$38,556	Market approach	Discount rate	21.7%	Decrease
			Probability rate	0.0% - 50.0% / 25.0%	Increase
			Transaction price	$100.00	Increase
		Black scholes	Discount rate	5.0%	Increase
			Term	0.5	Increase
			Volatility	100.0%	Increase
Convertible Preferred Stocks	$50,772,370	Market comparable	Enterprise value/Revenue multiple (EV/R)	1.0 - 38.2 / 17.1	Increase
		Market approach	Discount rate	80.0%	Decrease
			Premium rate	20.0%	Increase
			Transaction price	$1.10 - $7.09 / $3.86	Increase
		Black scholes	Discount rate	3.8% - 3.9% / 3.8%	Increase
			Term	2.0 - 4.0 / 2.9	Increase
			Volatility	50.0% - 100.0% / 65.0%	Increase
Preferred Securities	$229,859	Market approach	Discount rate	35.4% - 37.9% / 36.8%	Decrease
			Probability rate	0.0% - 50.0% / 28.9%	Increase
			Transaction price	$100.00	Increase
		Black scholes	Discount rate	4.3% - 5.0% / 4.6%	Increase
			Term	0.5	Increase
			Volatility	50.0% - 100.0% / 72.0%	Increase

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

Gross unrealized appreciation	$1,622,546,105
Gross unrealized depreciation	(89,696,237)
Net unrealized appreciation (depreciation)	$1,532,849,868
Tax cost	$1,471,761,250

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Technology Portfolio	588,390,012	676,220,943

5. Fees and Other Transactions with Affiliates.

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

	Total Management Fee Rate %
Initial Class	.57
Service Class 2	.57
Investor Class	.64

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

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $32,754.

	Amount ($)
VIP Technology Portfolio	7,602

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance ($)	Weighted Average Interest Rate	Interest Expense ($)
VIP Technology Portfolio	Borrower	6,558,875	4.58%	6,673

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Technology Portfolio	43,564,985	37,871,814	8,034,099

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

	Amount ($)
VIP Technology Portfolio	24,585

6. Committed Line of Credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

	Amount ($)
VIP Technology Portfolio	2,177

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Technology Portfolio	267	-	-

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Technology Portfolio
Distributions to shareholders
Initial Class	$33,672,922	$18,999,763
Service Class 2	1,597,902	519,205
Investor Class	143,243,590	85,007,084
Total	$178,514,414	$104,526,052

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2025	Year ended December 31, 2024	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Technology Portfolio
Initial Class
Shares sold	2,057,437	2,864,241	$77,628,367	$107,076,192
Reinvestment of distributions	868,979	511,343	33,672,922	18,999,763
Shares redeemed	(1,925,214)	(2,136,090)	(71,075,108)	(79,028,176)
Net increase (decrease)	1,001,202	1,239,494	$40,226,181	$47,047,779
Service Class 2
Shares sold	223,033	537,853	$7,692,146	$20,083,673
Reinvestment of distributions	41,179	12,967	1,589,096	513,875
Shares redeemed	(148,942)	(69,477)	(5,092,641)	(2,717,504)
Net increase (decrease)	115,270	481,343	$4,188,601	$17,880,044
Investor Class
Shares sold	1,728,704	6,283,661	$64,353,397	$229,347,123
Reinvestment of distributions	3,784,507	2,345,050	143,243,590	85,007,084
Shares redeemed	(4,242,894)	(5,879,954)	(151,673,100)	(213,675,980)
Net increase (decrease)	1,270,317	2,748,757	$55,923,887	$100,678,227

10. Other.

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

Fund	Affiliated %
VIP Technology Portfolio	91%

11. Risk and Uncertainties.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

VIP Technology Portfolio

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

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

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

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

1.817388.120

VTECIC-SANN-0825

Fidelity® Variable Insurance Products:

VIP Real Estate Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Real Estate Portfolio

Notes to Financial Statements

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Real Estate Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($)
UNITED STATES - 98.9%
Real Estate - 98.9%
Health Care REITs - 11.3%
Ventas Inc	362,610	22,898,822
Welltower Inc	103,700	15,941,801
		38,840,623
Hotel & Resort REITs - 1.7%
Ryman Hospitality Properties Inc	59,900	5,910,333
Industrial REITs - 11.6%
Americold Realty Trust Inc	271,200	4,510,056
Prologis Inc	246,929	25,957,176
Rexford Industrial Realty Inc	139,000	4,944,230
Terreno Realty Corp	81,200	4,552,884
		39,964,346
Office REITs - 1.8%
Douglas Emmett Inc	419,800	6,313,792
Real Estate Management & Development - 9.3%
CoStar Group Inc (a)	49,500	3,979,800
Jones Lang LaSalle Inc (a)	77,000	19,695,060
Zillow Group Inc Class C (a)	120,600	8,448,030
		32,122,890
Residential REITs - 14.1%
Camden Property Trust	25,700	2,896,133
Essex Property Trust Inc	38,948	11,037,863
Invitation Homes Inc	305,700	10,026,960
Mid-America Apartment Communities Inc	49,900	7,385,699
Sun Communities Inc	85,400	10,802,246
UDR Inc	156,500	6,389,895
		48,538,796
Retail REITs - 12.7%
Curbline Properties Corp	112,200	2,561,526
Federal Realty Investment Trust	60,600	5,756,394
Macerich Co/The	454,800	7,358,664
NNN REIT Inc	208,500	9,003,030
SITE Centers Corp	113,350	1,281,989
Tanger Inc	343,300	10,498,114
Urban Edge Properties	387,000	7,221,420
		43,681,137
Specialized REITs - 36.4%
American Tower Corp	203,800	45,043,876
CubeSmart	219,200	9,316,000
Digital Realty Trust Inc	43,200	7,531,056
Equinix Inc	35,500	28,239,185
Four Corners Property Trust Inc	308,100	8,290,971
Iron Mountain Inc	115,300	11,826,321
Public Storage Operating Co	51,400	15,081,788
		125,329,197
TOTAL REAL ESTATE		340,701,114

TOTAL COMMON STOCKS (Cost $278,620,353)		340,701,114

Money Market Funds - 0.4%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (b) (Cost $1,584,691)	4.32	1,584,374	1,584,691

TOTAL INVESTMENT IN SECURITIES - 99.3% (Cost $280,205,044)	342,285,805
NET OTHER ASSETS (LIABILITIES) - 0.7%	2,341,782
NET ASSETS - 100.0%	344,627,587

Legend

(a)	Non-income producing

(b)

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	2,032,064	24,536,902	24,984,275	31,718	-	-	1,584,691	1,584,374	0.0%
Fidelity Securities Lending Cash Central Fund	-	732,631	732,631	1	-	-	-	-	0.0%
Total	2,032,064	25,269,533	25,716,906	31,719	-	-	1,584,691

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

Investment Valuation

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

Common Stocks
Real Estate	340,701,114	340,701,114	-	-

Money Market Funds	1,584,691	1,584,691	-	-
Total Investments in Securities:	342,285,805	342,285,805	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $278,620,353)	$	340,701,114
Fidelity Central Funds (cost $1,584,691)		1,584,691


Total Investment in Securities (cost $280,205,044)			$	342,285,805
Receivable for investments sold				168,318
Receivable for fund shares sold				1,586,252
Dividends receivable				1,522,173
Distributions receivable from Fidelity Central Funds				6,018
Total assets				345,568,566
Liabilities
Payable for fund shares redeemed	$	709,303
Accrued management fee		176,113
Distribution and service plan fees payable		27,299
Other payables and accrued expenses		28,264
Total liabilities				940,979
Net Assets			$	344,627,587
Net Assets consist of:
Paid in capital			$	262,564,333
Total accumulated earnings (loss)				82,063,254
Net Assets			$	344,627,587

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($58,920,063 ÷ 3,275,731 shares)			$	17.99
Service Class :
Net Asset Value, offering price and redemption price per share ($15,006,243 ÷ 839,578 shares)			$	17.87
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($125,459,053 ÷ 7,143,482 shares)			$	17.56
Investor Class :
Net Asset Value, offering price and redemption price per share ($145,242,228 ÷ 8,140,365 shares)			$	17.84

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	5,618,679
Income from Fidelity Central Funds (including $1 from security lending)				31,719
Total income				5,650,398
Expenses
Management fee	$	1,077,496
Distribution and service plan fees		168,556
Custodian fees and expenses		5,703
Independent trustees' fees and expenses		676
Audit fees		25,235
Legal		282
Miscellaneous		724
Total expenses before reductions		1,278,672
Expense reductions		(106)
Total expenses after reductions				1,278,566
Net Investment income (loss)				4,371,832
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		12,050,755
Total net realized gain (loss)				12,050,755
Change in net unrealized appreciation (depreciation) on investment securities				(10,376,006)
Net gain (loss)				1,674,749
Net increase (decrease) in net assets resulting from operations			$	6,046,581

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,371,832	$	7,033,158
Net realized gain (loss)		12,050,755		11,042,400
Change in net unrealized appreciation (depreciation)		(10,376,006)		4,538,195
Net increase (decrease) in net assets resulting from operations		6,046,581		22,613,753
Distributions to shareholders		-		(8,654,082)
Distributions to shareholders from tax return of capital		-		(5,865,047)

Total Distributions		-		(14,519,129)
Share transactions - net increase (decrease)		(18,717,744)		(29,015,741)
Total increase (decrease) in net assets		(12,671,163)		(20,921,117)

Net Assets
Beginning of period		357,298,750		378,219,867
End of period	$	344,627,587	$	357,298,750

Financial Highlights

VIP Real Estate Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	17.67	$	17.25	$	16.54	$	23.81	$	17.43	$	19.79
Income from Investment Operations
Net investment income (loss) A,B		.23		.36		.40		.34		.23		.31
Net realized and unrealized gain (loss)		.09		.80		1.41		(6.76)		6.52		(1.54)
Total from investment operations		.32		1.16		1.81		(6.42)		6.75		(1.23)
Distributions from net investment income		-		(.42) C		(.40)		(.25)		(.22) C		(.37)
Distributions from net realized gain		-		(.02) C		(.70)		(.59)		(.15) C		(.76)
Distributions from tax return of capital		-		(.30)		-		-		-		-
Total distributions		-		(.74)		(1.10)		(.85) D		(.37)		(1.13)
Net asset value, end of period	$	17.99	$	17.67	$	17.25	$	16.54	$	23.81	$	17.43
Total Return E,F,G		1.81 %		6.52%		11.19%		(27.51)%		38.99%		(6.55)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.60% J		.61%		.64%		.64%		.64%		.66%
Expenses net of fee waivers, if any		.60 % J		.61%		.64%		.64%		.64%		.66%
Expenses net of all reductions, if any		.60% J		.61%		.64%		.64%		.64%		.65%
Net investment income (loss)		2.62% J		2.06%		2.49%		1.80%		1.11%		1.83%
Supplemental Data
Net assets, end of period (000 omitted)	$	58,920	$	60,617	$	66,471	$	66,060	$	95,219	$	69,612
Portfolio turnover rate K		41 % J		37%		33%		53%		31%		83%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Real Estate Portfolio Service Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	17.56	$	17.16	$	16.46	$	23.70	$	17.35	$	19.70
Income from Investment Operations
Net investment income (loss) A,B		.22		.34		.39		.32		.21		.29
Net realized and unrealized gain (loss)		.09		.79		1.40		(6.73)		6.48		(1.52)
Total from investment operations		.31		1.13		1.79		(6.41)		6.69		(1.23)
Distributions from net investment income		-		(.41) C		(.39)		(.24)		(.19) C		(.36)
Distributions from net realized gain		-		(.02) C		(.70)		(.59)		(.15) C		(.76)
Distributions from tax return of capital		-		(.29)		-		-		-		-
Total distributions		-		(.73) D		(1.09)		(.83)		(.34)		(1.12)
Net asset value, end of period	$	17.87	$	17.56	$	17.16	$	16.46	$	23.70	$	17.35
Total Return E,F,G		1.77 %		6.38%		11.09%		(27.59)%		38.80%		(6.61)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.70% J		.72%		.74%		.74%		.74%		.76%
Expenses net of fee waivers, if any		.70 % J		.72%		.74%		.74%		.74%		.76%
Expenses net of all reductions, if any		.70% J		.72%		.74%		.74%		.74%		.75%
Net investment income (loss)		2.52% J		1.95%		2.39%		1.70%		1.01%		1.73%
Supplemental Data
Net assets, end of period (000 omitted)	$	15,006	$	14,040	$	12,625	$	12,149	$	15,071	$	14,062
Portfolio turnover rate K		41 % J		37%		33%		53%		31%		83%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Real Estate Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	17.27	$	16.88	$	16.22	$	23.36	$	17.11	$	19.45
Income from Investment Operations
Net investment income (loss) A,B		.21		.31		.35		.29		.17		.26
Net realized and unrealized gain (loss)		.08		.78		1.38		(6.63)		6.40		(1.51)
Total from investment operations		.29		1.09		1.73		(6.34)		6.57		(1.25)
Distributions from net investment income		-		(.39) C		(.37)		(.21)		(.17) C		(.33)
Distributions from net realized gain		-		(.02) C		(.70)		(.58)		(.15) C		(.76)
Distributions from tax return of capital		-		(.28)		-		-		-		-
Total distributions		-		(.70) D		(1.07)		(.80) D		(.32)		(1.09)
Net asset value, end of period	$	17.56	$	17.27	$	16.88	$	16.22	$	23.36	$	17.11
Total Return E,F,G		1.68 %		6.25%		10.89%		(27.69)%		38.64%		(6.79)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.85% J		.87%		.89%		.89%		.89%		.91%
Expenses net of fee waivers, if any		.85 % J		.86%		.89%		.89%		.89%		.91%
Expenses net of all reductions, if any		.85% J		.86%		.89%		.89%		.89%		.90%
Net investment income (loss)		2.37% J		1.81%		2.24%		1.55%		.86%		1.58%
Supplemental Data
Net assets, end of period (000 omitted)	$	125,459	$	132,894	$	146,734	$	97,994	$	158,332	$	105,694
Portfolio turnover rate K		41 % J		37%		33%		53%		31%		83%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Real Estate Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	17.53	$	17.13	$	16.43	$	23.66	$	17.32	$	19.67
Income from Investment Operations
Net investment income (loss) A,B		.23		.35		.39		.33		.21		.30
Net realized and unrealized gain (loss)		.08		.78		1.40		(6.73)		6.49		(1.53)
Total from investment operations		.31		1.13		1.79		(6.40)		6.70		(1.23)
Distributions from net investment income		-		(.41) C		(.39)		(.24)		(.21) C		(.36)
Distributions from net realized gain		-		(.02) C		(.70)		(.59)		(.15) C		(.76)
Distributions from tax return of capital		-		(.29)		-		-		-		-
Total distributions		-		(.73) D		(1.09)		(.83)		(.36)		(1.12)
Net asset value, end of period	$	17.84	$	17.53	$	17.13	$	16.43	$	23.66	$	17.32
Total Return E,F,G		1.77 %		6.40%		11.12%		(27.58)%		38.92%		(6.61)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.68% J		.70%		.72%		.72%		.72%		.74%
Expenses net of fee waivers, if any		.68 % J		.69%		.71%		.72%		.71%		.74%
Expenses net of all reductions, if any		.68% J		.69%		.71%		.72%		.71%		.73%
Net investment income (loss)		2.54% J		1.98%		2.42%		1.72%		1.03%		1.75%
Supplemental Data
Net assets, end of period (000 omitted)	$	145,242	$	149,748	$	152,390	$	155,995	$	245,326	$	150,117
Portfolio turnover rate K		41 % J		37%		33%		53%		31%		83%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Book-tax differences are primarily due to certain corporate actions, 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	$74,820,877
Gross unrealized depreciation	(10,035,990)
Net unrealized appreciation (depreciation)	$64,784,887
Tax cost	$277,500,918

New Accounting Pronouncement.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Real Estate Portfolio	71,619,886	85,622,406

5. Fees and Other Transactions with Affiliates.

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

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

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

Service Class	$7,281
Service Class 2	161,275
	$168,556

	Amount ($)
VIP Real Estate Portfolio	1,282

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Real Estate Portfolio	3,260,246	3,883,157	335,832

6. Committed Line of Credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

	Amount ($)
VIP Real Estate Portfolio	292

7. Security Lending.

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

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $106.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Real Estate Portfolio
Distributions to shareholders
Initial Class	$-	$1,470,307
Service Class	-	330,209
Service Class 2	-	3,230,643
Investor Class	-	3,622,922
Total	$-	$8,654,081
Tax Return of Capital
Initial Class	$-	$996,456
Service Class	-	223,790
Service Class 2	-	2,189,472
Investor Class	-	2,455,329
Total	$-	$5,865,047

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2025	Year ended December 31, 2024	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Real Estate Portfolio
Initial Class
Shares sold	179,766	286,432	$3,184,207	$4,939,915
Reinvestment of distributions	-	133,196	-	2,466,763
Shares redeemed	(335,235)	(841,742)	(5,943,652)	(14,914,743)
Net increase (decrease)	(155,469)	(422,114)	$(2,759,445)	$(7,508,065)
Service Class
Shares sold	152,621	246,992	$2,735,211	$4,144,348
Reinvestment of distributions	-	30,011	-	553,999
Shares redeemed	(112,420)	(213,285)	(1,987,412)	(3,726,005)
Net increase (decrease)	40,201	63,718	$747,799	$972,342
Service Class 2
Shares sold	373,523	1,207,599	$6,513,360	$21,224,802
Reinvestment of distributions	-	298,828	-	5,420,115
Shares redeemed	(924,493)	(2,502,450)	(16,102,900)	(43,505,342)
Net increase (decrease)	(550,970)	(996,023)	$(9,589,540)	$(16,860,425)
Investor Class
Shares sold	387,178	734,192	$6,873,689	$13,136,039
Reinvestment of distributions	-	330,319	-	6,078,252
Shares redeemed	(788,577)	(1,419,360)	(13,990,247)	(24,833,884)
Net increase (decrease)	(401,399)	(354,849)	$(7,116,558)	$(5,619,593)

11. Other.

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

Fund	Affiliated %	Number ofUnaffiliated Shareholders	Unaffiliated Shareholders %
VIP Real Estate Portfolio	48	1	17

12. Risk and Uncertainties.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

VIP Real Estate Portfolio

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

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

1.787989.122

VIPRE-SANN-0825

Fidelity® Variable Insurance Products:

VIP Materials Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Materials Portfolio

Notes to Financial Statements

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Materials Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($)
BRAZIL - 3.0%
Materials - 3.0%
Metals & Mining - 3.0%
Wheaton Precious Metals Corp	20,600	1,852,525
CANADA - 7.2%
Materials - 7.2%
Chemicals - 1.5%
Nutrien Ltd (United States) (a)	16,800	978,432
Metals & Mining - 5.7%
Agnico Eagle Mines Ltd/CA	9,700	1,155,666
Alamos Gold Inc Class A	17,900	476,106
Altius Minerals Corp	22,300	448,375
Metalla Royalty & Streaming Ltd (b)	55,000	210,831
Orla Mining Ltd (b)	26,900	270,235
Teck Resources Ltd Class B (United States)	23,200	936,816
		3,498,029
TOTAL CANADA		4,476,461
GERMANY - 0.2%
Materials - 0.2%
Chemicals - 0.2%
Orion SA	13,300	139,517
UNITED STATES - 85.1%
Materials - 85.1%
Chemicals - 55.3%
Air Products and Chemicals Inc	11,288	3,183,893
Axalta Coating Systems Ltd (b)	55,400	1,644,826
Balchem Corp	10,700	1,703,440
Cabot Corp	5,000	375,000
CF Industries Holdings Inc	5,000	460,000
Chemours Co/The	52,400	599,980
Corteva Inc	42,100	3,137,713
Dow Inc	12,900	341,592
DuPont de Nemours Inc	5,800	397,822
Ecolab Inc	20,200	5,442,688
Element Solutions Inc	53,800	1,218,570
Linde PLC	22,900	10,744,222
Mosaic Co/The	83,300	3,038,784
Scotts Miracle-Gro Co/The	5,900	389,164
Sherwin-Williams Co/The	4,300	1,476,448
		34,154,142
Construction Materials - 8.8%
CRH PLC	20,800	1,909,440
Martin Marietta Materials Inc	3,326	1,825,841
Vulcan Materials Co	6,500	1,695,330
		5,430,611
Containers & Packaging - 10.6%
AptarGroup Inc	12,200	1,908,446
Avery Dennison Corp	4,800	842,256
Crown Holdings Inc	7,900	813,542
Greif Inc Class A	3,300	214,467
International Paper Co	45,900	2,149,497
Smurfit WestRock PLC	13,700	591,155
		6,519,363
Metals & Mining - 10.4%
Alcoa Corp	7,500	221,325
Commercial Metals Co	9,200	449,972
Freeport-McMoRan Inc	41,840	1,813,764
Hecla Mining Co	52,600	315,074
MP Materials Corp (a)(b)	8,100	269,487
Newmont Corp	7,000	407,820
Nucor Corp	13,600	1,761,744
Steel Dynamics Inc	9,200	1,177,692
		6,416,878
TOTAL UNITED STATES		52,520,994
ZAMBIA - 3.4%
Materials - 3.4%
Metals & Mining - 3.4%
First Quantum Minerals Ltd (b)	119,720	2,126,695
TOTAL COMMON STOCKS (Cost $48,201,210)		61,116,192

Money Market Funds - 2.6%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	4.32	385,061	385,138
Fidelity Securities Lending Cash Central Fund (c)(d)	4.32	1,192,131	1,192,250
TOTAL MONEY MARKET FUNDS (Cost $1,577,388)			1,577,388

TOTAL INVESTMENT IN SECURITIES - 101.5% (Cost $49,778,598)	62,693,580
NET OTHER ASSETS (LIABILITIES) - (1.5)%	(902,159)
NET ASSETS - 100.0%	61,791,421

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	341,485	9,613,774	9,570,121	10,353	-	-	385,138	385,061	0.0%
Fidelity Securities Lending Cash Central Fund	-	17,156,131	15,963,881	268	-	-	1,192,250	1,192,131	0.0%
Total	341,485	26,769,905	25,534,002	10,621	-	-	1,577,388

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

Investment Valuation

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

Common Stocks
Materials	61,116,192	61,116,192	-	-

Money Market Funds	1,577,388	1,577,388	-	-
Total Investments in Securities:	62,693,580	62,693,580	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $1,168,880) - See accompanying schedule:
Unaffiliated issuers (cost $48,201,210)	$	61,116,192
Fidelity Central Funds (cost $1,577,388)		1,577,388


Total Investment in Securities (cost $49,778,598)			$	62,693,580
Cash				2,143
Receivable for investments sold				262,297
Receivable for fund shares sold				29,028
Dividends receivable				53,870
Distributions receivable from Fidelity Central Funds				1,325
Other receivables				19
Total assets				63,042,262
Liabilities
Payable for fund shares redeemed	$	1,951
Accrued management fee		33,130
Distribution and service plan fees payable		22
Other payables and accrued expenses		23,488
Collateral on securities loaned		1,192,250
Total liabilities				1,250,841
Net Assets			$	61,791,421
Net Assets consist of:
Paid in capital			$	50,276,717
Total accumulated earnings (loss)				11,514,704
Net Assets			$	61,791,421

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($7,845,772 ÷ 526,039 shares)			$	14.91
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($107,702 ÷ 7,225 shares)			$	14.91
Investor Class :
Net Asset Value, offering price and redemption price per share ($53,837,947 ÷ 3,613,506 shares)			$	14.90

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	430,799
Income from Fidelity Central Funds (including $268 from security lending)				10,621
Total income				441,420
Expenses
Management fee	$	200,974
Distribution and service plan fees		48
Custodian fees and expenses		5,646
Independent trustees' fees and expenses		120
Audit fees		21,413
Legal		49
Miscellaneous		215
Total expenses				228,465
Net Investment income (loss)				212,955
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(1,424,418)
Foreign currency transactions		(248)
Total net realized gain (loss)				(1,424,666)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		5,320,878
Assets and liabilities in foreign currencies		2,084
Total change in net unrealized appreciation (depreciation)				5,322,962
Net gain (loss)				3,898,296
Net increase (decrease) in net assets resulting from operations			$	4,111,251

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	212,955	$	664,754
Net realized gain (loss)		(1,424,666)		9,930,201
Change in net unrealized appreciation (depreciation)		5,322,962		(11,839,720)
Net increase (decrease) in net assets resulting from operations		4,111,251		(1,244,765)
Distributions to shareholders		(10,179,031)		(1,076,801)

Share transactions - net increase (decrease)		5,721,909		(17,522,483)
Total increase (decrease) in net assets		(345,871)		(19,844,049)

Net Assets
Beginning of period		62,137,292		81,981,341
End of period	$	61,791,421	$	62,137,292

Financial Highlights

VIP Materials Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	16.53	$	17.20	$	16.24	$	18.76	$	14.17	$	11.74
Income from Investment Operations
Net investment income (loss) A,B		.06		.17		.23		.18		.14		.07
Net realized and unrealized gain (loss)		1.05		(.57)		.99		(2.00)		4.58		2.44
Total from investment operations		1.11		(.40)		1.22		(1.82)		4.72		2.51
Distributions from net investment income		(.04)		(.21)		(.24)		(.19)		(.13)		(.08)
Distributions from net realized gain		(2.69)		(.06)		(.03)		(.51)		-		-
Total distributions		(2.73)		(.27)		(.26) C		(.70)		(.13)		(.08)
Net asset value, end of period	$	14.91	$	16.53	$	17.20	$	16.24	$	18.76	$	14.17
Total Return D,E,F		7.00 %		(2.44)%		7.60%		(9.79)%		33.42%		21.49%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.67% I		.67%		.69%		.69%		.68%		.77%
Expenses net of fee waivers, if any		.67 % I		.67%		.68%		.68%		.68%		.77%
Expenses net of all reductions, if any		.67% I		.67%		.68%		.68%		.68%		.76%
Net investment income (loss)		.76% I		.94%		1.36%		1.09%		.84%		.59%
Supplemental Data
Net assets, end of period (000 omitted)	$	7,846	$	8,252	$	12,416	$	14,941	$	19,714	$	9,924
Portfolio turnover rate J		53 % I		84%		60%		63%		99%		83%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Materials Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited) A
Selected Per-Share Data
Net asset value, beginning of period	$	13.84
Income from Investment Operations
Net investment income (loss) B,C		.02
Net realized and unrealized gain (loss)		1.05
Total from investment operations		1.07
Net asset value, end of period	$	14.91
Total Return D,E		7.73 %
Ratios to Average Net Assets C,F,G
Expenses before reductions		.91% H
Expenses net of fee waivers, if any		.91 % H
Expenses net of all reductions, if any		.91% H
Net investment income (loss)		.79% H
Supplemental Data
Net assets, end of period (000 omitted)	$	108
Portfolio turnover rate I		53 % H

AFor the period April 25, 2025 (commencement of sale of shares) through June 30, 2025.

BCalculated based on average shares outstanding during the period.

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

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Materials Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	16.52	$	17.20	$	16.23	$	18.76	$	14.16	$	11.73
Income from Investment Operations
Net investment income (loss) A,B		.05		.15		.22		.17		.13		.06
Net realized and unrealized gain (loss)		1.06		(.57)		1.00		(2.01)		4.59		2.45
Total from investment operations		1.11		(.42)		1.22		(1.84)		4.72		2.51
Distributions from net investment income		(.04)		(.20)		(.22)		(.18)		(.12)		(.08)
Distributions from net realized gain		(2.69)		(.06)		(.03)		(.51)		-		-
Total distributions		(2.73)		(.26)		(.25)		(.69)		(.12)		(.08)
Net asset value, end of period	$	14.90	$	16.52	$	17.20	$	16.23	$	18.76	$	14.16
Total Return C,D,E		6.99 %		(2.54)%		7.58%		(9.91)%		33.40%		21.45%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.75% H		.76%		.76%		.76%		.76%		.85%
Expenses net of fee waivers, if any		.75 % H		.75%		.76%		.76%		.76%		.85%
Expenses net of all reductions, if any		.75% H		.75%		.76%		.76%		.76%		.84%
Net investment income (loss)		.68% H		.86%		1.29%		1.01%		.77%		.52%
Supplemental Data
Net assets, end of period (000 omitted)	$	53,838	$	53,885	$	69,566	$	82,473	$	94,673	$	48,022
Portfolio turnover rate I		53 % H		84%		60%		63%		99%		83%

ACalculated based on average shares outstanding during the period.

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

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

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

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. The Fund commenced sale of Service Class 2 shares on April 25, 2025. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions 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	$15,057,945
Gross unrealized depreciation	(2,244,996)
Net unrealized appreciation (depreciation)	$12,812,949
Tax cost	$49,880,631

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Materials Portfolio	16,333,779	20,921,277

5. Fees and Other Transactions with Affiliates.

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

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

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

Service Class 2	48
	$48

	Amount ($)
VIP Materials Portfolio	695

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Materials Portfolio	763,069	262,457	18,185

6. Committed Line of Credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

	Amount ($)
VIP Materials Portfolio	53

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Materials Portfolio	35	-	-

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Materials Portfolio
Distributions to shareholders
Initial Class	1,308,315	162,276
Investor Class	8,870,716	914,525
Total	$10,179,031	$1,076,801

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2025A	Year ended December 31, 2024	Six months ended June 30, 2025A	Year ended December 31, 2024
VIP Materials Portfolio
Initial Class
Shares sold	11,569	36,161	$171,688	$657,825
Reinvestment of distributions	89,366	9,322	1,308,315	162,276
Shares redeemed	(74,165)	(267,977)	(1,098,376)	(4,764,984)
Net increase (decrease)	26,770	(222,494)	$381,627	$(3,944,883)
Service Class 2
Shares sold	7,225	-	$100,000	$ -
Net increase (decrease)	7,225	-	$100,000	$ -
Investor Class
Shares sold	183,284	408,405	$2,723,963	$7,471,639
Reinvestment of distributions	606,337	52,444	8,870,715	914,525
Shares redeemed	(438,309)	(1,244,180)	(6,354,396)	(21,963,764)
Net increase (decrease)	351,312	(783,331)	$5,240,282	$(13,577,600)

A Share transactions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through June 30, 2025.

10. Other.

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

Fund	Affiliated %

VIP Materials Portfolio	100%

11. Risk and Uncertainties.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

Board Approval of Investment Advisory Contract and Management Fees

VIP Materials Portfolio

Board Approval of Investment Advisory Contracts and Management Fees

VIP Materials Portfolio

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

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

1.851002.118

VMATP-SANN-0825

Fidelity® Variable Insurance Products:

VIP Industrials Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Industrials Portfolio

Notes to Financial Statements

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Industrials Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares	Value ($)
UNITED STATES - 98.4%
Industrials - 97.9%
Aerospace & Defense - 27.2%
Axon Enterprise Inc (a)	7,500	6,209,550
Boeing Co (a)	58,539	12,265,677
GE Aerospace	87,256	22,458,822
General Dynamics Corp	16,400	4,783,224
HEICO Corp Class A	14,500	3,751,875
Howmet Aerospace Inc	94,388	17,568,438
Loar Holdings Inc (a)(b)	200	17,234
Rocket Lab Corp (b)	17,100	611,667
RTX Corp	20,100	2,935,002
StandardAero Inc	1,100	34,815
TransDigm Group Inc	6,100	9,275,904
		79,912,208
Air Freight & Logistics - 0.2%
CH Robinson Worldwide Inc	5,000	479,750
Building Products - 8.7%
AZEK Co Inc/The Class A (a)	58,500	3,179,475
Carlisle Cos Inc	10,496	3,919,206
Johnson Controls International plc	41,964	4,432,238
Simpson Manufacturing Co Inc	17,730	2,753,646
Trane Technologies PLC	26,224	11,470,640
		25,755,205
Commercial Services & Supplies - 4.7%
Cintas Corp	35,400	7,889,598
Waste Connections Inc (United States)	32,400	6,049,728
		13,939,326
Construction & Engineering - 3.0%
Comfort Systems USA Inc	4,700	2,520,187
Quanta Services Inc	16,800	6,351,744
		8,871,931
Electrical Equipment - 15.6%
AMETEK Inc	41,900	7,582,224
Eaton Corp PLC	32,324	11,539,345
GE Vernova Inc	42,089	22,271,394
Regal Rexnord Corp	16,171	2,344,148
Vertiv Holdings Co Class A	17,200	2,208,652
		45,945,763
Ground Transportation - 8.6%
CSX Corp	26,836	875,659
Knight-Swift Transportation Holdings Inc	82,000	3,626,860
Old Dominion Freight Line Inc	21,800	3,538,140
Uber Technologies Inc (a)	82,600	7,706,580
Union Pacific Corp	26,300	6,051,104
XPO Inc (a)	28,700	3,624,523
		25,422,866
Industrial Conglomerates - 2.0%
3M Co	39,100	5,952,584
Machinery - 20.2%
Allison Transmission Holdings Inc	8,900	845,411
Caterpillar Inc	8,600	3,338,606
Chart Industries Inc (a)	14,280	2,351,202
Deere & Co	17,800	9,051,122
Dover Corp	39,540	7,244,914
Ingersoll Rand Inc	108,832	9,052,646
ITT Inc	50,100	7,857,183
Parker-Hannifin Corp	16,680	11,650,480
RBC Bearings Inc (a)	1,500	577,200
Westinghouse Air Brake Technologies Corp	33,800	7,076,030
		59,044,794
Professional Services - 2.4%
KBR Inc	50,700	2,430,558
Leidos Holdings Inc	29,528	4,658,337
		7,088,895
Trading Companies & Distributors - 5.3%
Core & Main Inc Class A (a)	63,500	3,832,225
United Rentals Inc	8,400	6,328,560
Watsco Inc	4,900	2,163,938
WW Grainger Inc	3,264	3,395,343
		15,720,066
TOTAL INDUSTRIALS		288,133,388

Materials - 0.5%
Construction Materials - 0.5%
Eagle Materials Inc	8,332	1,683,981
TOTAL UNITED STATES		289,817,369
TOTAL COMMON STOCKS (Cost $186,102,886)		289,817,369

Money Market Funds - 1.6%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	4.32	4,035,427	4,036,234
Fidelity Securities Lending Cash Central Fund (c)(d)	4.32	626,177	626,240
TOTAL MONEY MARKET FUNDS (Cost $4,662,474)			4,662,474

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $190,765,360)	294,479,843
NET OTHER ASSETS (LIABILITIES) - 0.0%	(54,393)
NET ASSETS - 100.0%	294,425,450

Legend

(a)	Non-income producing

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

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	2,376,385	37,798,900	36,139,051	37,161	-	-	4,036,234	4,035,427	0.0%
Fidelity Securities Lending Cash Central Fund	33,599	17,236,582	16,643,941	219	-	-	626,240	626,177	0.0%
Total	2,409,984	55,035,482	52,782,992	37,380	-	-	4,662,474

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

Investment Valuation

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

Common Stocks
Industrials	288,133,388	288,133,388	-	-
Materials	1,683,981	1,683,981	-	-

Money Market Funds	4,662,474	4,662,474	-	-
Total Investments in Securities:	294,479,843	294,479,843	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $617,709) - See accompanying schedule:
Unaffiliated issuers (cost $186,102,886)	$	289,817,369
Fidelity Central Funds (cost $4,662,474)		4,662,474


Total Investment in Securities (cost $190,765,360)			$	294,479,843
Cash				23,711
Receivable for investments sold				2,151,046
Receivable for fund shares sold				691,823
Dividends receivable				63,460
Distributions receivable from Fidelity Central Funds				9,358
Total assets				297,419,241
Liabilities
Payable for investments purchased	$	2,194,960
Payable for fund shares redeemed		471
Accrued management fee		149,368
Distribution and service plan fees payable		24
Other payables and accrued expenses		22,728
Collateral on securities loaned		626,240
Total liabilities				2,993,791
Net Assets			$	294,425,450
Net Assets consist of:
Paid in capital			$	192,217,790
Total accumulated earnings (loss)				102,207,660
Net Assets			$	294,425,450

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($40,598,840 ÷ 1,419,780 shares)			$	28.60
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($118,533 ÷ 4,148 shares)			$	28.58
Investor Class :
Net Asset Value, offering price and redemption price per share ($253,708,077 ÷ 8,992,206 shares)			$	28.21

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	902,128
Income from Fidelity Central Funds (including $219 from security lending)				37,380
Total income				939,508
Expenses
Management fee	$	801,896
Distribution and service plan fees		51
Custodian fees and expenses		5,256
Independent trustees' fees and expenses		460
Audit fees		20,863
Legal		403
Miscellaneous		4,858
Total expenses				833,787
Net Investment income (loss)				105,721
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(162,098)
Total net realized gain (loss)				(162,098)
Change in net unrealized appreciation (depreciation) on investment securities				38,589,989
Net gain (loss)				38,427,891
Net increase (decrease) in net assets resulting from operations			$	38,533,612

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	105,721	$	535,784
Net realized gain (loss)		(162,098)		9,536,964
Change in net unrealized appreciation (depreciation)		38,589,989		30,970,420
Net increase (decrease) in net assets resulting from operations		38,533,612		41,043,168
Distributions to shareholders		(8,337,830)		(17,067,778)

Share transactions - net increase (decrease)		24,936,595		31,543,101
Total increase (decrease) in net assets		55,132,377		55,518,491

Net Assets
Beginning of period		239,293,073		183,774,582
End of period	$	294,425,450	$	239,293,073

Financial Highlights

VIP Industrials Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	25.35	$	22.40	$	18.23	$	23.44	$	23.29	$	21.98
Income from Investment Operations
Net investment income (loss) A,B		.02		.08 C		.06 D		.05 E		(.02)		.03
Net realized and unrealized gain (loss)		4.09		4.94		4.17		(2.43)		3.57		2.57
Total from investment operations		4.11		5.02		4.23		(2.38)		3.55		2.60
Distributions from net investment income		(.01)		(.17)		(.06)		(.03)		-		(.10) F
Distributions from net realized gain		(.86)		(1.90)		-		(2.79)		(3.40)		(1.19) F
Total distributions		(.86) G		(2.07)		(.06)		(2.83) G		(3.40)		(1.29)
Net asset value, end of period	$	28.60	$	25.35	$	22.40	$	18.23	$	23.44	$	23.29
Total Return H,I,J		16.57 %		23.64%		23.25%		(10.30)%		17.09%		12.32%
Ratios to Average Net Assets B,K,L
Expenses before reductions		.61% M		.61%		.66%		.66%		.66%		.68%
Expenses net of fee waivers, if any		.61 % M		.61%		.66%		.66%		.66%		.68%
Expenses net of all reductions, if any		.61% M		.61%		.66%		.66%		.66%		.67%
Net investment income (loss)		.15% M		.32% C		.33% D		.28% E		(.08)%		.17%
Supplemental Data
Net assets, end of period (000 omitted)	$	40,599	$	34,211	$	28,377	$	25,557	$	31,026	$	29,873
Portfolio turnover rate N		30 % M		33%		162%		83%		197%		240%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.

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

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

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

GTotal distributions per share do not sum due to rounding.

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

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

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

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

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

MAnnualized.

NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Industrials Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited) A
Selected Per-Share Data
Net asset value, beginning of period	$	24.11
Income from Investment Operations
Net investment income (loss) B,C		- D
Net realized and unrealized gain (loss)		4.47
Total from investment operations		4.47
Net asset value, end of period	$	28.58
Total Return E,F		18.54 %
Ratios to Average Net Assets C,G,H
Expenses before reductions		.85% I
Expenses net of fee waivers, if any		.85 % I
Expenses net of all reductions, if any		.85% I
Net investment income (loss)		(.03)% I
Supplemental Data
Net assets, end of period (000 omitted)	$	119
Portfolio turnover rate J		30 % I

AFor the period April 25, 2025 (commencement of sale of shares) through June 30, 2025.

BCalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Industrials Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	25.03	$	22.15	$	18.02	$	23.22	$	23.10	$	21.82
Income from Investment Operations
Net investment income (loss) A,B		.01		.06 C		.05 D		.04 E		(.04)		.02
Net realized and unrealized gain (loss)		4.03		4.88		4.13		(2.43)		3.55		2.53
Total from investment operations		4.04		4.94		4.18		(2.39)		3.51		2.55
Distributions from net investment income		(.01)		(.16)		(.05)		(.02)		-		(.08) F
Distributions from net realized gain		(.86)		(1.90)		-		(2.79)		(3.39)		(1.19) F
Total distributions		(.86) G		(2.06)		(.05)		(2.81)		(3.39)		(1.27)
Net asset value, end of period	$	28.21	$	25.03	$	22.15	$	18.02	$	23.22	$	23.10
Total Return H,I,J		16.50 %		23.54%		23.21%		(10.42)%		17.03%		12.19%
Ratios to Average Net Assets B,K,L
Expenses before reductions		.69% M		.69%		.74%		.74%		.74%		.76%
Expenses net of fee waivers, if any		.69 % M		.69%		.73%		.73%		.74%		.76%
Expenses net of all reductions, if any		.69% M		.69%		.73%		.73%		.74%		.75%
Net investment income (loss)		.07% M		.24% C		.26% D		.20% E		(.16)%		.10%
Supplemental Data
Net assets, end of period (000 omitted)	$	253,708	$	205,082	$	155,397	$	128,115	$	146,886	$	135,328
Portfolio turnover rate N		30 % M		33%		162%		83%		197%		240%

ACalculated based on average shares outstanding during the period.

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

GTotal distributions per share do not sum due to rounding.

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

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

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

MAnnualized.

NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

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 commenced sale of Service Class 2 shares on April 25, 2025. The Fund offers the following classes of shares: Initial Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

Gross unrealized appreciation	$106,232,759
Gross unrealized depreciation	(2,870,142)
Net unrealized appreciation (depreciation)	$103,362,617
Tax cost	$191,117,226

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Industrials Portfolio	52,326,604	37,841,083

5. Fees and Other Transactions with Affiliates.

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

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

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

Service Class 2	$51
	$51

	Amount ($)
VIP Industrials Portfolio	635

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Industrials Portfolio	2,974,445	696,830	(54,790)

6. Committed Line of Credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

	Amount ($)
VIP Industrials Portfolio	190

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Industrials Portfolio	22	-	-

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Industrials Portfolio
Distributions to shareholders
Initial Class	1,140,168	2,588,088
Investor Class	7,197,662	14,479,690
Total	$8,337,830	$17,067,778

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2025A	Year ended December 31, 2024	Six months ended June 30, 2025A	Year ended December 31, 2024
VIP Industrials Portfolio
Initial Class
Shares sold	152,695	205,460	$4,117,324	$5,105,951
Reinvestment of distributions	43,971	114,210	1,140,167	2,588,088
Shares redeemed	(126,640)	(236,572)	(3,171,386)	(5,571,825)
Net increase (decrease)	70,026	83,098	$2,086,105	$2,122,214
Service Class 2
Shares sold	4,148	-	$100,000	$ -
Net increase (decrease)	4,148	-	$100,000	$ -
Investor Class
Shares sold	1,214,009	1,964,464	$32,250,585	$48,519,896
Reinvestment of distributions	281,269	645,517	7,197,662	14,479,690
Shares redeemed	(697,149)	(1,430,375)	(16,697,757)	(33,578,699)
Net increase (decrease)	798,129	1,179,606	$22,750,490	$29,420,887

A Share transactions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through June 30, 2025.

10. Other.

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

Fund	Affiliated %
VIP Industrials Portfolio	100%

11. Risk and Uncertainties.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

Board Approval of Investment Advisory Contract and Management Fees

VIP Industrials Portfolio

Board Approval of Investment Advisory Contracts and Management Fees

VIP Industrials Portfolio

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

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

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

1.817364.120

VCYLIC-SANN-0825

Fidelity® Variable Insurance Products:

VIP Health Care Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Health Care Portfolio

Notes to Financial Statements

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Health Care Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares	Value ($)
BELGIUM - 1.7%
Health Care - 1.7%
Pharmaceuticals - 1.7%
UCB SA	85,000	16,715,994
CANADA - 0.7%
Health Care - 0.7%
Biotechnology - 0.7%
Xenon Pharmaceuticals Inc (b)	208,000	6,510,400
CHINA - 0.4%
Health Care - 0.4%
Biotechnology - 0.4%
BeOne Medicines Ltd ADR (b)	16,000	3,873,120
DENMARK - 2.0%
Health Care - 2.0%
Biotechnology - 2.0%
Ascendis Pharma A/S ADR (b)	110,000	18,986,000
GERMANY - 0.7%
Health Care - 0.7%
Biotechnology - 0.7%
BioNTech SE ADR (b)(c)	67,000	7,133,490
NETHERLANDS - 3.9%
Health Care - 3.9%
Biotechnology - 3.7%
Argenx SE ADR (b)	45,000	24,804,900
Merus NV (b)(c)	208,000	10,940,800
		35,745,700
Pharmaceuticals - 0.2%
Pharvaris NV (b)	109,600	1,928,960
TOTAL NETHERLANDS		37,674,660
UNITED KINGDOM - 0.3%
Health Care - 0.3%
Biotechnology - 0.3%
Immunocore Holdings PLC ADR (b)(c)	86,000	2,698,680
UNITED STATES - 87.7%
Health Care - 87.7%
Biotechnology - 24.3%
AbbVie Inc	100,000	18,562,000
Acumen Pharmaceuticals Inc (b)	180,000	208,800
Akero Therapeutics Inc (b)(c)	42,500	2,267,800
Alnylam Pharmaceuticals Inc (b)	100,000	32,609,000
Annexon Inc (b)(c)	200,000	480,000
Apogee Therapeutics Inc (b)	10,177	441,987
Arcellx Inc (b)(c)	75,000	4,938,750
Avidity Biosciences Inc (b)	100,000	2,840,000
Cargo Therapeutics Inc (b)(c)	225,000	927,000
Caris Life Sciences Inc (d)(e)	234,235	6,258,759
Cartesian Therapeutics Inc (b)	56,954	591,752
CG oncology Inc (b)(c)	118,000	3,068,000
Cogent Biosciences Inc (b)(c)	520,000	3,733,600
Crinetics Pharmaceuticals Inc (b)	208,000	5,982,080
Cytokinetics Inc (b)(c)	128,000	4,229,120
Day One Biopharmaceuticals Inc (b)	150,000	975,000
Disc Medicine Inc (b)	54,200	2,870,432
Exact Sciences Corp (b)	500,000	26,570,000
Gilead Sciences Inc	180,000	19,956,600
Immunovant Inc (b)(c)	148,195	2,371,120
Insmed Inc (b)	50,000	5,032,000
Jade Biosciences Inc	60,000	599,400
Janux Therapeutics Inc (b)	111,800	2,582,580
Legend Biotech Corp ADR (b)(c)	600,000	21,294,000
Metsera Inc (c)	75,000	2,133,750
MoonLake Immunotherapeutics Class A (b)(c)	110,000	5,192,000
Nurix Therapeutics Inc (b)	250,000	2,847,500
Nuvalent Inc Class A (b)	112,000	8,545,600
Oruka Therapeutics Inc	159,859	1,792,019
Perspective Therapeutics Inc (b)	100,000	344,000
Revolution Medicines Inc (b)	60,000	2,207,400
Rezolute Inc (b)	450,000	2,007,000
Rhythm Pharmaceuticals Inc (b)	15,000	947,850
Scholar Rock Holding Corp (b)	21,000	743,820
Soleno Therapeutics Inc (b)	81,500	6,828,070
Spyre Therapeutics Inc (b)(c)	93,300	1,396,701
Stoke Therapeutics Inc (b)	160,000	1,816,000
Summit Therapeutics Inc (b)(c)	90,000	1,915,200
Upstream Bio Inc	169,000	1,855,620
Vaxcyte Inc (b)	185,000	6,014,350
Veracyte Inc (b)	250,000	6,757,500
Viking Therapeutics Inc (b)(c)	215,000	5,697,500
Viridian Therapeutics Inc (b)	401,465	5,612,481
		234,044,141
Health Care Equipment & Supplies - 28.0%
Boston Scientific Corp (b)	785,000	84,316,851
Glaukos Corp (b)(c)	86,000	8,882,940
Inspire Medical Systems Inc (b)(c)	85,000	11,030,450
Insulet Corp (b)	100,000	31,418,000
Intuitive Surgical Inc (b)	15,000	8,151,150
Kestra Medical Technologies Ltd	69,000	1,144,020
Masimo Corp (b)	228,000	38,354,160
Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(d)(f)	2,363	28,687
Outset Medical Inc (b)	210,000	4,034,100
Penumbra Inc (b)	176,000	45,166,880
PROCEPT BioRobotics Corp (b)(c)	112,000	6,451,200
Stryker Corp	78,500	31,056,955
		270,035,393
Health Care Providers & Services - 17.0%
agilon health Inc (b)	2,100,000	4,830,000
Alignment Healthcare Inc (b)	280,000	3,920,000
Astrana Health Inc (b)(c)	90,000	2,239,200
BrightSpring Health Services Inc (b)	560,000	13,210,400
Centene Corp (b)	18,000	977,040
Cigna Group/The	35,000	11,570,300
CVS Health Corp	510,000	35,179,800
LifeStance Health Group Inc (b)	800,000	4,136,000
Molina Healthcare Inc (b)	52,800	15,729,120
Omada Health Inc (d)(e)	93,830	1,717,089
Omada Health Inc (c)	40,000	732,000
Privia Health Group Inc (b)	500,000	11,500,000
Surgery Partners Inc (b)	285,000	6,335,550
Tenet Healthcare Corp (b)	11,305	1,989,680
UnitedHealth Group Inc	160,000	49,915,200
		163,981,379
Health Care Technology - 3.2%
Evolent Health Inc Class A (b)	161,332	1,816,598
Phreesia Inc (b)	200,000	5,692,000
Veeva Systems Inc Class A (b)	78,500	22,606,430
Waystar Holding Corp (b)	46,000	1,880,020
		31,995,048
Life Sciences Tools & Services - 7.7%
10X Genomics Inc Class A (b)	228,000	2,640,240
Bruker Corp	100,000	4,120,000
Danaher Corp	280,000	55,311,200
IQVIA Holdings Inc (b)	45,000	7,091,550
Repligen Corp (b)	38,000	4,726,440
		73,889,430
Pharmaceuticals - 7.5%
Contineum Therapeutics Inc Class A (b)	80,000	317,600
Eli Lilly & Co	61,000	47,551,330
Enliven Therapeutics Inc (b)(c)	190,000	3,811,400
Merck & Co Inc	92,000	7,282,720
Rapport Therapeutics Inc (b)(c)	39,900	453,663
Royalty Pharma PLC Class A	280,000	10,088,400
Structure Therapeutics Inc ADR (b)(c)	140,000	2,903,600
		72,408,713
TOTAL UNITED STATES		846,354,104
TOTAL COMMON STOCKS (Cost $643,285,682)		939,946,448

Convertible Corporate Bonds - 0.2%
	Principal Amount (a)	Value ($)
UNITED STATES - 0.2%
Financials - 0.1%
Financial Services - 0.1%
Saluda Medical Inc 0% (d)(f)(g)	497,000	553,260
Health Care - 0.1%
Health Care Technology - 0.0%
Wugen Inc 10% 12/31/2199 (d)(f)	353,945	389,658
Pharmaceuticals - 0.1%
Galvanize Therapeutics 6% 2/28/2027 (d)(f)	494,400	596,988
TOTAL HEALTH CARE		986,646

TOTAL UNITED STATES		1,539,906
TOTAL CONVERTIBLE CORPORATE BONDS (Cost $1,345,344)		1,539,906

Convertible Preferred Stocks - 1.2%
	Shares	Value ($)
CANADA - 0.0%
Health Care - 0.0%
Health Care Equipment & Supplies - 0.0%
Kardium Inc/CA Series D-7 (d)(f)	534,070	309,761
Kardium Inc/CA Series D-7 (d)(f)	111,115	64,446

TOTAL CANADA		374,207
CHINA - 0.0%
Health Care - 0.0%
Health Care Providers & Services - 0.0%
dMed Biopharmaceutical Co Ltd Series C (b)(d)(f)	39,228	314,216
ISRAEL - 0.1%
Health Care - 0.1%
Health Care Equipment & Supplies - 0.1%
InSightec Ltd Series G (b)(d)(f)	1,824,838	1,405,125
UNITED STATES - 1.1%
Financials - 0.1%
Financial Services - 0.1%
Saluda Medical Inc Series E (b)(d)(f)	102,160	521,016
Saluda Medical Inc Series E-1 (d)(f)	61,557	512,154
		1,033,170
Health Care - 1.0%
Biotechnology - 0.6%
Asimov Inc Series B (b)(d)(f)	13,047	337,004
Cleerly Inc Series C (b)(d)(f)	179,891	2,020,177
Element Biosciences Inc Series C (b)(d)(f)	72,178	588,251
Element Biosciences Inc Series D (b)(d)(f)	73,131	426,353
Element Biosciences Inc Series D1 (b)(d)(f)	73,131	426,354
ElevateBio LLC Series C (b)(d)(f)	31,200	61,464
Endeavor BioMedicines Inc Series C (b)(d)(f)	208,016	1,017,198
		4,876,801
Health Care Equipment & Supplies - 0.2%
Medical Microinstruments Inc/Italy Series C (b)(d)(f)	47,257	1,581,692
Health Care Technology - 0.2%
Aledade Inc Series B1 (b)(d)(f)	24,966	894,283
Aledade Inc Series E1 (b)(d)(f)	10,776	385,996
Candid Therapeutics Series B (d)(f)	491,360	486,446
Wugen Inc Series B (b)(d)(f)	57,585	46,644
		1,813,369
Pharmaceuticals - 0.0%
Galvanize Therapeutics Series B (b)(d)(f)	505,495	161,758
TOTAL HEALTH CARE		8,433,620

Materials - 0.0%
Chemicals - 0.0%
Manus Bio Inc Series One-6 (d)(f)	132,642	403,232
TOTAL UNITED STATES		9,870,022
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $17,593,758)		11,963,570

Preferred Securities - 0.4%
	Principal Amount (a)	Value ($)
CANADA - 0.2%
Health Care - 0.2%
Health Care Equipment & Supplies - 0.2%
Kardium Inc/CA 10% 12/31/2026 (d)(f)	1,750,271	2,254,370
UNITED STATES - 0.2%
Health Care - 0.2%
Health Care Technology - 0.2%
HeartFlow Inc 0% (d)(f)(g)	1,536,300	1,605,740
TOTAL PREFERRED SECURITIES (Cost $3,286,571)		3,860,110

Money Market Funds - 5.1%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (h)	4.32	6,574,618	6,575,933
Fidelity Securities Lending Cash Central Fund (h)(i)	4.32	42,694,665	42,698,935
TOTAL MONEY MARKET FUNDS (Cost $49,274,868)			49,274,868

TOTAL INVESTMENT IN SECURITIES - 104.3% (Cost $714,786,223)	1,006,584,902
NET OTHER ASSETS (LIABILITIES) - (4.3)%	(41,632,834)
NET ASSETS - 100.0%	964,952,068

Legend

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

(b)	Non-income producing

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

(d)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $25,368,121 or 2.6% of net assets.

(e)

Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $7,975,848 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(f)	Level 3 security

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

(h)

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

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

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

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

Candid Therapeutics Series B	8/27/24	589,632

Caris Life Sciences Inc	5/11/21 - 10/06/22	4,649,685

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

dMed Biopharmaceutical Co Ltd Series C	12/01/20	557,161

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

Element Biosciences Inc Series D	6/28/24	573,588

Element Biosciences Inc Series D1	6/28/24	573,588

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

Endeavor BioMedicines Inc Series C	4/22/24	1,357,221

Galvanize Therapeutics 6% 2/28/2027	2/28/24	494,400

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

HeartFlow Inc 0%	3/26/25	1,536,300

InSightec Ltd Series G	6/17/24	1,620,091

Kardium Inc/CA 10% 12/31/2026	5/31/24 - 3/31/25	1,750,270

Kardium Inc/CA Series D-7	5/31/24 - 3/31/25	17,286

Kardium Inc/CA Series D-7	5/31/24 - 3/31/25	259,254

Manus Bio Inc Series One-6	3/30/21	1,391,325

Medical Microinstruments Inc/Italy Series C	2/16/24	1,575,251

Medical Microinstruments Inc/Italy warrants 2/16/2031	2/16/24	0

Omada Health Inc	12/22/21	1,687,589

Saluda Medical Inc 0%	1/03/25	497,000

Saluda Medical Inc Series E	4/06/23	824,819

Saluda Medical Inc Series E-1	4/06/23	496,999

Wugen Inc 10% 12/31/2199	6/14/24	353,945

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

Additional information on each lock-up restriction is as follows:
Security	Restriction Expiration Date
Caris Life Sciences Inc	12/15/2025

Omada Health Inc	12/3/2025

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	5,376,143	112,559,152	111,359,362	249,836	-	-	6,575,933	6,574,618	0.0%
Fidelity Securities Lending Cash Central Fund	23,220,676	138,158,385	118,680,126	43,380	-	-	42,698,935	42,694,665	0.1%
Total	28,596,819	250,717,537	230,039,488	293,216	-	-	49,274,868

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

Investment Valuation

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

Common Stocks
Health Care	939,946,448	939,917,761	-	28,687

Convertible Corporate Bonds
Financials	553,260	-	-	553,260
Health Care	986,646	-	-	986,646

Convertible Preferred Stocks
Financials	1,033,170	-	-	1,033,170
Health Care	10,527,168	-	-	10,527,168
Materials	403,232	-	-	403,232

Preferred Securities
Health Care	3,860,110	-	-	3,860,110

Money Market Funds	49,274,868	49,274,868	-	-
Total Investments in Securities:	1,006,584,902	989,192,629	-	17,392,273

	Beginning Balance ($)	Net Realized Gain (Loss) on Investement Securities ($)	Net Unrealized Gain (Loss) on Investement Securities ($)	Cost of Purchases ($)	Proceeds of Sales ($)	Amoritization/ Accretion ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Ending Balance ($)	The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2025($)
Common Stocks	761,776	-	691,719	-	(1,424,808)	-	-	-	28,687	(331)
Convertible Preferred Stocks	15,610,999	(13,978)	1,073,063	1,905,610	(6,871,378)	-	-	-	11,963,570	(2,398,179)
Convertible Corporate Bonds	920,429	-	122,478	497,000	-	-	-	-	1,539,906	122,477
Preferred Securities	1,870,708	-	632,237	1,633,705	(17,286)	-	-	-	3,860,110	632,236
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $46,601,883) - See accompanying schedule:
Unaffiliated issuers (cost $665,511,355)	$	957,310,034
Fidelity Central Funds (cost $49,274,868)		49,274,868


Total Investment in Securities (cost $714,786,223)			$	1,006,584,902
Cash				13,754
Receivable for investments sold				2,791,150
Receivable for fund shares sold				1,550,287
Dividends receivable				441,619
Interest receivable				126,916
Distributions receivable from Fidelity Central Funds				66,108
Other receivables				2,526
Total assets				1,011,577,262
Liabilities
Payable for investments purchased	$	2,359,468
Payable for fund shares redeemed		959,327
Accrued management fee		498,965
Distribution and service plan fees payable		62,559
Other payables and accrued expenses		51,638
Collateral on securities loaned		42,693,237
Total liabilities				46,625,194
Net Assets			$	964,952,068
Net Assets consist of:
Paid in capital			$	654,606,160
Total accumulated earnings (loss)				310,345,908
Net Assets			$	964,952,068

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($95,438,391 ÷ 2,948,365 shares)			$	32.37
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($307,927,764 ÷ 9,645,717 shares)			$	31.92
Investor Class :
Net Asset Value, offering price and redemption price per share ($561,585,913 ÷ 17,605,188 shares)			$	31.90

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	2,763,871
Interest				32,122
Income from Fidelity Central Funds (including $43,380 from security lending)				293,216
Total income				3,089,209
Expenses
Management fee	$	3,190,763
Distribution and service plan fees		385,017
Custodian fees and expenses		25,474
Independent trustees' fees and expenses		1,993
Audit fees		23,371
Legal		2,025
Miscellaneous		15,610
Total expenses				3,644,253
Net Investment income (loss)				(555,044)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		22,894,367
Foreign currency transactions		1,885
Total net realized gain (loss)				22,896,252
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(60,708,916)
Unfunded commitments		18,795
Assets and liabilities in foreign currencies		26,189
Total change in net unrealized appreciation (depreciation)				(60,663,932)
Net gain (loss)				(37,767,680)
Net increase (decrease) in net assets resulting from operations			$	(38,322,724)

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(555,044)	$	(1,257,562)
Net realized gain (loss)		22,896,252		101,818,224
Change in net unrealized appreciation (depreciation)		(60,663,932)		(39,798,223)
Net increase (decrease) in net assets resulting from operations		(38,322,724)		60,762,439
Distributions to shareholders		(73,549,907)		-

Share transactions - net increase (decrease)		11,825,868		(141,342,473)
Total increase (decrease) in net assets		(100,046,763)		(80,580,034)

Net Assets
Beginning of period		1,064,998,831		1,145,578,865
End of period	$	964,952,068	$	1,064,998,831

Financial Highlights

VIP Health Care Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	36.03	$	34.27	$	32.87	$	40.05	$	38.41	$	33.32
Income from Investment Operations
Net investment income (loss) A,B		- C		- C		- C		(.02)		(.01)		.06
Net realized and unrealized gain (loss)		(1.15)		1.76		1.40		(4.96)		4.39		6.90
Total from investment operations		(1.15)		1.76		1.40		(4.98)		4.38		6.96
Distributions from net investment income		-		-		-		-		(.04)		(.19)
Distributions from net realized gain		(2.51)		-		-		(2.20)		(2.71)		(1.67)
Total distributions		(2.51)		-		-		(2.20)		(2.74) D		(1.87) D
Net asset value, end of period	$	32.37	$	36.03	$	34.27	$	32.87	$	40.05	$	38.41
Total Return E,F,G		(3.69) %		5.14%		4.26%		(12.41)%		11.73%		21.58%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.59% J		.60%		.63%		.63%		.63%		.64%
Expenses net of fee waivers, if any		.59 % J		.59%		.62%		.63%		.63%		.64%
Expenses net of all reductions, if any		.59% J		.59%		.62%		.63%		.63%		.64%
Net investment income (loss)		.01% J		.01%		(.01)%		(.06)%		(.04)%		.18%
Supplemental Data
Net assets, end of period (000 omitted)	$	95,438	$	110,555	$	121,129	$	132,871	$	172,092	$	168,627
Portfolio turnover rate K		59 % J		44%		49%		43%		32%		51%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Health Care Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	35.61	$	33.96	$	32.65	$	39.89	$	38.29	$	33.27
Income from Investment Operations
Net investment income (loss) A,B		(.04)		(.09)		(.08)		(.10)		(.11)		(.03)
Net realized and unrealized gain (loss)		(1.14)		1.74		1.39		(4.94)		4.38		6.88
Total from investment operations		(1.18)		1.65		1.31		(5.04)		4.27		6.85
Distributions from net investment income		-		-		-		-		(.02)		(.16)
Distributions from net realized gain		(2.51)		-		-		(2.20)		(2.65)		(1.67)
Total distributions		(2.51)		-		-		(2.20)		(2.67)		(1.83)
Net asset value, end of period	$	31.92	$	35.61	$	33.96	$	32.65	$	39.89	$	38.29
Total Return C,D,E		(3.82) %		4.86%		4.01%		(12.62)%		11.45%		21.28%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.84% H		.85%		.88%		.88%		.88%		.89%
Expenses net of fee waivers, if any		.84 % H		.85%		.87%		.88%		.87%		.89%
Expenses net of all reductions, if any		.84% H		.85%		.87%		.88%		.87%		.88%
Net investment income (loss)		(.24)% H		(.25)%		(.26)%		(.31)%		(.28)%		(.07)%
Supplemental Data
Net assets, end of period (000 omitted)	$	307,928	$	309,393	$	292,411	$	246,472	$	275,392	$	143,771
Portfolio turnover rate I		59 % H		44%		49%		43%		32%		51%

ACalculated based on average shares outstanding during the period.

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

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

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Health Care Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	35.56	$	33.85	$	32.48	$	39.64	$	38.04	$	33.02
Income from Investment Operations
Net investment income (loss) A,B		(.01)		(.03)		(.03)		(.04)		(.04)		.03
Net realized and unrealized gain (loss)		(1.14)		1.74		1.40		(4.92)		4.35		6.83
Total from investment operations		(1.15)		1.71		1.37		(4.96)		4.31		6.86
Distributions from net investment income		-		-		-		-		(.03)		(.17)
Distributions from net realized gain		(2.51)		-		-		(2.20)		(2.68)		(1.67)
Total distributions		(2.51)		-		-		(2.20)		(2.71)		(1.84)
Net asset value, end of period	$	31.90	$	35.56	$	33.85	$	32.48	$	39.64	$	38.04
Total Return C,D,E		(3.74) %		5.05%		4.22%		(12.49)%		11.66%		21.49%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.67% H		.67%		.70%		.70%		.70%		.72%
Expenses net of fee waivers, if any		.67 % H		.67%		.70%		.70%		.70%		.72%
Expenses net of all reductions, if any		.67% H		.67%		.70%		.70%		.70%		.71%
Net investment income (loss)		(.07)% H		(.07)%		(.08)%		(.14)%		(.11)%		.10%
Supplemental Data
Net assets, end of period (000 omitted)	$	561,586	$	645,051	$	732,038	$	814,240	$	975,143	$	914,765
Portfolio turnover rate I		59 % H		44%		49%		43%		32%		51%

ACalculated based on average shares outstanding during the period.

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

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

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Common Stocks	$28,687	Market approach	Transaction price	$33.33	Increase
		Black scholes	Discount rate	4.9%	Increase
			Term	5.0	Increase
			Volatility	70.0%	Increase
Convertible Corporate Bonds	$1,539,906	Market comparable	Discount rate	25.0% - 33.2% / 28.9%	Decrease
			Enterprise value/Revenue multiple (EV/R)	7.3 - 11.5 / 9.5	Increase
			Probability rate	0.0% - 50.0% / 25.5%	Increase
		Market approach	Discount rate	23.5%	Decrease
			Probability rate	0.0% - 60.0% / 33.3%	Increase
			Transaction price	$100.00	Increase
		Black scholes	Discount rate	4.2% - 4.3% / 4.2%	Increase
			Term	0.1 - 0.2 / 0.1	Increase
			Volatility	65.0%	Increase
Convertible Preferred Stocks	$11,963,570	Market comparable	Enterprise value/Revenue multiple (EV/R)	3.0 - 11.5 / 4.7	Increase
		Market approach	Discount rate	5.0% - 70.0% / 16.5%	Decrease
			Transaction price	$0.65 - $33.33 / $13.34	Increase
		Black scholes	Discount rate	3.0% - 4.9% / 4.0%	Increase
			Term	2.0 - 5.0 / 3.0	Increase
			Volatility	45.0% - 90.0% / 66.3%	Increase
Preferred Securities	$3,860,110	Market comparable	Discount rate	23.1%	Decrease
			Enterprise value/Revenue multiple (EV/R)	6.8	Increase
			Probability rate	5.0% - 50.0% / 23.8%	Increase
		Market approach	Discount rate	36.1%	Decrease
			Probability rate	0.0% -100.0% / 50.0%	Increase
			Transaction price	$100.00	Increase
		Black scholes	Discount rate	3.9% - 4.4% / 4.1%	Increase
			Term	0.3 - 1.5 / 0.9	Increase
			Volatility	60.0%	Increase

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

Gross unrealized appreciation	$349,503,554
Gross unrealized depreciation	(60,564,041)
Net unrealized appreciation (depreciation)	$288,939,513
Tax cost	$717,645,389

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Health Care Portfolio	302,085,427	365,427,516

5. Fees and Other Transactions with Affiliates.

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

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

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

Service Class 2

$385,017

	Amount ($)
VIP Health Care Portfolio	9,711

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Health Care Portfolio	36,835,048	21,010,232	269,173

6. Committed Line of Credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

	Amount ($)
VIP Health Care Portfolio	868

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Health Care Portfolio	4,968	176	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
VIP Health Care Portfolio	4,969,936

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Health Care Portfolio
Distributions to shareholders
Initial Class	$7,352,178	$ -
Service Class 2	22,046,892	-
Investor Class	44,150,837	-
Total	$73,549,907	$ -

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2025	Year ended December 31, 2024	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Health Care Portfolio
Initial Class
Shares sold	87,171	244,009	$2,896,650	$8,778,536
Reinvestment of distributions	210,906	-	7,352,178	-
Shares redeemed	(417,783)	(710,335)	(14,347,604)	(25,950,391)
Net increase (decrease)	(119,706)	(466,326)	$(4,098,776)	$(17,171,855)
Service Class 2
Shares sold	946,729	1,439,718	$31,221,262	$51,897,828
Reinvestment of distributions	640,712	-	22,046,892	-
Shares redeemed	(629,346)	(1,363,684)	(20,781,348)	(49,794,229)
Net increase (decrease)	958,095	76,034	$32,486,806	$2,103,599
Investor Class
Shares sold	168,648	350,420	$5,543,009	$12,633,468
Reinvestment of distributions	1,284,949	-	44,150,837	-
Shares redeemed	(1,988,977)	(3,838,419)	(66,256,008)	(138,907,685)
Net increase (decrease)	(535,380)	(3,487,999)	$(16,562,162)	$(126,274,217)

10. Other.

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

Fund	Affiliated %	Number ofUnaffiliated Shareholders	Unaffiliated Shareholders %
VIP Health Care Portfolio	66%	1	29%

11. Risk and Uncertainties.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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.

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

1.817376.120

VHCIC-SANN-0825

Fidelity® Variable Insurance Products:

VIP Financials Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Financials Portfolio

Notes to Financial Statements

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Financials Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value ($)
AUSTRALIA - 1.1%
Financials - 1.1%
Insurance - 1.1%
AUB Group Ltd	153,880	3,593,277
GRAND CAYMAN (UK OVERSEAS TER) - 0.5%
Financials - 0.5%
Capital Markets - 0.5%
Patria Investments Ltd Class A (a)	115,600	1,625,336
MEXICO - 0.5%
Financials - 0.5%
Capital Markets - 0.5%
Bolsa Mexicana de Valores SAB de CV	696,500	1,595,701
PUERTO RICO - 1.3%
Financials - 1.3%
Banks - 1.3%
Popular Inc	37,300	4,110,833
UNITED KINGDOM - 2.4%
Financials - 2.4%
Insurance - 2.4%
Hiscox Ltd	270,300	4,656,393
Lancashire Holdings Ltd	404,047	3,189,036

TOTAL UNITED KINGDOM		7,845,429
UNITED STATES - 93.2%
Financials - 92.0%
Banks - 31.0%
Associated Banc-Corp	107,700	2,626,803
Bank of America Corp	378,900	17,929,548
BOK Financial Corp	23,045	2,249,883
Cadence Bank	34,910	1,116,422
Citigroup Inc	141,300	12,027,456
East West Bancorp Inc	31,300	3,160,674
Eastern Bankshares Inc	158,000	2,412,660
First Hawaiian Inc	71,000	1,772,160
First Interstate BancSystem Inc Class A	105,169	3,030,971
Huntington Bancshares Inc/OH	670	11,229
KeyCorp	138,800	2,417,896
M&T Bank Corp	27,030	5,243,550
Old National Bancorp/IN	147,500	3,147,650
TriCo Bancshares	35,100	1,421,199
Truist Financial Corp	133,700	5,747,763
UMB Financial Corp	32,995	3,469,754
United Community Banks Inc/GA	56,300	1,677,177
US Bancorp	123,300	5,579,325
Wells Fargo & Co	257,477	20,629,057
WesBanco Inc	56,700	1,793,421
Wintrust Financial Corp	9,400	1,165,412
Zions Bancorp NA	29,800	1,547,812
		100,177,822
Capital Markets - 22.5%
AllianceBernstein Holding LP	62,800	2,564,124
Bridge Investment Group Holdings Inc Class A	199,200	1,993,992
Carlyle Group Inc/The	74,100	3,808,740
Charles Schwab Corp/The	122,600	11,186,024
Lazard Inc	63,700	3,056,326
LPL Financial Holdings Inc	9,900	3,712,203
MarketAxess Holdings Inc	19,700	4,399,798
Moody's Corp	9,100	4,564,469
Morgan Stanley	55,200	7,775,472
Nasdaq Inc	73,100	6,536,602
Northern Trust Corp	45,200	5,730,908
Perella Weinberg Partners Class A	62,803	1,219,634
Raymond James Financial Inc	19,450	2,983,047
State Street Corp	76,500	8,135,010
Stifel Financial Corp	15,300	1,587,834
Virtu Financial Inc Class A	82,000	3,672,780
		72,926,963
Consumer Finance - 6.2%
Capital One Financial Corp	33,438	7,114,269
FirstCash Holdings Inc	26,838	3,626,887
OneMain Holdings Inc	71,500	4,075,500
SLM Corp	162,800	5,338,212
		20,154,868
Financial Services - 17.3%
Apollo Global Management Inc	45,400	6,440,898
Corebridge Financial Inc	65,900	2,339,450
Corpay Inc (b)	9,800	3,251,836
Fiserv Inc (b)	29,500	5,086,095
Mastercard Inc Class A	54,200	30,457,148
PayPal Holdings Inc (b)	49,800	3,701,136
Voya Financial Inc	68,400	4,856,400
		56,132,963
Insurance - 15.0%
American Financial Group Inc/OH	33,800	4,265,898
Arthur J Gallagher & Co	15,800	5,057,896
Assurant Inc	23,300	4,601,517
Baldwin Insurance Group Inc/The Class A (b)	79,147	3,388,283
Brown & Brown Inc	43,300	4,800,671
Chubb Ltd	33,700	9,763,564
First American Financial Corp	60,400	3,707,956
Marsh & McLennan Cos Inc	7,900	1,727,256
Reinsurance Group of America Inc	57,702	11,445,769
		48,758,810
TOTAL FINANCIALS		298,151,426

Industrials - 1.2%
Professional Services - 1.2%
TransUnion	43,600	3,836,800
TOTAL UNITED STATES		301,988,226
TOTAL COMMON STOCKS (Cost $226,060,680)		320,758,802

Money Market Funds - 0.4%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	4.32	948,069	948,259
Fidelity Securities Lending Cash Central Fund (c)(d)	4.32	345,765	345,800
TOTAL MONEY MARKET FUNDS (Cost $1,294,059)			1,294,059

TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $227,354,739)	322,052,861
NET OTHER ASSETS (LIABILITIES) - 0.6%	2,073,709
NET ASSETS - 100.0%	324,126,570

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	3,680,917	38,158,318	40,890,975	23,564	-	(1)	948,259	948,069	0.0%
Fidelity Securities Lending Cash Central Fund	5,264,250	45,732,269	50,650,719	31,801	-	-	345,800	345,765	0.0%
Total	8,945,167	83,890,587	91,541,694	55,365	-	(1)	1,294,059

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

Investment Valuation

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

Common Stocks
Financials	316,922,002	316,922,002	-	-
Industrials	3,836,800	3,836,800	-	-

Money Market Funds	1,294,059	1,294,059	-	-
Total Investments in Securities:	322,052,861	322,052,861	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $347,282) - See accompanying schedule:
Unaffiliated issuers (cost $226,060,680)	$	320,758,802
Fidelity Central Funds (cost $1,294,059)		1,294,059


Total Investment in Securities (cost $227,354,739)			$	322,052,861
Receivable for investments sold				78,908
Receivable for fund shares sold				2,336,903
Dividends receivable				209,320
Distributions receivable from Fidelity Central Funds				3,741
Other receivables				211
Total assets				324,681,944
Liabilities
Payable for fund shares redeemed	$	15,175
Accrued management fee		168,386
Distribution and service plan fees payable		836
Other payables and accrued expenses		25,177
Collateral on securities loaned		345,800
Total liabilities				555,374
Net Assets			$	324,126,570
Net Assets consist of:
Paid in capital			$	221,445,037
Total accumulated earnings (loss)				102,681,533
Net Assets			$	324,126,570

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($34,733,961 ÷ 1,760,698 shares)			$	19.73
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($4,160,858 ÷ 212,093 shares)			$	19.62
Investor Class :
Net Asset Value, offering price and redemption price per share ($285,231,751 ÷ 14,565,635 shares)			$	19.58

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	3,584,611
Income from Fidelity Central Funds (including $31,801 from security lending)				55,365
Total income				3,639,976
Expenses
Management fee	$	991,923
Distribution and service plan fees		3,992
Custodian fees and expenses		7,523
Independent trustees' fees and expenses		570
Audit fees		21,523
Legal		454
Miscellaneous		517
Total expenses				1,026,502
Net Investment income (loss)				2,613,474
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		6,558,107
Foreign currency transactions		(13,048)
Total net realized gain (loss)				6,545,059
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		12,912,409
Fidelity Central Funds		(1)
Assets and liabilities in foreign currencies		676
Total change in net unrealized appreciation (depreciation)				12,913,084
Net gain (loss)				19,458,143
Net increase (decrease) in net assets resulting from operations			$	22,071,617

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,613,474	$	4,378,602
Net realized gain (loss)		6,545,059		14,441,383
Change in net unrealized appreciation (depreciation)		12,913,084		44,400,886
Net increase (decrease) in net assets resulting from operations		22,071,617		63,220,871
Distributions to shareholders		(10,321,485)		(13,571,578)

Share transactions - net increase (decrease)		16,855,191		43,779,566
Total increase (decrease) in net assets		28,605,323		93,428,859

Net Assets
Beginning of period		295,521,247		202,092,388
End of period	$	324,126,570	$	295,521,247

Financial Highlights

VIP Financials Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	18.87	$	15.02	$	14.01	$	15.82	$	12.38	$	13.62
Income from Investment Operations
Net investment income (loss) A,B		.17		.33		.33		.30		.32		.26
Net realized and unrealized gain (loss)		1.32		4.47		1.68		(1.57)		3.71		(.16)
Total from investment operations		1.49		4.80		2.01		(1.27)		4.03		.10
Distributions from net investment income		(.06)		(.30)		(.37)		(.29)		(.27)		(.26)
Distributions from net realized gain		(.57)		(.65)		(.62)		(.25)		(.32)		(1.08)
Total distributions		(.63)		(.95)		(1.00) C		(.54)		(.59)		(1.34)
Net asset value, end of period	$	19.73	$	18.87	$	15.02	$	14.01	$	15.82	$	12.38
Total Return D,E,F		7.96 %		32.73%		14.73%		(8.33)%		33.19%		.77%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.60% I		.62%		.67%		.65%		.65%		.69%
Expenses net of fee waivers, if any		.60 % I		.62%		.66%		.65%		.65%		.69%
Expenses net of all reductions, if any		.60% I		.62%		.66%		.65%		.65%		.68%
Net investment income (loss)		1.79% I		1.97%		2.44%		2.06%		2.08%		2.47%
Supplemental Data
Net assets, end of period (000 omitted)	$	34,734	$	33,783	$	23,853	$	29,116	$	35,491	$	20,134
Portfolio turnover rate J		56 % I		37%		56%		53%		40%		68%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Financials Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	18.79	$	15.00	$	13.36
Income from Investment Operations
Net investment income (loss) B,C		.14		.30		.12
Net realized and unrealized gain (loss)		1.32		4.45		1.82
Total from investment operations		1.46		4.75		1.94
Distributions from net investment income		(.05)		(.32)		(.30)
Distributions from net realized gain		(.57)		(.65)		-
Total distributions		(.63) D		(.96) D		(.30)
Net asset value, end of period	$	19.62	$	18.79	$	15.00
Total Return E,F,G		7.80 %		32.46%		14.69%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.85% J		.86%		.92% J
Expenses net of fee waivers, if any		.85 % J		.86%		.92% J
Expenses net of all reductions, if any		.85% J		.86%		.92% J
Net investment income (loss)		1.54% J		1.73%		2.30% J
Supplemental Data
Net assets, end of period (000 omitted)	$	4,161	$	2,533	$	190
Portfolio turnover rate K		56 % J		37%		56%

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

BCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Financials Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	18.75	$	14.92	$	13.93	$	15.73	$	12.31	$	13.56
Income from Investment Operations
Net investment income (loss) A,B		.16		.32		.32		.29		.30		.25
Net realized and unrealized gain (loss)		1.30		4.45		1.65		(1.56)		3.70		(.16)
Total from investment operations		1.46		4.77		1.97		(1.27)		4.00		.09
Distributions from net investment income		(.06)		(.29)		(.36)		(.28)		(.26)		(.25)
Distributions from net realized gain		(.57)		(.65)		(.62)		(.25)		(.32)		(1.08)
Total distributions		(.63)		(.94)		(.98)		(.53)		(.58)		(1.34) C
Net asset value, end of period	$	19.58	$	18.75	$	14.92	$	13.93	$	15.73	$	12.31
Total Return D,E,F		7.84 %		32.74%		14.57%		(8.37)%		33.14%		.63%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.68% I		.70%		.75%		.73%		.72%		.76%
Expenses net of fee waivers, if any		.68 % I		.69%		.74%		.73%		.72%		.76%
Expenses net of all reductions, if any		.68% I		.69%		.74%		.73%		.72%		.75%
Net investment income (loss)		1.71% I		1.89%		2.37%		1.99%		2.01%		2.39%
Supplemental Data
Net assets, end of period (000 omitted)	$	285,232	$	259,206	$	178,049	$	197,400	$	246,455	$	121,359
Portfolio turnover rate J		56 % I		37%		56%		53%		40%		68%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, partnerships 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	$96,456,202
Gross unrealized depreciation	(2,865,742)
Net unrealized appreciation (depreciation)	$93,590,460
Tax cost	$228,462,401

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Financials Portfolio	92,104,704	85,710,487

5. Fees and Other Transactions with Affiliates.

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

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

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $3,992.

	Amount ($)
VIP Financials Portfolio	1,271

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Financials Portfolio	4,505,685	6,081,312	615,568

6. Committed Line of Credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

	Amount ($)
VIP Financials Portfolio	232

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Financials Portfolio	3,449	-	-

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Financials Portfolio
Distributions to shareholders
Initial Class	$1,147,189	$1,569,580
Service Class 2	78,873	72,633
Investor Class	9,095,423	11,929,365
Total	$10,321,485	$13,571,578

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2025	Year ended December 31, 2024	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Financials Portfolio
Initial Class
Shares sold	224,281	495,180	$4,171,660	$9,097,500
Reinvestment of distributions	59,103	91,573	1,147,189	1,569,580
Shares redeemed	(312,643)	(385,216)	(5,596,908)	(6,268,544)
Net increase (decrease)	(29,259)	201,537	$(278,059)	$4,398,536
Service Class 2
Shares sold	109,730	135,005	$2,044,117	$2,375,510
Reinvestment of distributions	3,840	3,449	74,194	65,417
Shares redeemed	(36,285)	(16,319)	(678,634)	(293,265)
Net increase (decrease)	77,285	122,135	$1,439,677	$2,147,662
Investor Class
Shares sold	1,999,383	3,159,866	$37,905,655	$56,895,955
Reinvestment of distributions	471,999	699,691	9,095,423	11,929,365
Shares redeemed	(1,733,404)	(1,962,486)	(31,307,505)	(31,591,952)
Net increase (decrease)	737,978	1,897,071	$15,693,573	$37,233,368

10. Other.

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

Fund	Affiliated %
VIP Financials Portfolio	98%

11. Risk and Uncertainties.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

VIP Financials Portfolio

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

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

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

1.817370.120

VFSIC-SANN-0825

Fidelity® Variable Insurance Products:

VIP Energy Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Energy Portfolio

Notes to Financial Statements

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Energy Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.2%
	Shares	Value ($)
CANADA - 9.6%
Energy - 9.6%
Oil, Gas & Consumable Fuels - 9.6%
Canadian Natural Resources Ltd	617,060	19,394,285
Cenovus Energy Inc	1,268,600	17,262,462
Imperial Oil Ltd (a)	71,200	5,656,263

TOTAL CANADA		42,313,010
FRANCE - 0.0%
Energy - 0.0%
Energy Equipment & Services - 0.0%
Vallourec SACA	35,300	652,624
NORWAY - 0.3%
Energy - 0.3%
Energy Equipment & Services - 0.3%
Odfjell Drilling Ltd	170,300	1,126,953
UNITED KINGDOM - 3.2%
Energy - 3.2%
Energy Equipment & Services - 3.2%
Subsea 7 SA	38,300	719,308
TechnipFMC PLC	381,426	13,136,311

TOTAL UNITED KINGDOM		13,855,619
UNITED STATES - 87.1%
Energy - 82.6%
Energy Equipment & Services - 7.6%
Baker Hughes Co Class A	250,800	9,615,672
National Energy Services Reunited Corp (b)	1,028,455	6,191,299
Schlumberger NV	442,849	14,968,296
Valaris Ltd (a)(b)	65,100	2,741,361
		33,516,628
Oil, Gas & Consumable Fuels - 75.0%
Antero Resources Corp (b)	208,760	8,408,853
Cheniere Energy Inc	93,390	22,742,333
Chevron Corp	176,069	25,211,320
Chord Energy Corp	22,815	2,209,633
ConocoPhillips	133,909	12,016,994
Diamondback Energy Inc	89,700	12,324,780
Energy Transfer LP	1,214,130	22,012,177
EOG Resources Inc	15,402	1,842,233
Expand Energy Corp	55,100	6,443,394
Exxon Mobil Corp	1,011,525	109,042,395
Hess Corp	96,600	13,382,964
Marathon Petroleum Corp	128,076	21,274,704
Northern Oil & Gas Inc	16,450	466,358
Occidental Petroleum Corp	226,970	9,535,010
Ovintiv Inc	215,760	8,209,668
Permian Resources Corp Class A	337,200	4,592,664
Phillips 66	46,432	5,539,338
Range Resources Corp	179,460	7,298,638
Targa Resources Corp	67,900	11,820,032
Valero Energy Corp	119,220	16,025,552
Williams Cos Inc/The	141,700	8,900,177
		329,299,217
TOTAL ENERGY		362,815,845

Industrials - 0.4%
Machinery - 0.4%
Chart Industries Inc (b)	12,000	1,975,800
Utilities - 4.1%
Independent Power and Renewable Electricity Producers - 4.1%
Vistra Corp	93,229	18,068,713
TOTAL UNITED STATES		382,860,358
TOTAL COMMON STOCKS (Cost $261,177,213)		440,808,564

Money Market Funds - 1.9%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	4.32	881,124	881,300
Fidelity Securities Lending Cash Central Fund (c)(d)	4.32	7,303,835	7,304,566
TOTAL MONEY MARKET FUNDS (Cost $8,185,866)			8,185,866

TOTAL INVESTMENT IN SECURITIES - 102.1% (Cost $269,363,079)	448,994,430
NET OTHER ASSETS (LIABILITIES) - (2.1)%	(9,184,316)
NET ASSETS - 100.0%	439,810,114

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	1,125,259	39,170,845	39,414,804	41,164	-	-	881,300	881,124	0.0%
Fidelity Securities Lending Cash Central Fund	4,665,551	111,870,584	109,231,569	12,095	-	-	7,304,566	7,303,835	0.0%
Total	5,790,810	151,041,429	148,646,373	53,259	-	-	8,185,866

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

Investment Valuation

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

Common Stocks
Energy	420,764,051	420,764,051	-	-
Industrials	1,975,800	1,975,800	-	-
Utilities	18,068,713	18,068,713	-	-

Money Market Funds	8,185,866	8,185,866	-	-
Total Investments in Securities:	448,994,430	448,994,430	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $6,971,822) - See accompanying schedule:
Unaffiliated issuers (cost $261,177,213)	$	440,808,564
Fidelity Central Funds (cost $8,185,866)		8,185,866


Total Investment in Securities (cost $269,363,079)			$	448,994,430
Foreign currency held at value (cost $29,479)				29,480
Receivable for fund shares sold				250,654
Dividends receivable				584,291
Distributions receivable from Fidelity Central Funds				9,229
Other receivables				8,504
Total assets				449,876,588
Liabilities
Payable for fund shares redeemed	$	2,468,603
Accrued management fee		226,515
Distribution and service plan fees payable		44,638
Other payables and accrued expenses		24,028
Collateral on securities loaned		7,302,690
Total liabilities				10,066,474
Net Assets			$	439,810,114
Net Assets consist of:
Paid in capital			$	282,982,290
Total accumulated earnings (loss)				156,827,824
Net Assets			$	439,810,114

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($36,936,797 ÷ 1,454,495 shares)			$	25.39
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($214,923,560 ÷ 8,523,433 shares)			$	25.22
Investor Class :
Net Asset Value, offering price and redemption price per share ($187,949,757 ÷ 7,419,719 shares)			$	25.33

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	6,014,743
Income from Fidelity Central Funds (including $12,095 from security lending)				53,259
Total income				6,068,002
Expenses
Management fee	$	1,386,522
Distribution and service plan fees		268,909
Custodian fees and expenses		15,430
Independent trustees' fees and expenses		868
Audit fees		21,197
Legal		353
Miscellaneous		5,174
Total expenses				1,698,453
Net Investment income (loss)				4,369,549
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		5,791,499
Foreign currency transactions		10,646
Total net realized gain (loss)				5,802,145
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(5,409,391)
Assets and liabilities in foreign currencies		2,570
Total change in net unrealized appreciation (depreciation)				(5,406,821)
Net gain (loss)				395,324
Net increase (decrease) in net assets resulting from operations			$	4,764,873

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,369,549	$	9,260,856
Net realized gain (loss)		5,802,145		32,904,738
Change in net unrealized appreciation (depreciation)		(5,406,821)		(20,897,389)
Net increase (decrease) in net assets resulting from operations		4,764,873		21,268,205
Distributions to shareholders		(2,339,657)		(10,761,828)

Share transactions - net increase (decrease)		(19,021,243)		(78,705,302)
Total increase (decrease) in net assets		(16,596,027)		(68,198,925)

Net Assets
Beginning of period		456,406,141		524,605,066
End of period	$	439,810,114	$	456,406,141

Financial Highlights

VIP Energy Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	25.19	$	24.73	$	25.16	$	15.77	$	10.41	$	15.91
Income from Investment Operations
Net investment income (loss) A,B		.26		.52		.52		.69		.48 C		.41
Net realized and unrealized gain (loss)		.07		.55		(.27)		9.26		5.24		(5.62)
Total from investment operations		.33		1.07		.25		9.95		5.72		(5.21)
Distributions from net investment income		(.13)		(.61)		(.68)		(.56)		(.36)		(.29)
Total distributions		(.13)		(.61)		(.68)		(.56)		(.36)		(.29)
Net asset value, end of period	$	25.39	$	25.19	$	24.73	$	25.16	$	15.77	$	10.41
Total Return D,E,F		1.32 %		4.30%		.98%		63.18%		55.35%		(32.76)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.60% I		.60%		.65%		.64%		.65%		.69%
Expenses net of fee waivers, if any		.60 % I		.60%		.64%		.64%		.65%		.69%
Expenses net of all reductions, if any		.60% I		.60%		.64%		.64%		.65%		.68%
Net investment income (loss)		2.09% I		1.94%		2.09%		3.02%		3.35% C		3.98%
Supplemental Data
Net assets, end of period (000 omitted)	$	36,937	$	40,600	$	50,598	$	101,150	$	30,777	$	16,336
Portfolio turnover rate J		21 % I		17%		24%		50%		65%		71%

ACalculated based on average shares outstanding during the period.

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

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Energy Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	25.03	$	24.59	$	25.03	$	15.69	$	10.37	$	15.84
Income from Investment Operations
Net investment income (loss) A,B		.23		.45		.46		.62		.44 C		.37
Net realized and unrealized gain (loss)		.08		.55		(.29)		9.23		5.21		(5.58)
Total from investment operations		.31		1.00		.17		9.85		5.65		(5.21)
Distributions from net investment income		(.12)		(.56)		(.61)		(.51)		(.33)		(.26)
Total distributions		(.12)		(.56)		(.61)		(.51)		(.33)		(.26)
Net asset value, end of period	$	25.22	$	25.03	$	24.59	$	25.03	$	15.69	$	10.37
Total Return D,E,F		1.24 %		4.02%		.70%		62.87%		54.83%		(32.88)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.85% I		.86%		.90%		.89%		.90%		.94%
Expenses net of fee waivers, if any		.85 % I		.85%		.89%		.88%		.90%		.94%
Expenses net of all reductions, if any		.85% I		.85%		.89%		.88%		.90%		.93%
Net investment income (loss)		1.84% I		1.68%		1.84%		2.77%		3.10% C		3.73%
Supplemental Data
Net assets, end of period (000 omitted)	$	214,924	$	214,946	$	214,391	$	259,298	$	120,827	$	64,986
Portfolio turnover rate J		21 % I		17%		24%		50%		65%		71%

ACalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Energy Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	25.13	$	24.67	$	25.10	$	15.73	$	10.39	$	15.88
Income from Investment Operations
Net investment income (loss) A,B		.25		.50		.50		.67		.47 C		.39
Net realized and unrealized gain (loss)		.08		.54		(.27)		9.25		5.22		(5.60)
Total from investment operations		.33		1.04		.23		9.92		5.69		(5.21)
Distributions from net investment income		(.13)		(.58)		(.66)		(.55)		(.35)		(.28)
Total distributions		(.13)		(.58)		(.66)		(.55)		(.35)		(.28)
Net asset value, end of period	$	25.33	$	25.13	$	24.67	$	25.10	$	15.73	$	10.39
Total Return D,E,F		1.30 %		4.20%		.91%		63.13%		55.16%		(32.80)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.68% I		.68%		.72%		.71%		.72%		.76%
Expenses net of fee waivers, if any		.68 % I		.68%		.72%		.71%		.72%		.76%
Expenses net of all reductions, if any		.68% I		.68%		.72%		.71%		.72%		.75%
Net investment income (loss)		2.01% I		1.86%		2.01%		2.94%		3.28% C		3.90%
Supplemental Data
Net assets, end of period (000 omitted)	$	187,950	$	200,860	$	259,615	$	417,415	$	162,978	$	70,268
Portfolio turnover rate J		21 % I		17%		24%		50%		65%		71%

ACalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

Gross unrealized appreciation	$191,030,609
Gross unrealized depreciation	(13,494,422)
Net unrealized appreciation (depreciation)	$177,536,187
Tax cost	$271,458,243

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

Short-term	$(29,100,930)
Long-term	-
Total capital loss carryforward	$(29,100,930)

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Energy Portfolio	46,308,134	59,987,280

5. Fees and Other Transactions with Affiliates.

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

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

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $268,909.

	Amount ($)
VIP Energy Portfolio	1,649

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Energy Portfolio	1,352,394	2,182,002	455,903

6. Committed Line of Credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

	Amount ($)
VIP Energy Portfolio	376

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Energy Portfolio	1,308	-	-

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Energy Portfolio
Distributions to shareholders
Initial Class	$217,906	$1,052,941
Service Class 2	1,067,318	4,693,702
Investor Class	1,054,433	5,015,185
Total	$2,339,657	$10,761,828

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2025	Year ended December 31, 2024	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Energy Portfolio
Initial Class
Shares sold	103,798	242,182	$2,621,165	$6,739,312
Reinvestment of distributions	8,417	41,148	217,906	1,052,941
Shares redeemed	(269,666)	(717,682)	(6,797,276)	(18,798,653)
Net increase (decrease)	(157,451)	(434,352)	$(3,958,205)	$(11,006,400)
Service Class 2
Shares sold	1,184,133	2,122,685	$29,841,148	$56,304,539
Reinvestment of distributions	41,481	184,277	1,067,318	4,693,702
Shares redeemed	(1,289,188)	(2,438,807)	(32,411,721)	(64,015,182)
Net increase (decrease)	(63,574)	(131,845)	$(1,503,255)	$(3,016,941)
Investor Class
Shares sold	501,526	938,328	$12,986,568	$26,062,099
Reinvestment of distributions	40,822	196,659	1,054,433	5,015,185
Shares redeemed	(1,115,415)	(3,666,372)	(27,600,784)	(95,759,245)
Net increase (decrease)	(573,067)	(2,531,385)	$(13,559,783)	$(64,681,961)

10. Other.

Fund	Affiliated %	Number ofUnaffiliated Shareholders	Unaffiliated Shareholders %
VIP Energy Portfolio	51%	1	27%

11. Risk and Uncertainties.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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.

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

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

1.817382.120

VNRIC-SANN-0825

Fidelity® Variable Insurance Products:

VIP Consumer Staples Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Consumer Staples Portfolio

Notes to Financial Statements

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Consumer Staples Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares	Value ($)
UNITED KINGDOM - 5.0%
Consumer Staples - 5.0%
Beverages - 2.2%
Diageo PLC	190,700	4,808,712
Food Products - 0.6%
Nomad Foods Ltd	85,841	1,458,438
Tobacco - 2.2%
British American Tobacco PLC ADR	99,400	4,704,602
TOTAL UNITED KINGDOM		10,971,752
UNITED STATES - 94.9%
Consumer Staples - 94.9%
Beverages - 35.9%
Boston Beer Co Inc/The Class A (a)(b)	28,450	5,428,545
Brown-Forman Corp Class B (a)	28,100	756,170
Coca-Cola Co/The	427,238	30,227,089
Constellation Brands Inc Class A	63,216	10,283,979
Keurig Dr Pepper Inc (a)	695,573	22,995,643
Monster Beverage Corp (b)	51,478	3,224,582
PepsiCo Inc	40,402	5,334,680
		78,250,688
Consumer Staples Distribution & Retail - 20.1%
Albertsons Cos Inc Class A	298,400	6,418,584
Costco Wholesale Corp	7,300	7,226,562
Dollar Tree Inc (b)	2,200	217,888
Grocery Outlet Holding Corp (a)(b)	91,300	1,133,946
Kroger Co/The	15,500	1,111,815
Target Corp	87,813	8,662,752
Walmart Inc	194,727	19,040,407
		43,811,954
Food Products - 15.8%
Archer-Daniels-Midland Co	54,300	2,865,954
Bunge Global SA	93,107	7,474,630
Conagra Brands Inc	18,400	376,648
Darling Ingredients Inc (b)	31,000	1,176,140
Freshpet Inc (b)	25,400	1,726,184
JM Smucker Co	73,700	7,237,340
Lamb Weston Holdings Inc	71,752	3,720,341
Mondelez International Inc	80,561	5,433,034
TreeHouse Foods Inc (b)	230,116	4,468,853
		34,479,124
Household Products - 16.6%
Clorox Co/The	3,600	432,252
Energizer Holdings Inc (a)	383,787	7,737,146
Procter & Gamble Co/The	161,675	25,758,061
Reynolds Consumer Products Inc	107,700	2,306,934
		36,234,393
Personal Care Products - 5.8%
Estee Lauder Cos Inc/The Class A	112,345	9,077,476
Kenvue Inc	167,886	3,513,854
		12,591,330
Tobacco - 0.7%
JUUL Labs Inc Class A (b)(c)(d)	746,394	880,745
Philip Morris International Inc	3,543	645,286
		1,526,031
TOTAL UNITED STATES		206,893,520
TOTAL COMMON STOCKS (Cost $182,996,802)		217,865,272

Money Market Funds - 8.1%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (e)	4.32	396,941	397,020
Fidelity Securities Lending Cash Central Fund (e)(f)	4.32	17,198,425	17,200,145
TOTAL MONEY MARKET FUNDS (Cost $17,597,165)			17,597,165

TOTAL INVESTMENT IN SECURITIES - 108.0% (Cost $200,593,967)	235,462,437
NET OTHER ASSETS (LIABILITIES) - (8.0)%	(17,382,256)
NET ASSETS - 100.0%	218,080,181

Legend

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

(b)	Non-income producing

(c)	Level 3 security

(d)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $880,745 or 0.4% of net assets.

(e)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
JUUL Labs Inc Class A	2/23/24	757,568

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	-	13,153,534	12,756,514	9,602	-	-	397,020	396,941	0.0%
Fidelity Securities Lending Cash Central Fund	1,952,345	58,080,995	42,833,195	1,431	-	-	17,200,145	17,198,425	0.1%
Total	1,952,345	71,234,529	55,589,709	11,033	-	-	17,597,165

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

Investment Valuation

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

Common Stocks
Consumer Staples	217,865,272	212,175,815	4,808,712	880,745

Money Market Funds	17,597,165	17,597,165	-	-
Total Investments in Securities:	235,462,437	229,772,980	4,808,712	880,745

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $16,779,018) - See accompanying schedule:
Unaffiliated issuers (cost $182,996,802)	$	217,865,272
Fidelity Central Funds (cost $17,597,165)		17,597,165


Total Investment in Securities (cost $200,593,967)			$	235,462,437
Foreign currency held at value (cost $136)				140
Receivable for investments sold				195,024
Receivable for fund shares sold				31,487
Dividends receivable				497,804
Distributions receivable from Fidelity Central Funds				1,313
Total assets				236,188,205
Liabilities
Payable for investments purchased	$	305,747
Payable for fund shares redeemed		457,012
Accrued management fee		120,163
Distribution and service plan fees payable		226
Other payables and accrued expenses		25,126
Collateral on securities loaned		17,199,750
Total liabilities				18,108,024
Net Assets			$	218,080,181
Net Assets consist of:
Paid in capital			$	176,370,116
Total accumulated earnings (loss)				41,710,065
Net Assets			$	218,080,181

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($21,504,578 ÷ 1,207,267 shares)			$	17.81
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($1,110,037 ÷ 62,610 shares)			$	17.73
Investor Class :
Net Asset Value, offering price and redemption price per share ($195,465,566 ÷ 11,046,115 shares)			$	17.70

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	3,083,390
Income from Fidelity Central Funds (including $1,431 from security lending)				11,033
Total income				3,094,423
Expenses
Management fee	$	736,768
Distribution and service plan fees		1,148
Custodian fees and expenses		8,484
Independent trustees' fees and expenses		435
Audit fees		24,185
Legal		185
Miscellaneous		767
Total expenses				771,972
Net Investment income (loss)				2,322,451
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		6,560,362
Foreign currency transactions		3,947
Total net realized gain (loss)				6,564,309
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(15,092,556)
Assets and liabilities in foreign currencies		66
Total change in net unrealized appreciation (depreciation)				(15,092,490)
Net gain (loss)				(8,528,181)
Net increase (decrease) in net assets resulting from operations			$	(6,205,730)

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,322,451	$	4,971,955
Net realized gain (loss)		6,564,309		13,439,197
Change in net unrealized appreciation (depreciation)		(15,092,490)		(4,892,330)
Net increase (decrease) in net assets resulting from operations		(6,205,730)		13,518,822
Distributions to shareholders		(13,905,384)		(11,776,963)

Share transactions - net increase (decrease)		3,112,214		(28,377,714)
Total increase (decrease) in net assets		(16,998,900)		(26,635,855)

Net Assets
Beginning of period		235,079,081		261,714,936
End of period	$	218,080,181	$	235,079,081

Financial Highlights

VIP Consumer Staples Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	19.52	$	19.40	$	19.46	$	21.13	$	19.84	$	18.76
Income from Investment Operations
Net investment income (loss) A,B		.19		.41		.38		.35		.38		.35
Net realized and unrealized gain (loss)		(.71)		.65		.21		(.48)		2.27		1.78
Total from investment operations		(.52)		1.06		.59		(.13)		2.65		2.13
Distributions from net investment income		(.04)		(.48) C		(.39)		(.35)		(.40)		(.35)
Distributions from net realized gain		(1.14)		(.47) C		(.27)		(1.19)		(.96)		(.71)
Total distributions		(1.19) D		(.94) D		(.65) D		(1.54)		(1.36)		(1.05) D
Net asset value, end of period	$	17.81	$	19.52	$	19.40	$	19.46	$	21.13	$	19.84
Total Return E,F,G		(2.64) %		5.57%		3.14%		(.62)%		14.24%		11.78%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.61% J		.62%		.65%		.65%		.65%		.67%
Expenses net of fee waivers, if any		.61 % J		.62%		.65%		.65%		.65%		.66%
Expenses net of all reductions, if any		.61% J		.62%		.65%		.65%		.65%		.66%
Net investment income (loss)		2.13% J		2.06%		1.94%		1.84%		1.89%		1.94%
Supplemental Data
Net assets, end of period (000 omitted)	$	21,505	$	22,401	$	23,583	$	26,707	$	22,366	$	20,009
Portfolio turnover rate K		47 % J		46%		53%		46%		64%		51%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Consumer Staples Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	19.45	$	19.38	$	20.26
Income from Investment Operations
Net investment income (loss) B,C		.17		.36		.15
Net realized and unrealized gain (loss)		(.71)		.65		(.45)
Total from investment operations		(.54)		1.01		(.30)
Distributions from net investment income		(.04)		(.47) D		(.32)
Distributions from net realized gain		(1.14)		(.47) D		(.27)
Total distributions		(1.18)		(.94)		(.58) E
Net asset value, end of period	$	17.73	$	19.45	$	19.38
Total Return F,G,H		(2.73) %		5.29%		(1.37)%
Ratios to Average Net Assets C,I,J
Expenses before reductions		.86% K		.88%		.91% K
Expenses net of fee waivers, if any		.86 % K		.88%		.91% K
Expenses net of all reductions, if any		.86% K		.88%		.91% K
Net investment income (loss)		1.88% K		1.81%		2.11% K
Supplemental Data
Net assets, end of period (000 omitted)	$	1,110	$	785	$	339
Portfolio turnover rate L		47 % K		46%		53% K

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

BCalculated based on average shares outstanding during the period.

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

ETotal distributions per share do not sum due to rounding.

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

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

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

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

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

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Consumer Staples Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	19.40	$	19.29	$	19.35	$	21.02	$	19.75	$	18.68
Income from Investment Operations
Net investment income (loss) A,B		.19		.39		.36		.34		.37		.33
Net realized and unrealized gain (loss)		(.71)		.65		.22		(.48)		2.24		1.78
Total from investment operations		(.52)		1.04		.58		(.14)		2.61		2.11
Distributions from net investment income		(.04)		(.46) C		(.37)		(.34)		(.38)		(.33)
Distributions from net realized gain		(1.14)		(.47) C		(.27)		(1.19)		(.96)		(.71)
Total distributions		(1.18)		(.93)		(.64)		(1.53)		(1.34)		(1.04)
Net asset value, end of period	$	17.70	$	19.40	$	19.29	$	19.35	$	21.02	$	19.75
Total Return D,E,F		(2.61) %		5.45%		3.08%		(.69)%		14.11%		11.70%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.69% I		.70%		.73%		.73%		.73%		.74%
Expenses net of fee waivers, if any		.69 % I		.70%		.72%		.73%		.73%		.74%
Expenses net of all reductions, if any		.69% I		.70%		.72%		.73%		.73%		.73%
Net investment income (loss)		2.05% I		1.99%		1.86%		1.76%		1.81%		1.86%
Supplemental Data
Net assets, end of period (000 omitted)	$	195,466	$	211,893	$	237,792	$	265,098	$	237,025	$	224,492
Portfolio turnover rate J		47 % I		46%		53%		46%		64%		51%

ACalculated based on average shares outstanding during the period.

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

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

Gross unrealized appreciation	$56,790,523
Gross unrealized depreciation	(23,502,121)
Net unrealized appreciation (depreciation)	$33,288,402
Tax cost	$202,174,035

New Accounting Pronouncement.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Consumer Staples Portfolio	53,299,781	61,677,688

5. Fees and Other Transactions with Affiliates.

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

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

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $1,148.

	Amount ($)
VIP Consumer Staples Portfolio	1,731

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Consumer Staples Portfolio	4,134,969	4,452,178	34,025

6. Committed Line of Credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

	Amount ($)
VIP Consumer Staples Portfolio	186

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Consumer Staples Portfolio	152	2	-

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Consumer Staples Portfolio
Distributions to shareholders
Initial Class	$1,349,768	$1,098,844
Service Class 2	50,743	31,542
Investor Class	12,504,873	10,646,577
Total	$13,905,384	$11,776,963

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2025	Year ended December 31, 2024	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Consumer Staples Portfolio
Initial Class
Shares sold	168,503	194,171	$3,087,737	$3,839,736
Reinvestment of distributions	76,431	56,616	1,349,768	1,098,844
Shares redeemed	(185,429)	(318,752)	(3,390,553)	(6,279,377)
Net increase (decrease)	59,505	(67,965)	$1,046,952	$(1,340,797)
Service Class 2
Shares sold	34,515	54,570	$632,359	$1,078,918
Reinvestment of distributions	2,554	1,382	44,918	26,903
Shares redeemed	(14,834)	(33,093)	(274,586)	(640,915)
Net increase (decrease)	22,235	22,859	$402,691	$464,906
Investor Class
Shares sold	329,968	363,998	$5,995,999	$7,317,181
Reinvestment of distributions	712,935	552,601	12,504,873	10,646,577
Shares redeemed	(918,767)	(2,323,920)	(16,838,301)	(45,465,581)
Net increase (decrease)	124,136	(1,407,321)	$1,662,571	$(27,501,823)

10. Other.

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

Fund	Affiliated %
VIP Consumer Staples Portfolio	96%

11. Risk and Uncertainties.

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

VIP Consumer Staples Portfolio

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

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

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

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

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

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

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

1.850997.118

VCSP-SANN-0825

Fidelity® Variable Insurance Products:

VIP Consumer Discretionary Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Consumer Discretionary Portfolio

Notes to Financial Statements

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Consumer Discretionary Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares	Value ($)
BAILIWICK OF JERSEY - 2.1%
Consumer Discretionary - 2.1%
Automobile Components - 2.1%
Aptiv PLC	69,750	4,758,345
BRAZIL - 1.3%
Consumer Discretionary - 1.3%
Broadline Retail - 1.3%
MercadoLibre Inc (a)	1,130	2,953,402
CANADA - 2.1%
Consumer Discretionary - 2.1%
Hotels, Restaurants & Leisure - 1.2%
Restaurant Brands International Inc	40,200	2,666,617
Specialty Retail - 0.9%
Aritzia Inc Subordinate Voting Shares (a)	42,600	2,207,035
TOTAL CANADA		4,873,652
FRANCE - 0.2%
Consumer Discretionary - 0.2%
Textiles, Apparel & Luxury Goods - 0.2%
LVMH Moet Hennessy Louis Vuitton SE	914	478,369
SWITZERLAND - 0.3%
Consumer Discretionary - 0.3%
Textiles, Apparel & Luxury Goods - 0.3%
On Holding AG Class A (a)	11,534	600,345
UNITED STATES - 93.1%
Consumer Discretionary - 91.0%
Automobile Components - 0.4%
LCI Industries	8,830	805,208
Automobiles - 14.7%
General Motors Co	66,230	3,259,178
Tesla Inc (a)	95,144	30,223,443
		33,482,621
Broadline Retail - 26.2%
Amazon.com Inc (a)	258,697	56,755,535
Etsy Inc (a)	23,550	1,181,268
Ollie's Bargain Outlet Holdings Inc (a)	12,910	1,701,280
		59,638,083
Hotels, Restaurants & Leisure - 17.3%
Aramark	25,805	1,080,455
Booking Holdings Inc	990	5,731,348
Caesars Entertainment Inc (a)	27,859	790,917
Carnival Corp (a)	68,010	1,912,441
Chipotle Mexican Grill Inc (a)	59,720	3,353,278
Churchill Downs Inc	11,948	1,206,748
Domino's Pizza Inc	9,396	4,233,838
Hilton Worldwide Holdings Inc	20,970	5,585,150
Marriott International Inc/MD Class A1	15,629	4,269,999
McDonald's Corp	20,788	6,073,630
Penn Entertainment Inc (a)	40,202	718,409
Red Rock Resorts Inc Class A	25,290	1,315,839
Royal Caribbean Cruises Ltd	5,010	1,568,831
Starbucks Corp	17,350	1,589,781
		39,430,664
Household Durables - 5.3%
Cavco Industries Inc (a)	2,930	1,272,880
PulteGroup Inc	25,990	2,740,905
Somnigroup International Inc	83,570	5,686,939
TopBuild Corp (a)	7,660	2,479,848
		12,180,572
Specialty Retail - 22.1%
Academy Sports & Outdoors Inc (b)	54,090	2,423,773
Dick's Sporting Goods Inc	25,363	5,017,055
Floor & Decor Holdings Inc Class A (a)	45,251	3,437,266
Gap Inc/The	34,400	750,264
Group 1 Automotive Inc	5,840	2,550,386
Home Depot Inc/The	25,231	9,250,694
Lowe's Cos Inc	40,328	8,947,573
O'Reilly Automotive Inc (a)	12,975	1,169,437
RH (a)	4,700	888,347
Ross Stores Inc	29,020	3,702,372
Sally Beauty Holdings Inc (a)	72,283	669,341
TJX Cos Inc/The	52,228	6,449,636
Ulta Beauty Inc (a)	3,150	1,473,633
Wayfair Inc Class A (a)	9,866	504,546
Williams-Sonoma Inc	19,100	3,120,367
		50,354,690
Textiles, Apparel & Luxury Goods - 5.0%
Capri Holdings Ltd (a)	34,870	617,199
Deckers Outdoor Corp (a)	19,974	2,058,720
Lululemon Athletica Inc (a)	1,681	399,372
NIKE Inc Class B	56,436	4,009,213
PVH Corp	18,065	1,239,259
Tapestry Inc	35,249	3,095,215
		11,418,978
TOTAL CONSUMER DISCRETIONARY		207,310,816

Consumer Staples - 1.0%
Consumer Staples Distribution & Retail - 1.0%
Dollar Tree Inc (a)	15,919	1,576,618
Performance Food Group Co (a)	6,781	593,134
		2,169,752
Industrials - 0.2%
Building Products - 0.2%
AZEK Co Inc/The Class A (a)	7,488	406,973
Materials - 0.9%
Construction Materials - 0.9%
James Hardie Industries PLC depository receipt (a)	76,632	2,057,824
TOTAL UNITED STATES		211,945,365
TOTAL COMMON STOCKS (Cost $105,248,460)		225,609,478

Money Market Funds - 1.6%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	4.32	1,275,600	1,275,855
Fidelity Securities Lending Cash Central Fund (c)(d)	4.32	2,564,907	2,565,164
TOTAL MONEY MARKET FUNDS (Cost $3,841,019)			3,841,019

TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $109,089,479)	229,450,497
NET OTHER ASSETS (LIABILITIES) - (0.7)%	(1,697,873)
NET ASSETS - 100.0%	227,752,624

Legend

(a)	Non-income producing

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

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	2,254,193	24,378,796	25,357,134	14,054	-	-	1,275,855	1,275,600	0.0%
Fidelity Securities Lending Cash Central Fund	3,980,814	54,598,288	56,013,938	1,619	-	-	2,565,164	2,564,907	0.0%
Total	6,235,007	78,977,084	81,371,072	15,673	-	-	3,841,019

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

Investment Valuation

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

Common Stocks
Consumer Discretionary	220,974,929	220,496,560	478,369	-
Consumer Staples	2,169,752	2,169,752	-	-
Industrials	406,973	406,973	-	-
Materials	2,057,824	-	2,057,824	-

Money Market Funds	3,841,019	3,841,019	-	-
Total Investments in Securities:	229,450,497	226,914,304	2,536,193	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $2,419,740) - See accompanying schedule:
Unaffiliated issuers (cost $105,248,460)	$	225,609,478
Fidelity Central Funds (cost $3,841,019)		3,841,019


Total Investment in Securities (cost $109,089,479)			$	229,450,497
Receivable for investments sold				1,098,808
Receivable for fund shares sold				6,870
Dividends receivable				63,271
Distributions receivable from Fidelity Central Funds				2,490
Other receivables				1,832
Total assets				230,623,768
Liabilities
Payable for investments purchased	$	25,503
Payable for fund shares redeemed		135,489
Accrued management fee		122,171
Distribution and service plan fees payable		445
Other payables and accrued expenses		22,536
Collateral on securities loaned		2,565,000
Total liabilities				2,871,144
Net Assets			$	227,752,624
Net Assets consist of:
Paid in capital			$	101,233,424
Total accumulated earnings (loss)				126,519,200
Net Assets			$	227,752,624

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($18,593,975 ÷ 524,546 shares)			$	35.45
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($2,054,551 ÷ 58,236 shares)			$	35.28
Investor Class :
Net Asset Value, offering price and redemption price per share ($207,104,098 ÷ 5,884,712 shares)			$	35.19

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	858,534
Income from Fidelity Central Funds (including $1,619 from security lending)				15,673
Total income				874,207
Expenses
Management fee	$	758,327
Distribution and service plan fees		2,207
Custodian fees and expenses		3,850
Independent trustees' fees and expenses		457
Audit fees		28,122
Legal		1,074
Miscellaneous		472
Total expenses				794,509
Net Investment income (loss)				79,698
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		6,497,429
Foreign currency transactions		4,182
Total net realized gain (loss)				6,501,611
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(19,274,429)
Assets and liabilities in foreign currencies		514
Total change in net unrealized appreciation (depreciation)				(19,273,915)
Net gain (loss)				(12,772,304)
Net increase (decrease) in net assets resulting from operations			$	(12,692,606)

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	79,698	$	167,763
Net realized gain (loss)		6,501,611		28,490,560
Change in net unrealized appreciation (depreciation)		(19,273,915)		22,713,019
Net increase (decrease) in net assets resulting from operations		(12,692,606)		51,371,342
Distributions to shareholders		(28,101,672)		(798,577)

Share transactions - net increase (decrease)		9,357,264		(46,004,568)
Total increase (decrease) in net assets		(31,437,014)		4,568,197

Net Assets
Beginning of period		259,189,638		254,621,441
End of period	$	227,752,624	$	259,189,638

Financial Highlights

VIP Consumer Discretionary Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	41.52	$	33.40	$	23.54	$	39.33	$	34.37	$	25.27
Income from Investment Operations
Net investment income (loss) A,B		.03		.05		.04		.01		(.04)		.02
Net realized and unrealized gain (loss)		(1.63)		8.19		9.84		(12.80)		6.56		9.11
Total from investment operations		(1.60)		8.24		9.88		(12.79)		6.52		9.13
Distributions from net investment income		(.03)		(.02)		(.02)		-		-		(.03)
Distributions from net realized gain		(4.44)		(.11)		-		(3.00)		(1.56)		-
Total distributions		(4.47)		(.12) C		(.02)		(3.00)		(1.56)		(.03)
Net asset value, end of period	$	35.45	$	41.52	$	33.40	$	23.54	$	39.33	$	34.37
Total Return D,E,F		(4.42) %		24.71%		41.99%		(34.63)%		19.41%		36.15%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.61% I		.62%		.65%		.66%		.65%		.67%
Expenses net of fee waivers, if any		.61 % I		.62%		.65%		.66%		.65%		.67%
Expenses net of all reductions, if any		.61% I		.62%		.65%		.66%		.65%		.67%
Net investment income (loss)		.14% I		.14%		.13%		.04%		(.11)%		.07%
Supplemental Data
Net assets, end of period (000 omitted)	$	18,594	$	21,578	$	22,709	$	16,567	$	32,788	$	28,273
Portfolio turnover rate J		19 % I		25%		35%		34%		39%		52%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Consumer Discretionary Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	41.38	$	33.37	$	30.31
Income from Investment Operations
Net investment income (loss) B,C		(.02)		(.04)		(.01)
Net realized and unrealized gain (loss)		(1.62)		8.17		3.09
Total from investment operations		(1.64)		8.13		3.08
Distributions from net investment income		(.02)		(.01)		(.02)
Distributions from net realized gain		(4.44)		(.11)		-
Total distributions		(4.46)		(.12)		(.02)
Net asset value, end of period	$	35.28	$	41.38	$	33.37
Total Return D,E,F		(4.53) %		24.38%		10.18%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.86% I		.86%		.91% I
Expenses net of fee waivers, if any		.86 % I		.86%		.90% I
Expenses net of all reductions, if any		.86% I		.86%		.90% I
Net investment income (loss)		(.10)% I		(.10)%		(.09)% I
Supplemental Data
Net assets, end of period (000 omitted)	$	2,055	$	932	$	266
Portfolio turnover rate J		19 % I		25%		35%

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

BCalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

VIP Consumer Discretionary Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	41.26	$	33.22	$	23.41	$	39.17	$	34.24	$	25.20
Income from Investment Operations
Net investment income (loss) A,B		.01		.02		.02		(.01)		(.07)		-
Net realized and unrealized gain (loss)		(1.61)		8.14		9.79		(12.75)		6.54		9.06
Total from investment operations		(1.60)		8.16		9.81		(12.76)		6.47		9.06
Distributions from net investment income		(.03)		(.01)		- C		-		-		(.02)
Distributions from net realized gain		(4.44)		(.11)		-		(3.00)		(1.54)		-
Total distributions		(4.47)		(.12)		- C		(3.00)		(1.54)		(.02)
Net asset value, end of period	$	35.19	$	41.26	$	33.22	$	23.41	$	39.17	$	34.24
Total Return D,E,F		(4.45) %		24.59%		41.92%		(34.70)%		19.32%		36.00%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.69% I		.70%		.73%		.74%		.72%		.75%
Expenses net of fee waivers, if any		.69 % I		.70%		.72%		.73%		.72%		.75%
Expenses net of all reductions, if any		.69% I		.70%		.72%		.73%		.72%		.74%
Net investment income (loss)		.06% I		.06%		.06%		(.03)%		(.18)%		(.01)%
Supplemental Data
Net assets, end of period (000 omitted)	$	207,104	$	236,680	$	231,646	$	158,200	$	295,060	$	236,803
Portfolio turnover rate J		19 % I		25%		35%		34%		39%		52%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

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

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

1. Organization.

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

2. Investments in Fidelity Central Funds.

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