Variable Insurance Products Fund Iv NCSR Certified annual shareholder report (management investment company)

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	-0.62%	7.09%	9.96%
Investor Class	-0.69%	7.01%	9.87%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Consumer Staples Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

U.S. equities returned -18.11% in 2022, according to the S&P 500 ® index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 ® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

Comments from Portfolio Manager Ben Shuleva:

For the fiscal year ending December 31, 2022, the fund's share classes returned roughly -1%, outperforming the -1.68% result of the MSCI US IMI Consumer Staples 25/50 Index, as well as the broad-based S&P 500 ® index. The top contributors to performance versus the sector index were stock selection and an underweight in the hypermarkets & super centers segment. An overweight and stock picks in the soft drinks group and stock selection in the packaged foods & meats category also lifted the fund's relative result. In terms of individual relative contributors, having a significant underweight in Costco Wholesale, a stake we established this period, helped most, returning approximately -3% in the fund and -19% in the index the past year. Also boosting value was an underweight in Estée Lauder, which returned roughly -26% in the fund. This was a position we initiated the past 12 months. Another notable relative contributor was an outsized position in Lamb Weston Holdings (+43%). This period we decreased our stake. In contrast, the largest detractor from performance versus the sector index was stock selection in advertising, a segment that is not in the sector index. Stock picks and an overweight in brewers and security selection in personal products also hampered the fund's relative result. The fund's largest individual relative detractor was an overweight in Herbalife Nutrition, which returned -64% the past year. The fund's investment in Advantage Solutions, which returned -74%, also hindered performance versus the sector index. We added to our non-index stake in the company the past 12 months. Notable changes in positioning include reduced exposure to the tobacco subindustry and a higher allocation to hypermarkets & super centers.

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

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Procter & Gamble Co.	14.5
The Coca-Cola Co.	13.8
Walmart, Inc.	6.6
Mondelez International, Inc.	5.6
Altria Group, Inc.	5.3
Monster Beverage Corp.	4.3
Philip Morris International, Inc.	4.0
Constellation Brands, Inc. Class A (sub. vtg.)	3.5
Keurig Dr. Pepper, Inc.	3.3
Boston Beer Co., Inc. Class A	2.9
	63.8

Industries (% of Fund's net assets)

Beverages	32.1
Household Products	21.8
Food Products	16.3
Food & Staples Retailing	12.6
Tobacco	9.3
Personal Products	3.6
Internet & Direct Marketing Retail	0.7
Media	0.4
Household Durables	0.2

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares	Value ($)
Beverages - 32.1%
Brewers - 3.3%
Boston Beer Co., Inc. Class A (a)	25,450	8,386,284
Molson Coors Beverage Co. Class B	21,500	1,107,680
		9,493,964
Distillers & Vintners - 4.2%
Brown-Forman Corp. Class B (non-vtg.)	900	59,112
Constellation Brands, Inc. Class A (sub. vtg.)	43,716	10,131,183
Diageo PLC	50,124	2,194,021
		12,384,316
Soft Drinks - 24.6%
Celsius Holdings, Inc. (a)	2,500	260,100
Keurig Dr. Pepper, Inc.	271,573	9,684,293
Monster Beverage Corp. (a)	122,289	12,416,002
PepsiCo, Inc.	44,002	7,949,401
Primo Water Corp.	73,300	1,139,082
The Coca-Cola Co.	634,238	40,343,879
The Vita Coco Co., Inc. (a)(b)	1,500	20,730
		71,813,487
TOTAL BEVERAGES		93,691,767
Food & Staples Retailing - 12.6%
Drug Retail - 0.1%
Walgreens Boots Alliance, Inc.	9,900	369,864
Food Distributors - 3.4%
Performance Food Group Co. (a)	25,800	1,506,462
Sysco Corp.	44,944	3,435,969
U.S. Foods Holding Corp. (a)	146,842	4,995,565
		9,937,996
Food Retail - 1.2%
Albertsons Companies, Inc.	88,000	1,825,120
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)	2,500	109,860
Grocery Outlet Holding Corp. (a)(b)	8,850	258,332
Kroger Co.	30,100	1,341,858
		3,535,170
Hypermarkets & Super Centers - 7.9%
Costco Wholesale Corp.	8,400	3,834,600
Walmart, Inc.	134,609	19,086,210
		22,920,810
TOTAL FOOD & STAPLES RETAILING		36,763,840
Food Products - 16.3%
Agricultural Products - 3.4%
Archer Daniels Midland Co.	14,900	1,383,465
Bunge Ltd.	55,807	5,567,864
Darling Ingredients, Inc. (a)	46,122	2,886,776
Ingredion, Inc.	2,300	225,239
		10,063,344
Packaged Foods & Meats - 12.9%
Conagra Brands, Inc.	71,359	2,761,593
Freshpet, Inc. (a)(b)	73,200	3,862,764
Laird Superfood, Inc. (a)(b)	36,040	30,274
Lamb Weston Holdings, Inc.	11,953	1,068,120
McCormick & Co., Inc. (non-vtg.)	10,600	878,634
Mondelez International, Inc.	245,861	16,386,636
Nomad Foods Ltd. (a)	273,276	4,711,278
Pilgrim's Pride Corp. (a)	5,400	128,142
Sovos Brands, Inc. (a)	25,501	366,449
The Hain Celestial Group, Inc. (a)	25,500	412,590
The Kraft Heinz Co.	6,800	276,828
The Real Good Food Co., Inc. (a)	10,417	69,065
The Simply Good Foods Co. (a)	22,700	863,281
TreeHouse Foods, Inc. (a)	64,216	3,170,986
Tyson Foods, Inc. Class A	41,834	2,604,167
		37,590,807
TOTAL FOOD PRODUCTS		47,654,151
Household Durables - 0.2%
Household Appliances - 0.2%
Helen of Troy Ltd. (a)	5,000	554,550
Housewares & Specialties - 0.0%
Tupperware Brands Corp. (a)(b)	45,738	189,355
TOTAL HOUSEHOLD DURABLES		743,905
Household Products - 21.8%
Household Products - 21.8%
Church & Dwight Co., Inc.	9,100	733,551
Colgate-Palmolive Co.	8,800	693,352
Energizer Holdings, Inc.	178,756	5,997,264
Kimberly-Clark Corp.	37,067	5,031,845
Procter & Gamble Co.	279,875	42,417,854
Reckitt Benckiser Group PLC	10,500	727,822
Reynolds Consumer Products, Inc. (b)	72,706	2,179,726
Spectrum Brands Holdings, Inc.	53,800	3,277,496
The Clorox Co.	17,526	2,459,424
		63,518,334
Internet & Direct Marketing Retail - 0.7%
Internet & Direct Marketing Retail - 0.7%
Amazon.com, Inc. (a)	25,800	2,167,200
Media - 0.4%
Advertising - 0.4%
Advantage Solutions, Inc. Class A (a)(b)	518,500	1,078,480
Personal Products - 3.6%
Personal Products - 3.6%
BellRing Brands, Inc. (a)	36,800	943,552
Edgewell Personal Care Co.	4,400	169,576
Estee Lauder Companies, Inc. Class A	17,145	4,253,846
Haleon PLC (a)	60,500	239,429
Herbalife Nutrition Ltd. (a)	141,509	2,105,654
Olaplex Holdings, Inc. (a)(b)	402,200	2,095,462
Shiseido Co. Ltd.	12,025	589,390
		10,396,909
Tobacco - 9.3%
Tobacco - 9.3%
Altria Group, Inc.	335,804	15,349,601
Philip Morris International, Inc.	116,143	11,754,833
		27,104,434
TOTAL COMMON STOCKS (Cost $222,109,662)		283,119,020

Money Market Funds - 5.4%
	Shares	Value ($)
Fidelity Cash Central Fund 4.37% (c)	7,307,861	7,309,323
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d)	8,367,391	8,368,228
TOTAL MONEY MARKET FUNDS (Cost $15,677,551)		15,677,551

TOTAL INVESTMENT IN SECURITIES - 102.4% (Cost $237,787,213)	298,796,571
NET OTHER ASSETS (LIABILITIES) - (2.4)%	(6,991,395)
NET ASSETS - 100.0%	291,805,176

Legend

(a)	Non-income producing

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

(c)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	1,154,503	63,656,847	57,502,027	38,554	-	-	7,309,323	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	10,599,966	137,744,739	139,976,477	13,897	-	-	8,368,228	0.0%
Total	11,754,469	201,401,586	197,478,504	52,451	-	-	15,677,551

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.

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

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2022, 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	283,119,020	279,607,787	3,511,233	-

Money Market Funds	15,677,551	15,677,551	-	-
Total Investments in Securities:	298,796,571	295,285,338	3,511,233	-

Financial Statements

Statement of Assets and Liabilities
	��		December 31, 2022

Assets
Investment in securities, at value (including securities loaned of $8,101,785) - See accompanying schedule:
Unaffiliated issuers (cost $222,109,662)	$283,119,020
Fidelity Central Funds (cost $15,677,551)	15,677,551

Total Investment in Securities (cost $237,787,213)		$	298,796,571
Cash			86,080
Foreign currency held at value (cost $123)			123
Receivable for investments sold			156,941
Receivable for fund shares sold			541,467
Dividends receivable			1,246,322
Distributions receivable from Fidelity Central Funds			21,881
Prepaid expenses			1,005
Other receivables			2,721
Total assets			300,853,111
Liabilities
Payable for investments purchased	$406,649
Payable for fund shares redeemed	66,977
Accrued management fee	127,094
Other affiliated payables	40,333
Other payables and accrued expenses	39,049
Collateral on securities loaned	8,367,833
Total Liabilities			9,047,935
Net Assets		$	291,805,176
Net Assets consist of:
Paid in capital		$	230,701,371
Total accumulated earnings (loss)			61,103,805
Net Assets		$	291,805,176

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($26,707,123 ÷ 1,372,227 shares)		$	19.46
Investor Class :
Net Asset Value , offering price and redemption price per share ($265,098,053 ÷ 13,697,426 shares)		$	19.35

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	6,753,230
Income from Fidelity Central Funds (including $13,897 from security lending)				52,451
Total Income				6,805,681
Expenses
Management fee	$	1,439,763
Transfer agent fees		357,940
Accounting fees		100,857
Custodian fees and expenses		27,860
Independent trustees' fees and expenses		922
Audit		42,651
Legal		3,475
Interest		607
Miscellaneous		1,435
Total expenses before reductions		1,975,510
Expense reductions		(8,506)
Total expenses after reductions				1,967,004
Net Investment income (loss)				4,838,677
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(364,107)
Foreign currency transactions		(1,127)
Total net realized gain (loss)				(365,234)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(7,587,020)
Assets and liabilities in foreign currencies		(698)
Total change in net unrealized appreciation (depreciation)				(7,587,718)
Net gain (loss)				(7,952,952)
Net increase (decrease) in net assets resulting from operations			$	(3,114,275)

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,838,677	$	4,516,378
Net realized gain (loss)		(365,234)		24,704,256
Change in net unrealized appreciation (depreciation)		(7,587,718)		3,685,866
Net increase (decrease) in net assets resulting from operations		(3,114,275)		32,906,500
Distributions to shareholders		(20,685,358)		(15,929,219)
Share transactions - net increase (decrease)		56,213,858		(2,087,853)
Total increase (decrease) in net assets		32,414,225		14,889,428

Net Assets
Beginning of period		259,390,951		244,501,523
End of period	$	291,805,176	$	259,390,951

Financial Highlights

VIP Consumer Staples Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	21.13	$	19.84	$	18.76	$	15.10	$	19.72
Income from Investment Operations
Net investment income (loss) A,B		.35		.38		.35		.39		.44 C
Net realized and unrealized gain (loss)		(.48)		2.27		1.78		4.22		(3.36)
Total from investment operations		(.13)		2.65		2.13		4.61		(2.92)
Distributions from net investment income		(.35)		(.40)		(.35)		(.34)		(.50)
Distributions from net realized gain		(1.19)		(.96)		(.71)		(.61)		(1.19)
Total distributions		(1.54)		(1.36)		(1.05) D		(.95)		(1.70) D
Net asset value, end of period	$	19.46	$	21.13	$	19.84	$	18.76	$	15.10
Total Return E,F		(.62)%		14.24%		11.78%		31.42%		(15.55)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.65%		.65%		.67%		.67%		.68%
Expenses net of fee waivers, if any		.65%		.65%		.66%		.67%		.68%
Expenses net of all reductions		.65%		.65%		.66%		.67%		.67%
Net investment income (loss)		1.84%		1.89%		1.94%		2.23%		2.53% C
Supplemental Data
Net assets, end of period (000 omitted)	$	26,707	$	22,366	$	20,009	$	21,139	$	16,285
Portfolio turnover rate I		46%		64%		51%		46%		38%

A Calculated based on average shares outstanding during the period.

B Net 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.

C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.71%.

D Total distributions per share do not sum due to rounding.

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

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

G Fees and expenses of any underlying 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.

H Expense 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.

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

VIP Consumer Staples Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	21.02	$	19.75	$	18.68	$	15.04	$	19.64
Income from Investment Operations
Net investment income (loss) A,B		.34		.37		.33		.37		.42 C
Net realized and unrealized gain (loss)		(.48)		2.24		1.78		4.21		(3.34)
Total from investment operations		(.14)		2.61		2.11		4.58		(2.92)
Distributions from net investment income		(.34)		(.38)		(.33)		(.33)		(.49)
Distributions from net realized gain		(1.19)		(.96)		(.71)		(.61)		(1.19)
Total distributions		(1.53)		(1.34)		(1.04)		(.94)		(1.68)
Net asset value, end of period	$	19.35	$	21.02	$	19.75	$	18.68	$	15.04
Total Return D,E		(.69)%		14.11%		11.70%		31.33%		(15.58)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.73%		.73%		.74%		.75%		.76%
Expenses net of fee waivers, if any		.73%		.73%		.74%		.75%		.76%
Expenses net of all reductions		.73%		.73%		.73%		.75%		.75%
Net investment income (loss)		1.76%		1.81%		1.86%		2.15%		2.45% C
Supplemental Data
Net assets, end of period (000 omitted)	$	265,098	$	237,025	$	224,492	$	227,607	$	172,096
Portfolio turnover rate H		46%		64%		51%		46%		38%

A Calculated based on average shares outstanding during the period.

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

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

F Fees and expenses of any underlying 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.

G Expense 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.

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

Notes to Financial Statements

For the period ended December 31, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 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. As of December 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, 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	$73,989,262
Gross unrealized depreciation	(13,786,924)
Net unrealized appreciation (depreciation)	$60,202,338
Tax Cost	$238,594,233

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

Undistributed ordinary income	$1,009,491
Capital loss carryforward	$(107,494)
Net unrealized appreciation (depreciation) on securities and other investments	$60,201,808

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

Short-term

$(107,494)

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$5,700,758	$12,322,485
Long-term Capital Gains	14,984,600	3,606,734
Total	$20,685,358	$15,929,219

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	159,581,825	125,255,064

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .53% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Initial Class	15,809	.06
Investor Class	342,131	.14
	$357,940

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
VIP Consumer Staples Portfolio	.04

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 Consumer Staples Portfolio	$4,201

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

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
VIP Consumer Staples Portfolio	Borrower	$2,572,857	1.06%	$533

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Consumer Staples Portfolio	21,702,544	11,106,888	323,810

6. Committed Line of Credit.

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

	Amount
VIP Consumer Staples Portfolio	$454

7. Security Lending.

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

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
VIP Consumer Staples Portfolio	$1,392	$-	$-

8. Bank Borrowings.

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

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
VIP Consumer Staples Portfolio	$86,000	1.47%	$74

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8,506.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Consumer Staples Portfolio
Distributions to shareholders
Initial Class	1,829,507	1,342,022
Investor Class	18,855,851	14,587,197
Total	$20,685,358	$15,929,219

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Consumer Staples Portfolio
Initial Class
Shares sold	580,346	183,808	$11,453,344	$3,760,697
Reinvestment of distributions	92,967	70,746	1,829,507	1,342,022
Shares redeemed	(359,659)	(204,331)	(6,848,059)	(4,138,594)
Net increase (decrease)	313,654	50,223	$6,434,792	$964,125
Investor Class
Shares sold	3,639,755	1,069,346	$71,984,707	$21,609,702
Reinvestment of distributions	963,502	772,952	18,855,851	14,587,197
Shares redeemed	(2,181,946)	(1,934,940)	(41,061,492)	(39,248,877)
Net increase (decrease)	2,421,311	(92,642)	$49,779,066	$(3,051,978)

12. 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 Consumer Staples Portfolio	99%

13. Risk and Uncertainties.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Consumer Staples Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

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

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

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

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

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

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

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

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

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

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Consumer Staples Portfolio
Initial Class	.65%
Actual		$ 1,000	$ 1,060.60	$ 3.38
Hypothetical- B		$ 1,000	$ 1,021.93	$ 3.31
Investor Class	.73%
Actual		$ 1,000	$ 1,059.80	$ 3.79
Hypothetical- B		$ 1,000	$ 1,021.53	$ 3.72

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

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Distributions (Unaudited)

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

Initial Class designates 1% and 100% and Investor Class designates 1% and 100% of the dividends distributed in February and November 2022, respectively, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

1.850994.115

VCSP-ANN-0323

Fidelity® Variable Insurance Products:

Technology Portfolio

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	-35.86%	13.65%	17.08%
Investor Class	-35.87%	13.56%	16.99%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Technology Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Adam Benjamin:

For the year ending December 31, 2022, the fund's share classes returned roughly -36%, trailing the -29.58% result of the MSCI US IMI Information Technology 25/50 Index, and also lagging the broad-based S&P 500 ® index. The largest detractors from performance versus the sector index were stock picks and an overweighting in internet services & infrastructure. Stock picks and an overweighting in semiconductors and security selection in application software also hurt. The fund's largest individual relative detractor was an outsized stake in Marvell Technology, which returned about -58% the past 12 months. The company was among our biggest holdings. Also hurting performance was our overweighting in Twilio, which returned about -81%. We pared the position. Another notable relative detractor was an out-of-index stake in Snap (-81%). We notably increased our holdings in the company this period. Conversely, the top contributor to performance versus the sector index was out-of-index exposure to oil & gas refining & marketing. Stock picks and a modest overweighting in electronic manufacturing services also helped the fund's relative performance. The fund's largest individual relative contributor was an outsized stake in On Semiconductor, which returned roughly -8% the past year. The company was among the fund's largest holdings. Also bolstering performance was an underweighting in Advanced Micro Devices, an index component that returned about -34% in the portfolio. This was an investment we established the past 12 months. Another notable relative contributor was an overweighting in Mastercard (-2%), which was one of our biggest holdings. Notable changes in positioning include reduced exposure to the application software subindustry and a higher allocation to semiconductors.

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Apple, Inc.	19.3
Microsoft Corp.	17.1
NVIDIA Corp.	7.0
MasterCard, Inc. Class A	6.3
Marvell Technology, Inc.	4.2
NXP Semiconductors NV	4.2
Cisco Systems, Inc.	3.9
onsemi	3.6
GlobalFoundries, Inc.	2.5
Visa, Inc. Class A	2.2
	70.3

Industries (% of Fund's net assets)

Semiconductors & Semiconductor Equipment	27.9
Software	27.7
Technology Hardware, Storage & Peripherals	19.3
IT Services	14.9
Communications Equipment	3.9
Internet & Direct Marketing Retail	1.3
Interactive Media & Services	1.1
Hotels, Restaurants & Leisure	1.1
Entertainment	1.0
Aerospace & Defense	0.3
Chemicals	0.3
Metals & Mining	0.1
Diversified Financial Services	0.1
Food & Staples Retailing	0.1
Road & Rail	0.0
Pharmaceuticals	0.0
Life Sciences Tools & Services	0.0
Health Care Equipment & Supplies	0.0

Geographic Diversification (% of Fund's net assets)

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

Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares	Value ($)
Chemicals - 0.3%
Commodity Chemicals - 0.3%
LG Chemical Ltd.	6,230	2,968,799
Communications Equipment - 3.9%
Communications Equipment - 3.9%
Cisco Systems, Inc.	911,300	43,414,332
Diversified Financial Services - 0.1%
Other Diversified Financial Services - 0.1%
Ant International Co. Ltd. Class C (a)(b)(c)	835,647	1,428,956
Entertainment - 1.0%
Movies & Entertainment - 1.0%
Netflix, Inc. (a)	38,932	11,480,268
Health Care Equipment & Supplies - 0.0%
Health Care Equipment - 0.0%
China Medical Technologies, Inc. sponsored ADR (a)(c)	300	0
Hotels, Restaurants & Leisure - 1.1%
Hotels, Resorts & Cruise Lines - 1.1%
Airbnb, Inc. Class A (a)	139,800	11,952,900
Interactive Media & Services - 0.7%
Interactive Media & Services - 0.7%
Snap, Inc. Class A (a)	865,067	7,742,350
Internet & Direct Marketing Retail - 1.1%
Internet & Direct Marketing Retail - 1.1%
Deliveroo PLC Class A (a)(d)	955,100	989,551
Lyft, Inc. (a)	180,097	1,984,669
Uber Technologies, Inc. (a)	384,924	9,519,171
		12,493,391
IT Services - 14.9%
Data Processing & Outsourced Services - 9.5%
Genpact Ltd.	241,600	11,190,912
MasterCard, Inc. Class A	204,000	70,936,920
Visa, Inc. Class A	121,400	25,222,064
		107,349,896
Internet Services & Infrastructure - 4.6%
Cloudflare, Inc. (a)	77,100	3,485,691
MongoDB, Inc. Class A (a)	28,400	5,590,256
Okta, Inc. (a)	340,600	23,273,198
Shopify, Inc. Class A (a)(e)	144,000	4,998,240
Snowflake, Inc. (a)	51,916	7,452,023
Twilio, Inc. Class A (a)	140,700	6,888,672
		51,688,080
IT Consulting & Other Services - 0.8%
Capgemini SA	54,300	9,077,668
TOTAL IT SERVICES		168,115,644
Life Sciences Tools & Services - 0.0%
Life Sciences Tools & Services - 0.0%
Eden Biologics, Inc. (a)(c)	94,814	0
Pharmaceuticals - 0.0%
Pharmaceuticals - 0.0%
Chime Biologics Wuhan Co. Ltd. (a)(c)	94,814	49,382
Road & Rail - 0.0%
Trucking - 0.0%
TuSimple Holdings, Inc. (a)(e)	31,800	52,152
Semiconductors & Semiconductor Equipment - 27.5%
Semiconductor Equipment - 2.2%
ASML Holding NV (Netherlands)	13,400	7,306,378
Teradyne, Inc.	196,800	17,190,480
		24,496,858
Semiconductors - 25.3%
Advanced Micro Devices, Inc. (a)	54,000	3,497,580
GlobalFoundries, Inc. (a)(e)	522,900	28,179,081
Marvell Technology, Inc.	1,287,204	47,678,036
Microchip Technology, Inc.	303,000	21,285,750
NVIDIA Corp.	542,000	79,207,880
NXP Semiconductors NV	296,504	46,856,527
onsemi (a)	654,000	40,789,980
Taiwan Semiconductor Manufacturing Co. Ltd.	1,270,000	18,447,499
		285,942,333
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		310,439,191
Software - 27.1%
Application Software - 7.1%
HubSpot, Inc. (a)	26,733	7,729,312
Intuit, Inc.	60,800	23,664,576
Pine Labs Private Ltd. (a)(b)(c)	1,314	693,713
Qualtrics International, Inc. (a)	105,900	1,099,242
Salesforce.com, Inc. (a)	167,765	22,243,961
Splunk, Inc. (a)	284,900	24,527,041
		79,957,845
Systems Software - 20.0%
Microsoft Corp.	803,800	192,767,316
Rapid7, Inc. (a)	104,300	3,544,114
ServiceNow, Inc. (a)	57,900	22,480,833
Tenable Holdings, Inc. (a)	177,370	6,766,666
		225,558,929
TOTAL SOFTWARE		305,516,774
Technology Hardware, Storage & Peripherals - 19.3%
Technology Hardware, Storage & Peripherals - 19.3%
Apple, Inc.	1,672,860	217,354,697
IonQ, Inc. (a)(b)	44,500	153,525
		217,508,222
TOTAL COMMON STOCKS (Cost $819,144,098)		1,093,162,361

Preferred Stocks - 2.3%
	Shares	Value ($)
Convertible Preferred Stocks - 1.9%
Aerospace & Defense - 0.3%
Aerospace & Defense - 0.3%
Relativity Space, Inc. Series E (a)(b)(c)	174,268	3,236,157

Electronic Equipment & Components - 0.2%
Electronic Equipment & Instruments - 0.2%
Enevate Corp. Series E (a)(b)(c)	3,556,678	1,849,473

Food & Staples Retailing - 0.1%
Food Retail - 0.1%
GoBrands, Inc. Series G (a)(b)(c)	5,260	761,332

Hotels, Restaurants & Leisure - 0.0%
Casinos & Gaming - 0.0%
Discord, Inc. Series I (a)(b)(c)	200	70,994

Interactive Media & Services - 0.5%
Interactive Media & Services - 0.5%
ByteDance Ltd. Series E1 (a)(b)(c)	9,903	1,781,946
Reddit, Inc.:
Series D(a)(b)(c)	33,900	1,269,894
Series E(a)(b)(c)	1,982	74,246
Series F(a)(b)(c)	55,762	2,088,845
		5,214,931
Internet & Direct Marketing Retail - 0.1%
Internet & Direct Marketing Retail - 0.1%
Instacart, Inc. Series I (a)(b)(c)	10,890	466,092
Meesho Series F (a)(b)(c)	17,100	1,332,603
		1,798,695
Metals & Mining - 0.1%
Precious Metals & Minerals - 0.1%
Diamond Foundry, Inc. Series C (a)(b)(c)	56,576	1,754,988

Semiconductors & Semiconductor Equipment - 0.4%
Semiconductor Equipment - 0.3%
Astera Labs, Inc.:
Series A(b)(c)	52,688	499,482
Series B(b)(c)	8,971	85,045
Series C(a)(b)(c)	49,300	467,364
Series D(b)(c)	216,871	2,055,937
		3,107,828
Semiconductors - 0.1%
SiMa.ai:
Series B(a)(b)(c)	85,000	532,100
Series B1(b)(c)	36,016	263,997
Xsight Labs Ltd. Series D (a)(b)(c)	37,800	266,868
		1,062,965
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		4,170,793

Software - 0.2%
Application Software - 0.2%
Convoy, Inc. Series D (a)(b)(c)	28,479	270,266
Databricks, Inc.:
Series G(a)(b)(c)	14,100	693,861
Series H(a)(b)(c)	36,297	1,786,175
		2,750,302
Systems Software - 0.0%
Tenstorrent, Inc. Series C1 (a)(b)(c)	2,400	125,064

TOTAL SOFTWARE		2,875,366

TOTAL CONVERTIBLE PREFERRED STOCKS		21,732,729
Nonconvertible Preferred Stocks - 0.4%
Software - 0.4%
Application Software - 0.4%
Pine Labs Private Ltd.:
Series 1(a)(b)(c)	3,140	1,657,732
Series A(a)(b)(c)	785	414,433
Series B(a)(b)(c)	854	450,861
Series B2(a)(b)(c)	690	364,279
Series C(a)(b)(c)	1,284	677,875
Series C1(a)(b)(c)	271	143,072
Series D(a)(b)(c)	289	152,575
		3,860,827
TOTAL PREFERRED STOCKS (Cost $29,474,329)		25,593,556

Preferred Securities - 0.1%
	Principal Amount (f)	Value ($)
Electronic Equipment & Components - 0.1%
Electronic Equipment & Instruments - 0.1%
Enevate Corp. 0% 1/29/23 (b)(c)	1,514,278	1,446,135
Software - 0.0%
Systems Software - 0.0%
Tenstorrent, Inc. 0% (b)(c)(g)	130,000	113,880
TOTAL PREFERRED SECURITIES (Cost $1,644,278)		1,560,015

Money Market Funds - 3.0%
	Shares	Value ($)
Fidelity Cash Central Fund 4.37% (h)	7,926,690	7,928,276
Fidelity Securities Lending Cash Central Fund 4.37% (h)(i)	26,062,019	26,064,625
TOTAL MONEY MARKET FUNDS (Cost $33,992,901)		33,992,901

TOTAL INVESTMENT IN SECURITIES - 102.4% (Cost $884,255,606)	1,154,308,833
NET OTHER ASSETS (LIABILITIES) - (2.4)%	(26,807,194)
NET ASSETS - 100.0%	1,127,501,639

Legend

(a)	Non-income producing

(b)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $29,429,765 or 2.6% of net assets.

(c)	Level 3 security

(d)	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 $989,551 or 0.1% of net assets.

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

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

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

(h)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Ant International Co. Ltd. Class C	5/16/18	3,184,965

Astera Labs, Inc. Series A	5/17/22	535,811

Astera Labs, Inc. Series B	5/17/22	91,231

Astera Labs, Inc. Series C	8/24/21	165,737

Astera Labs, Inc. Series D	5/17/22 - 5/27/22	2,205,470

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

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

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

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

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

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

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

Enevate Corp. 0% 1/29/23	1/29/21	1,514,278

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

Instacart, Inc. Series I	2/26/21	1,361,250

IonQ, Inc.	3/07/21	445,000

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

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

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

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

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

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

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

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

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

Reddit, Inc. Series D	2/04/19	735,166

Reddit, Inc. Series E	5/18/21	84,184

Reddit, Inc. Series F	8/11/21	3,445,779

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

SiMa.ai Series B	5/10/21	435,829

SiMa.ai Series B1	4/25/22 - 10/17/22	255,386

Tenstorrent, Inc. Series C1	4/23/21	142,690

Tenstorrent, Inc. 0%	4/23/21	130,000

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	37,855,521	309,373,062	339,300,307	240,893	-	-	7,928,276	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	1,480,150	204,376,640	179,792,165	299,173	-	-	26,064,625	0.1%
Total	39,335,671	513,749,702	519,092,472	540,066	-	-	33,992,901

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

Investment Valuation

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

Common Stocks	1,093,162,361	1,056,158,765	34,831,545	2,172,051

Preferred Stocks	25,593,556	-	-	25,593,556

Preferred Securities	1,560,015	-	-	1,560,015

Money Market Funds	33,992,901	33,992,901	-	-
Total Investments in Securities:	1,154,308,833	1,090,151,666	34,831,545	29,325,622

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


Investments in Securities:
Preferred Stocks
Beginning Balance	$	30,872,838
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(8,367,179)
Cost of Purchases		3,087,897
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	25,593,556
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022	$	(8,367,179)
Other Investments in Securities
Beginning Balance	$	4,073,679
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(341,613)
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	3,732,066
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022	$	(341,613)
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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements

Statement of Assets and Liabilities
				December 31, 2022

Assets
Investment in securities, at value (including securities loaned of $25,455,369) - See accompanying schedule:	$
Unaffiliated issuers (cost $850,262,705)		1,120,315,932
Fidelity Central Funds (cost $33,992,901)		33,992,901


Total Investment in Securities (cost $884,255,606)			$	1,154,308,833
Receivable for fund shares sold				150,750
Dividends receivable				333,408
Distributions receivable from Fidelity Central Funds				118,841
Prepaid expenses				3,566
Total assets				1,154,915,398
Liabilities
Payable for fund shares redeemed		$630,755
Accrued management fee		520,497
Other affiliated payables		153,276
Other payables and accrued expenses		44,606
Collateral on securities loaned		26,064,625
Total Liabilities				27,413,759
Net Assets			$	1,127,501,639
Net Assets consist of:
Paid in capital			$	820,782,808
Total accumulated earnings (loss)				306,718,831
Net Assets			$	1,127,501,639

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($185,488,507 ÷ 8,857,724 shares)			$	20.94
Investor Class :
Net Asset Value , offering price and redemption price per share ($942,013,132 ÷ 45,872,409 shares)			$	20.54

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	8,888,501
Income from Fidelity Central Funds (including $299,173 from security lending)				540,066
Total Income				9,428,567
Expenses
Management fee	$	7,376,153
Transfer agent fees		1,748,987
Accounting fees		417,006
Custodian fees and expenses		21,407
Independent trustees' fees and expenses		5,020
Audit		53,607
Legal		5,520
Interest		1,854
Miscellaneous		7,718
Total expenses before reductions		9,637,272
Expense reductions		(50,907)
Total expenses after reductions				9,586,365
Net Investment income (loss)				(157,798)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $933,380)		36,147,528
Foreign currency transactions		(35,050)
Total net realized gain (loss)				36,112,478
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers (net of decrease in deferred foreign taxes of $913,858)		(732,955,031)
Assets and liabilities in foreign currencies		(1,001)
Total change in net unrealized appreciation (depreciation)				(732,956,032)
Net gain (loss)				(696,843,554)
Net increase (decrease) in net assets resulting from operations			$	(697,001,352)

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(157,798)	$	(3,232,254)
Net realized gain (loss)		36,112,478		226,101,435
Change in net unrealized appreciation (depreciation)		(732,956,032)		204,315,262
Net increase (decrease) in net assets resulting from operations		(697,001,352)		427,184,443
Distributions to shareholders		(149,535,613)		(187,938,154)
Share transactions - net increase (decrease)		(74,623,368)		157,357,025
Total increase (decrease) in net assets		(921,160,333)		396,603,314

Net Assets
Beginning of period		2,048,661,972		1,652,058,658
End of period	$	1,127,501,639	$	2,048,661,972

Financial Highlights

VIP Technology Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	35.65	$	30.99	$	19.08	$	15.76	$	18.43
Income from Investment Operations
Net investment income (loss) A,B		.01		(.04)		(.01)		.09		.05
Net realized and unrealized gain (loss)		(12.04)		8.22		12.36		6.72		(1.34)
Total from investment operations		(12.03)		8.18		12.35		6.81		(1.29)
Distributions from net investment income		-		-		(.02)		(.08)		-
Distributions from net realized gain		(2.68)		(3.52)		(.42)		(3.42)		(1.38)
Total distributions		(2.68)		(3.52)		(.44)		(3.49) C		(1.38)
Net asset value, end of period	$	20.94	$	35.65	$	30.99	$	19.08	$	15.76
Total Return D,E		(35.86)%		28.16%		64.95%		51.32%		(7.62)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.63%		.62%		.63%		.65%		.66%
Expenses net of fee waivers, if any		.62%		.62%		.63%		.65%		.66%
Expenses net of all reductions		.62%		.62%		.63%		.64%		.64%
Net investment income (loss)		.05%		(.12)%		(.03)%		.52%		.27%
Supplemental Data
Net assets, end of period (000 omitted)	$	185,489	$	356,589	$	286,967	$	175,680	$	123,867
Portfolio turnover rate H		21%		31%		52%		20%		139%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

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

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

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

VIP Technology Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	35.03	$	30.51	$	18.80	$	15.57	$	18.23
Income from Investment Operations
Net investment income (loss) A,B		(.01)		(.06)		(.02)		.07		.04
Net realized and unrealized gain (loss)		(11.81)		8.07		12.16		6.64		(1.34)
Total from investment operations		(11.82)		8.01		12.14		6.71		(1.30)
Distributions from net investment income		-		-		(.02)		(.06)		-
Distributions from net realized gain		(2.67)		(3.49)		(.41)		(3.42)		(1.36)
Total distributions		(2.67)		(3.49)		(.43)		(3.48)		(1.36)
Net asset value, end of period	$	20.54	$	35.03	$	30.51	$	18.80	$	15.57
Total Return C,D		(35.87)%		28.06%		64.76%		51.26%		(7.73)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.70%		.70%		.71%		.73%		.74%
Expenses net of fee waivers, if any		.70%		.70%		.71%		.73%		.73%
Expenses net of all reductions		.70%		.70%		.71%		.72%		.72%
Net investment income (loss)		(.02)%		(.20)%		(.11)%		.44%		.20%
Supplemental Data
Net assets, end of period (000 omitted)	$	942,013	$	1,692,073	$	1,365,091	$	732,499	$	488,235
Portfolio turnover rate G		21%		31%		52%		20%		139%

A Calculated based on average shares outstanding during the period.

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

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

E Fees and expenses of any underlying 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.

F Expense 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.

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

Notes to Financial Statements

For the period ended December 31, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input A
Equities	$27,765,607	Market comparable	Enterprise value/Revenue multiple (EV/R)	2.6 - 25.0 / 11.8	Increase
			Enterprise value/Gross profit multiple (EV/GP)	7.3	Increase
		Recovery value	Recovery value	$0.00	Increase
		Market approach	Transaction price	$1.11 - $59.45 / $5.68	Increase
			Discount rate	15.0% - 75.0% / 48.6%	Decrease
			Probability rate	25.0% - 75.0% / 50.0%	Increase
			Premium rate	5.0%	Increase
		Book value	Book value multiple	1.5	Increase
		Discounted cash flow	Weighted average cost of capital (WACC)	30.0%	Decrease
			Exit multiple	2.0	Increase
		Black scholes	Discount rate	3.8% - 4.2% / 3.9%	Increase
			Volatility	50.0% - 100.0% / 81.5%	Increase
			Term	2.0 - 5.0 / 4.0	Increase
Preferred Securities	$1,560,015	Market approach	Transaction price	$1.11 - $100.00 / $8.33	Increase
			Discount rate	15.0% - 55.0% / 52.1%	Decrease
			Probability rate	25.0% - 75.0% / 50.0%	Increase
		Black scholes	Discount rate	4.0% - 4.2% / 4.0%	Increase
			Volatility	70.0% - 100.0% / 97.8%	Increase
			Term	2.0 - 3.0 / 2.9	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 December 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Book-tax differences are primarily due to foreign currency transactions, net operating losses 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	$418,998,085
Gross unrealized depreciation	(149,142,192)
Net unrealized appreciation (depreciation)	$269,855,893
Tax Cost	$884,452,940

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

Undistributed long-term capital gain	$36,877,887
Net unrealized appreciation (depreciation) on securities and other investments	$269,854,823

The Fund intends to elect to defer to its next fiscal year $13,879 of ordinary losses recognized during the period November 1, 2022 to December 31, 2022.

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$4,627,181	$90,702,912
Long-term Capital Gains	144,908,432	97,235,242
Total	$149,535,613	$187,938,154

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

New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Technology Portfolio	298,584,893	494,458,066

5. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets
Initial Class	146,040	.06
Investor Class	1,602,947	.14
	$1,748,987

	% of Average Net Assets
VIP Technology Portfolio	.03

	Amount
VIP Technology Portfolio	$4,730

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
VIP Technology Portfolio	Borrower	$9,928,273	.61%	$1,854

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Technology Portfolio	19,935,085	24,262,437	3,863,826

6. Committed Line of Credit.

	Amount
VIP Technology Portfolio	$2,667

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	$31,771	$119	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $50,907.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Technology Portfolio
Distributions to shareholders
Initial Class	25,127,668	31,666,390
Investor Class	124,407,945	156,271,764
Total	$149,535,613	$187,938,154

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Technology Portfolio
Initial Class
Shares sold	1,088,651	1,895,598	$27,057,152	$63,361,412
Reinvestment of distributions	864,682	1,001,512	25,127,668	31,666,390
Shares redeemed	(3,099,249)	(2,154,574)	(81,125,431)	(66,852,508)
Net increase (decrease)	(1,145,916)	742,536	$(28,940,611)	$28,175,294
Investor Class
Shares sold	3,481,136	4,998,819	$87,723,145	$165,725,307
Reinvestment of distributions	4,362,130	5,028,814	124,407,945	156,271,764
Shares redeemed	(10,268,845)	(6,468,602)	(257,813,847)	(192,815,340)
Net increase (decrease)	(2,425,579)	3,559,031	$(45,682,757)	$129,181,731

11. Other.

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

Fund	Affiliated %
VIP Technology Portfolio	98%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Technology Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and issuers of privately offered securities. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Technology Portfolio
Initial Class	.62%
Actual		$ 1,000	$ 973.50	$ 3.08
Hypothetical- B		$ 1,000	$ 1,022.08	$ 3.16
Investor Class	.70%
Actual		$ 1,000	$ 973.50	$ 3.48
Hypothetical- B		$ 1,000	$ 1,021.68	$ 3.57

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

B �� 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022, $ 36,957,265, or, if subsequently determined to be different, the net capital gain of such year.

1.817385.117

VTECIC-ANN-0323

Fidelity® Variable Insurance Products:

Real Estate Portfolio

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	-27.51%	1.70%	5.11%
Service Class	-27.59%	1.60%	5.00%
Service Class 2	-27.69%	1.45%	4.85%
Investor Class	-27.58%	1.62%	5.03%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Real Estate Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

U.S. equities returned -18.11% in 2022, according to the S&P 500 ® index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

Comments from Portfolio Manager Samuel Wald:

For the fiscal year ending December 31, 2022, the fund's share classes returned about -28%, underperforming the -26.12% result of the MSCI US IMI Real Estate 25/50 Linked Index, as well as the broad-based S&P 500 ® index. Versus the sector index, industry positioning was the primary detractor, especially an underweighting within retail REITs. Security selection and outsized exposure to real estate operating companies also hurt. The biggest individual detractor versus the sector index was an out-of-index position in Cyxtera Technologies (-85%). An oversized holding in WeWork (-83%) also proved detrimental. Avoiding Realty Income, an index component that returned about -7%, further pressured the portfolio's relative performance. In contrast, the top contributor to performance versus the sector index was security selection among real estate services firms. An underweighting in office REITs and investment choices in health care REITs also added value compared with the index. The biggest individual relative contributor was an overweight position in Ventas (-9%), one of our largest holdings at year-end. Further aiding performance was our outsized stake in Equinix, which returned roughly -11% and was among the fund's biggest holdings. Another notable relative contributor was a larger-than-index position in Four Corners Property Trust (-7%). Notable changes in positioning include increased exposure to health care REITs and a lower allocation to real estate services companies.

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Prologis (REIT), Inc.	10.6
Crown Castle International Corp.	9.0
Equinix, Inc.	7.6
American Tower Corp.	7.6
CubeSmart	7.0
Ventas, Inc.	5.3
CBRE Group, Inc.	4.9
Mid-America Apartment Communities, Inc.	4.9
Essex Property Trust, Inc.	3.7
Equity Lifestyle Properties, Inc.	3.7
	64.3

Market Sectors (% of Fund's net assets)

REITs - Diversified	21.5
REITs - Warehouse/Industrial	13.9
REITs - Apartments	13.7
REITs - Health Care	8.4
REITs - Storage	8.3

Asset Allocation (% of Fund's net assets)

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares	Value ($)
Commercial Services & Supplies - 0.8%
REITs - Diversified - 0.8%
CoreCivic, Inc. (a)	223,400	2,582,504
Equity Real Estate Investment Trusts (REITs) - 92.3%
REITs - Apartments - 13.7%
Essex Property Trust, Inc.	58,748	12,449,876
Invitation Homes, Inc.	353,500	10,477,740
Mid-America Apartment Communities, Inc.	103,500	16,248,465
UDR, Inc.	165,900	6,425,307
		45,601,388
REITs - Diversified - 20.7%
Crown Castle International Corp.	220,300	29,881,492
Equinix, Inc.	38,700	25,349,661
Lamar Advertising Co. Class A	96,200	9,081,280
VICI Properties, Inc.	135,300	4,383,720
		68,696,153
REITs - Health Care - 8.4%
Ventas, Inc.	390,110	17,574,456
Welltower, Inc.	157,000	10,291,350
		27,865,806
REITs - Hotels - 3.5%
Host Hotels & Resorts, Inc.	225,700	3,622,485
Ryman Hospitality Properties, Inc.	98,500	8,055,330
		11,677,815
REITs - Management/Investment - 7.6%
American Tower Corp.	119,400	25,296,084
REITs - Manufactured Homes - 3.7%
Equity Lifestyle Properties, Inc.	189,120	12,217,152
REITs - Office Property - 2.9%
Alexandria Real Estate Equities, Inc.	66,800	9,730,756
REITs - Shopping Centers - 4.8%
Phillips Edison & Co., Inc. (b)	122,100	3,887,664
SITE Centers Corp.	533,800	7,291,708
Urban Edge Properties	347,400	4,894,866
		16,074,238
REITs - Single Tenant - 4.8%
Four Corners Property Trust, Inc. (b)	380,400	9,863,772
Spirit Realty Capital, Inc.	149,100	5,953,563
		15,817,335
REITs - Storage - 8.3%
CubeSmart	577,900	23,260,475
Public Storage	15,100	4,230,869
		27,491,344
REITs - Warehouse/Industrial - 13.9%
EastGroup Properties, Inc.	43,000	6,366,580
Prologis (REIT), Inc.	310,929	35,051,026
Terreno Realty Corp.	82,900	4,714,523
		46,132,129
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		306,600,200
IT Services - 0.4%
Internet Services & Infrastructure - 0.4%
Cyxtera Technologies, Inc. Class A (a)	745,297	1,430,970
Real Estate Management & Development - 5.3%
Real Estate Operating Companies - 0.4%
WeWork, Inc. (a)(b)	855,900	1,223,937
Real Estate Services - 4.9%
CBRE Group, Inc. (a)	212,000	16,315,520
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT		17,539,457
TOTAL COMMON STOCKS (Cost $301,448,693)		328,153,131

Money Market Funds - 1.5%
	Shares	Value ($)
Fidelity Cash Central Fund 4.37% (c)	3,045,842	3,046,451
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d)	2,070,593	2,070,800
TOTAL MONEY MARKET FUNDS (Cost $5,117,251)		5,117,251

TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $306,565,944)	333,270,382
NET OTHER ASSETS (LIABILITIES) - (0.3)%	(1,072,763)
NET ASSETS - 100.0%	332,197,619

Legend

(a)	Non-income producing

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

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	6,523,200	99,152,653	102,629,402	54,729	-	-	3,046,451	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	3,812,400	48,344,047	50,085,647	153,453	-	-	2,070,800	0.0%
Total	10,335,600	147,496,700	152,715,049	208,182	-	-	5,117,251

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	328,153,131	328,153,131	-	-

Money Market Funds	5,117,251	5,117,251	-	-
Total Investments in Securities:	333,270,382	333,270,382	-	-

Financial Statements

Statement of Assets and Liabilities
			December 31, 2022

Assets
Investment in securities, at value (including securities loaned of $2,197,145) - See accompanying schedule:
Unaffiliated issuers (cost $301,448,693)	$328,153,131
Fidelity Central Funds (cost $5,117,251)	5,117,251

Total Investment in Securities (cost $306,565,944)		$	333,270,382
Receivable for investments sold			760,365
Receivable for fund shares sold			33,992
Dividends receivable			1,479,353
Distributions receivable from Fidelity Central Funds			17,522
Prepaid expenses			1,433
Total assets			335,563,047
Liabilities
Payable for investments purchased	$855,841
Payable for fund shares redeemed	182,485
Accrued management fee	149,280
Distribution and service plan fees payable	22,138
Other affiliated payables	37,918
Other payables and accrued expenses	46,966
Collateral on securities loaned	2,070,800
Total Liabilities			3,365,428
Net Assets		$	332,197,619
Net Assets consist of:
Paid in capital		$	291,822,185
Total accumulated earnings (loss)			40,375,434
Net Assets		$	332,197,619

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($66,059,555 ÷ 3,994,313 shares)		$	16.54
Service Class :
Net Asset Value , offering price and redemption price per share ($12,148,776 ÷ 738,073 shares)		$	16.46
Service Class 2 :
Net Asset Value , offering price and redemption price per share ($97,993,932 ÷ 6,041,773 shares)		$	16.22
Investor Class :
Net Asset Value , offering price and redemption price per share ($155,995,356 ÷ 9,495,346 shares)		$	16.43

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	9,484,273
Income from Fidelity Central Funds (including $153,453 from security lending)				208,182
Total Income				9,692,455
Expenses
Management fee	$	2,096,708
Transfer agent fees		390,911
Distribution and service plan fees		311,183
Accounting fees		147,569
Custodian fees and expenses		17,030
Independent trustees' fees and expenses		1,399
Audit		48,333
Legal		710
Interest		979
Miscellaneous		2,155
Total expenses before reductions		3,016,977
Expense reductions		(13,763)
Total expenses after reductions				3,003,214
Net Investment income (loss)				6,689,241
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		12,272,372
Total net realized gain (loss)				12,272,372
Change in net unrealized appreciation (depreciation) on investment securities				(155,468,615)
Net gain (loss)				(143,196,243)
Net increase (decrease) in net assets resulting from operations			$	(136,507,002)

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,689,241	$	4,175,398
Net realized gain (loss)		12,272,372		17,819,860
Change in net unrealized appreciation (depreciation)		(155,468,615)		114,013,888
Net increase (decrease) in net assets resulting from operations		(136,507,002)		136,009,146
Distributions to shareholders		(17,453,553)		(7,246,623)
Share transactions - net increase (decrease)		(27,789,290)		45,700,158
Total increase (decrease) in net assets		(181,749,845)		174,462,681

Net Assets
Beginning of period		513,947,464		339,484,783
End of period	$	332,197,619	$	513,947,464

Financial Highlights

VIP Real Estate Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.81	$	17.43	$	19.79	$	16.68	$	19.44
Income from Investment Operations
Net investment income (loss) A,B		.34		.23		.31		.43		.40
Net realized and unrealized gain (loss)		(6.76)		6.52		(1.54)		3.41		(1.64)
Total from investment operations		(6.42)		6.75		(1.23)		3.84		(1.24)
Distributions from net investment income		(.25)		(.22) C		(.37)		(.34)		(.51)
Distributions from net realized gain		(.59)		(.15) C		(.76)		(.39)		(1.00)
Total distributions		(.85) D		(.37)		(1.13)		(.73)		(1.52) D
Net asset value, end of period	$	16.54	$	23.81	$	17.43	$	19.79	$	16.68
Total Return E,F		(27.51)%		38.99%		(6.55)%		23.22%		(6.22)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.64%		.64%		.66%		.66%		.67%
Expenses net of fee waivers, if any		.64%		.64%		.66%		.66%		.67%
Expenses net of all reductions		.64%		.64%		.65%		.65%		.67%
Net investment income (loss)		1.80%		1.11%		1.83%		2.21%		2.23%
Supplemental Data
Net assets, end of period (000 omitted)	$	66,060	$	95,219	$	69,612	$	90,029	$	74,259
Portfolio turnover rate I		53%		31%		83%		44%		50%

A Calculated based on average shares outstanding during the period.

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

D Total distributions per share do not sum due to rounding.

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

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

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

VIP Real Estate Portfolio Service Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.70	$	17.35	$	19.70	$	16.61	$	19.37
Income from Investment Operations
Net investment income (loss) A,B		.32		.21		.29		.41		.38
Net realized and unrealized gain (loss)		(6.73)		6.48		(1.52)		3.39		(1.63)
Total from investment operations		(6.41)		6.69		(1.23)		3.80		(1.25)
Distributions from net investment income		(.24)		(.19) C		(.36)		(.33)		(.50)
Distributions from net realized gain		(.59)		(.15) C		(.76)		(.39)		(1.00)
Total distributions		(.83)		(.34)		(1.12)		(.71) D		(1.51) D
Net asset value, end of period	$	16.46	$	23.70	$	17.35	$	19.70	$	16.61
Total Return E,F		(27.59)%		38.80%		(6.61)%		23.09%		(6.31)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.74%		.74%		.76%		.76%		.77%
Expenses net of fee waivers, if any		.74%		.74%		.76%		.76%		.77%
Expenses net of all reductions		.74%		.74%		.75%		.75%		.77%
Net investment income (loss)		1.70%		1.01%		1.73%		2.11%		2.13%
Supplemental Data
Net assets, end of period (000 omitted)	$	12,149	$	15,071	$	14,062	$	12,933	$	9,737
Portfolio turnover rate I		53%		31%		83%		44%		50%

A Calculated based on average shares outstanding during the period.

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

D Total distributions per share do not sum due to rounding.

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

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

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

VIP Real Estate Portfolio Service Class 2

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.36	$	17.11	$	19.45	$	16.40	$	19.14
Income from Investment Operations
Net investment income (loss) A,B		.29		.17		.26		.37		.35
Net realized and unrealized gain (loss)		(6.63)		6.40		(1.51)		3.36		(1.62)
Total from investment operations		(6.34)		6.57		(1.25)		3.73		(1.27)
Distributions from net investment income		(.21)		(.17) C		(.33)		(.30)		(.47)
Distributions from net realized gain		(.58)		(.15) C		(.76)		(.39)		(1.00)
Total distributions		(.80) D		(.32)		(1.09)		(.68) D		(1.47)
Net asset value, end of period	$	16.22	$	23.36	$	17.11	$	19.45	$	16.40
Total Return E,F		(27.69)%		38.64%		(6.79)%		22.95%		(6.45)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.89%		.89%		.91%		.91%		.92%
Expenses net of fee waivers, if any		.89%		.89%		.91%		.91%		.92%
Expenses net of all reductions		.89%		.89%		.90%		.90%		.92%
Net investment income (loss)		1.55%		.86%		1.58%		1.96%		1.98%
Supplemental Data
Net assets, end of period (000 omitted)	$	97,994	$	158,332	$	105,694	$	124,526	$	104,238
Portfolio turnover rate I		53%		31%		83%		44%		50%

A Calculated based on average shares outstanding during the period.

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

D Total distributions per share do not sum due to rounding.

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

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

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

VIP Real Estate Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.66	$	17.32	$	19.67	$	16.58	$	19.34
Income from Investment Operations
Net investment income (loss) A,B		.33		.21		.30		.41		.38
Net realized and unrealized gain (loss)		(6.73)		6.49		(1.53)		3.40		(1.64)
Total from investment operations		(6.40)		6.70		(1.23)		3.81		(1.26)
Distributions from net investment income		(.24)		(.21) C		(.36)		(.33)		(.50)
Distributions from net realized gain		(.59)		(.15) C		(.76)		(.39)		(1.00)
Total distributions		(.83)		(.36)		(1.12)		(.72)		(1.50)
Net asset value, end of period	$	16.43	$	23.66	$	17.32	$	19.67	$	16.58
Total Return D,E		(27.58)%		38.92%		(6.61)%		23.15%		(6.33)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.72%		.72%		.74%		.74%		.75%
Expenses net of fee waivers, if any		.72%		.71%		.74%		.73%		.75%
Expenses net of all reductions		.72%		.71%		.73%		.73%		.75%
Net investment income (loss)		1.72%		1.03%		1.75%		2.13%		2.15%
Supplemental Data
Net assets, end of period (000 omitted)	$	155,995	$	245,326	$	150,117	$	192,874	$	151,327
Portfolio turnover rate H		53%		31%		83%		44%		50%

A Calculated based on average shares outstanding during the period.

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

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

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

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

Notes to Financial Statements

For the period ended December 31, 2022

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 Ratio A
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 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	$57,896,954
Gross unrealized depreciation	(33,158,419)
Net unrealized appreciation (depreciation)	$24,738,535
Tax Cost	$308,531,847

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

Undistributed ordinary income	$1,579,391
Undistributed long-term capital gain	$14,057,509
Net unrealized appreciation (depreciation) on securities and other investments	$24,738,535

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$8,774,250	$7,246,623
Long-term Capital Gains	8,679,303	-
Total	$17,453,553	$7,246,623

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	212,880,325	236,707,408

5. Fees and Other Transactions with Affiliates.

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

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

Service Class	$12,991
Service Class 2	298,192
	$311,183

	Amount	% of Class-Level Average Net Assets
Initial Class	$47,802	.06
Service Class	8,111	.06
Service Class 2	74,405	.06
Investor Class	260,593	.14
	$390,911

	% of Average Net Assets
VIP Real Estate Portfolio	.04

	Amount
VIP Real Estate Portfolio	$2,716

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
VIP Real Estate Portfolio	Borrower	$10,399,333	.57%	$979

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Real Estate Portfolio	21,267,680	20,643,974	(498,588)

6. Committed Line of Credit.

	Amount
VIP Real Estate Portfolio	$731

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	$16,488	$19,981	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $13,763.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Real Estate Portfolio
Distributions to shareholders
Initial Class	$3,366,351	$1,443,748
Service Class	559,733	218,776
Service Class 2	5,225,323	2,023,505
Investor Class	8,302,146	3,560,594
Total	$17,453,553	$7,246,623

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Real Estate Portfolio
Initial Class
Shares sold	450,719	759,227	$8,747,373	$15,475,041
Reinvestment of distributions	171,237	68,085	3,366,350	1,443,748
Shares redeemed	(626,425)	(822,123)	(12,167,123)	(16,654,140)
Net increase (decrease)	(4,469)	5,189	$(53,400)	$264,649
Service Class
Shares sold	269,375	393,969	$4,941,492	$7,663,580
Reinvestment of distributions	28,665	10,401	559,733	218,776
Shares redeemed	(195,743)	(579,243)	(3,613,979)	(12,205,255)
Net increase (decrease)	102,297	(174,873)	$1,887,246	$(4,322,899)
Service Class 2
Shares sold	2,102,703	1,903,569	$41,393,596	$40,229,133
Reinvestment of distributions	268,267	96,963	5,225,323	2,023,505
Shares redeemed	(3,106,302)	(1,400,222)	(60,881,093)	(28,168,136)
Net increase (decrease)	(735,332)	600,310	$(14,262,174)	$14,084,502
Investor Class
Shares sold	792,516	2,478,597	$16,739,279	$51,992,533
Reinvestment of distributions	422,934	168,706	8,302,146	3,560,594
Shares redeemed	(2,090,615)	(943,577)	(40,402,387)	(19,879,221)
Net increase (decrease)	(875,165)	1,703,726	$(15,360,962)	$35,673,906

11. Other.

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

Fund	Affiliated %
VIP Real Estate Portfolio	54%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Real Estate Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Real Estate Portfolio
Initial Class	.64%
Actual		$ 1,000	$ 911.10	$ 3.08
Hypothetical- B		$ 1,000	$ 1,021.98	$ 3.26
Service Class	.74%
Actual		$ 1,000	$ 910.50	$ 3.56
Hypothetical- B		$ 1,000	$ 1,021.48	$ 3.77
Service Class 2	.89%
Actual		$ 1,000	$ 909.80	$ 4.28
Hypothetical- B		$ 1,000	$ 1,020.72	$ 4.53
Investor Class	.72%
Actual		$ 1,000	$ 910.80	$ 3.47
Hypothetical- B		$ 1,000	$ 1,021.58	$ 3.67

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

B 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022, $14,081,055, or, if subsequently determined to be different, the net capital gain of such year.

1.781992.120

VIPRE-ANN-0323

Fidelity® Variable Insurance Products:

Consumer Discretionary Portfolio

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	-34.63%	5.98%	10.78%
Investor Class	-34.70%	5.89%	10.70%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Consumer Discretionary Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

U.S. equities returned -18.11% in 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

Comments from Portfolio Manager Jordan Michaels:

For the fiscal year ending December 31, 2022, the fund's Initial Class and Investor Class shares returned -34.63% and -34.70%, respectively, modestly outpacing the -35.13% return of the MSCI US IMI Consumer Discretionary 25/50 Index, but underperforming the broad-based S&P 500® index. Versus the sector index, sector and industry positioning was the primary contributor, led by an underweighting in the lagging automobile manufacturers sector. Security selection and an overweighting in apparel, accessories & luxury goods and stock selection in hotels, resorts & cruise lines also helped. The biggest individual relative contributor was an overweight position in TJX Companies (+7%). TJX Companies was among the fund's largest holdings. Also helping performance was our outsized stake in Deckers Outdoor, which gained 9%. We pared our stake. Another notable relative contributor was an overweighting in Tapestry (-4%), and we notably trimmed the position. Conversely, the largest detractors from performance versus the sector index were an underweighting and stock picks in restaurants. Stock selection and an underweighting in automotive retail and stock selection in apparel retail also hurt the fund's relative performance. The biggest individual relative detractor was an underweight position in Mcdonalds (+1%). Also hurting performance was our lighter-than-index investment in Starbucks, which returned -13%. Starbucks was not held at period end. Avoiding AutoZone, an index component that gained roughly 18%, also hurt relative performance. Notable changes in positioning include a higher allocation to the general merchandise stores and restaurants subindustries.

Note to shareholders: Jordan Michaels became sole manager of the fund on October 1, 2022, after having served as co-manager alongside Katie Shaw since July 2022.

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Amazon.com, Inc.	20.5
Tesla, Inc.	8.1
The Home Depot, Inc.	5.9
Lowe's Companies, Inc.	5.2
NIKE, Inc. Class B	4.5
TJX Companies, Inc.	4.4
Hilton Worldwide Holdings, Inc.	2.9
Booking Holdings, Inc.	2.5
Capri Holdings Ltd.	2.3
Dick's Sporting Goods, Inc.	2.2
	58.5

Industries (% of Fund's net assets)

Specialty Retail	23.8
Internet & Direct Marketing Retail	21.3
Hotels, Restaurants & Leisure	18.2
Textiles, Apparel & Luxury Goods	14.9
Automobiles	8.5
Multiline Retail	7.0
Household Durables	2.8
Auto Components	1.3
Food & Staples Retailing	1.0
Building Products	0.4
Commercial Services & Supplies	0.4

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares	Value ($)
Auto Components - 1.3%
Auto Parts & Equipment - 1.3%
Adient PLC (a)	35,500	1,231,495
Magna International, Inc. Class A (b)	20,100	1,129,218
		2,360,713
Automobiles - 8.5%
Automobile Manufacturers - 8.5%
Ferrari NV	3,369	721,707
Tesla, Inc. (a)	114,314	14,081,199
		14,802,906
Building Products - 0.4%
Building Products - 0.4%
The AZEK Co., Inc. (a)(b)	31,778	645,729
Commercial Services & Supplies - 0.4%
Diversified Support Services - 0.4%
Copart, Inc. (a)	12,112	737,500
Food & Staples Retailing - 1.0%
Food Distributors - 1.0%
Performance Food Group Co. (a)	28,531	1,665,925
Hotels, Restaurants & Leisure - 18.2%
Casinos & Gaming - 3.1%
Caesars Entertainment, Inc. (a)	31,519	1,311,190
Churchill Downs, Inc.	11,219	2,372,033
Penn Entertainment, Inc. (a)	58,852	1,747,904
		5,431,127
Hotels, Resorts & Cruise Lines - 7.7%
Booking Holdings, Inc. (a)	2,173	4,379,203
Hilton Worldwide Holdings, Inc.	39,720	5,019,019
Lindblad Expeditions Holdings (a)	43,767	337,006
Marriott International, Inc. Class A	24,664	3,672,223
		13,407,451
Leisure Facilities - 0.8%
Planet Fitness, Inc. (a)	13,936	1,098,157
Vail Resorts, Inc.	1,323	315,337
		1,413,494
Restaurants - 6.6%
ARAMARK Holdings Corp.	56,405	2,331,783
Brinker International, Inc. (a)	11,695	373,187
Chipotle Mexican Grill, Inc. (a)	1,851	2,568,244
Domino's Pizza, Inc.	6,756	2,340,278
Dutch Bros, Inc. (a)(b)	9,227	260,109
McDonald's Corp.	14,258	3,757,411
		11,631,012
TOTAL HOTELS, RESTAURANTS & LEISURE		31,883,084
Household Durables - 2.8%
Home Furnishings - 1.3%
Tempur Sealy International, Inc.	64,263	2,206,149
Homebuilding - 1.5%
KB Home	29,100	926,835
PulteGroup, Inc.	37,000	1,684,610
		2,611,445
TOTAL HOUSEHOLD DURABLES		4,817,594
Internet & Direct Marketing Retail - 21.3%
Internet & Direct Marketing Retail - 21.3%
Amazon.com, Inc. (a)	426,657	35,839,187
eBay, Inc.	33,146	1,374,565
		37,213,752
Multiline Retail - 7.0%
General Merchandise Stores - 7.0%
Dollar General Corp.	14,747	3,631,449
Dollar Tree, Inc. (a)	26,339	3,725,388
Ollie's Bargain Outlet Holdings, Inc. (a)	26,800	1,255,312
Target Corp.	24,524	3,655,057
		12,267,206
Specialty Retail - 23.8%
Apparel Retail - 6.4%
Burlington Stores, Inc. (a)	11,979	2,428,862
TJX Companies, Inc.	97,198	7,736,961
Victoria's Secret & Co. (a)	28,106	1,005,633
		11,171,456
Automotive Retail - 0.2%
O'Reilly Automotive, Inc. (a)	450	379,814
Home Improvement Retail - 12.7%
Floor & Decor Holdings, Inc. Class A (a)(b)	39,201	2,729,566
Lowe's Companies, Inc.	45,598	9,084,946
The Home Depot, Inc.	32,786	10,355,786
		22,170,298
Homefurnishing Retail - 0.4%
Williams-Sonoma, Inc. (b)	7,100	815,932
Specialty Stores - 4.1%
Bath & Body Works, Inc.	17,015	717,012
Dick's Sporting Goods, Inc.	32,318	3,887,532
Five Below, Inc. (a)	12,570	2,223,256
Sally Beauty Holdings, Inc. (a)	24,000	300,480
		7,128,280
TOTAL SPECIALTY RETAIL		41,665,780
Textiles, Apparel & Luxury Goods - 14.9%
Apparel, Accessories & Luxury Goods - 7.5%
Capri Holdings Ltd. (a)	68,647	3,934,846
lululemon athletica, Inc. (a)	10,456	3,349,893
LVMH Moet Hennessy Louis Vuitton SE	1,319	959,827
PVH Corp.	16,845	1,189,089
Tapestry, Inc.	97,509	3,713,143
		13,146,798
Footwear - 7.4%
Crocs, Inc. (a)	5,705	618,593
Deckers Outdoor Corp. (a)	9,289	3,707,797
NIKE, Inc. Class B	66,496	7,780,697
On Holding AG (a)	19,664	337,434
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	9,000	377,550
		12,822,071
TOTAL TEXTILES, APPAREL & LUXURY GOODS		25,968,869
TOTAL COMMON STOCKS (Cost $123,807,558)		174,029,058

Money Market Funds - 3.1%
	Shares	Value ($)
Fidelity Cash Central Fund 4.37% (c)	118,993	119,017
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d)	5,379,776	5,380,314
TOTAL MONEY MARKET FUNDS (Cost $5,499,331)		5,499,331

TOTAL INVESTMENT IN SECURITIES - 102.7% (Cost $129,306,889)	179,528,389
NET OTHER ASSETS (LIABILITIES) - (2.7)%	(4,761,944)
NET ASSETS - 100.0%	174,766,445

Legend

(a)	Non-income producing

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

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	829,921	25,560,205	26,271,109	10,492	-	-	119,017	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	4,747,639	51,338,753	50,706,078	113,025	-	-	5,380,314	0.0%
Total	5,577,560	76,898,958	76,977,187	123,517	-	-	5,499,331

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	174,029,058	173,069,231	959,827	-

Money Market Funds	5,499,331	5,499,331	-	-
Total Investments in Securities:	179,528,389	178,568,562	959,827	-

Financial Statements

Statement of Assets and Liabilities
			December 31, 2022

Assets
Investment in securities, at value (including securities loaned of $5,166,423) - See accompanying schedule:
Unaffiliated issuers (cost $123,807,558)	$174,029,058
Fidelity Central Funds (cost $5,499,331)	5,499,331

Total Investment in Securities (cost $129,306,889)		$	179,528,389
Cash			18,559
Receivable for investments sold			938,823
Receivable for fund shares sold			157,294
Dividends receivable			29,770
Distributions receivable from Fidelity Central Funds			2,177
Prepaid expenses			701
Other receivables			1,898
Total assets			180,677,611
Liabilities
Payable for investments purchased	$261,561
Payable for fund shares redeemed	126,084
Accrued management fee	80,698
Other affiliated payables	25,585
Other payables and accrued expenses	37,088
Collateral on securities loaned	5,380,150
Total Liabilities			5,911,166
Net Assets		$	174,766,445
Net Assets consist of:
Paid in capital		$	130,448,067
Total accumulated earnings (loss)			44,318,378
Net Assets		$	174,766,445

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($16,566,669 ÷ 703,887 shares)		$	23.54
Investor Class :
Net Asset Value , offering price and redemption price per share ($158,199,776 ÷ 6,756,640 shares)		$	23.41

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	1,434,082
Income from Fidelity Central Funds (including $113,025 from security lending)				123,517
Total Income				1,557,599
Expenses
Management fee	$	1,167,568
Transfer agent fees		288,223
Accounting fees		82,220
Custodian fees and expenses		24,951
Independent trustees' fees and expenses		803
Audit		49,354
Legal		3,011
Interest		282
Miscellaneous		1,278
Total expenses before reductions		1,617,690
Expense reductions		(8,147)
Total expenses after reductions				1,609,543
Net Investment income (loss)				(51,944)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(4,944,005)
Foreign currency transactions		3,271
Total net realized gain (loss)				(4,940,734)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(98,524,376)
Assets and liabilities in foreign currencies		(853)
Total change in net unrealized appreciation (depreciation)				(98,525,229)
Net gain (loss)				(103,465,963)
Net increase (decrease) in net assets resulting from operations			$	(103,517,907)

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(51,944)	$	(542,361)
Net realized gain (loss)		(4,940,734)		27,002,423
Change in net unrealized appreciation (depreciation)		(98,525,229)		25,274,440
Net increase (decrease) in net assets resulting from operations		(103,517,907)		51,734,502
Distributions to shareholders		(23,241,323)		(12,413,500)
Share transactions - net increase (decrease)		(26,322,787)		23,451,173
Total increase (decrease) in net assets		(153,082,017)		62,772,175

Net Assets
Beginning of period		327,848,462		265,076,287
End of period	$	174,766,445	$	327,848,462

Financial Highlights

VIP Consumer Discretionary Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	39.33	$	34.37	$	25.27	$	20.97	$	22.27
Income from Investment Operations
Net investment income (loss) A,B		.01		(.04)		.02		.08		.08
Net realized and unrealized gain (loss)		(12.80)		6.56		9.11		5.42		(.30)
Total from investment operations		(12.79)		6.52		9.13		5.50		(.22)
Distributions from net investment income		-		-		(.03)		(.08)		(.07)
Distributions from net realized gain		(3.00)		(1.56)		-		(1.12)		(1.01)
Total distributions		(3.00)		(1.56)		(.03)		(1.20)		(1.08)
Net asset value, end of period	$	23.54	$	39.33	$	34.37	$	25.27	$	20.97
Total Return C,D		(34.63)%		19.41%		36.15%		27.19%		(1.09)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.66%		.65%		.67%		.68%		.68%
Expenses net of fee waivers, if any		.66%		.65%		.67%		.68%		.68%
Expenses net of all reductions		.66%		.65%		.67%		.67%		.67%
Net investment income (loss)		.04%		(.11)%		.07%		.32%		.35%
Supplemental Data
Net assets, end of period (000 omitted)	$	16,567	$	32,788	$	28,273	$	25,623	$	25,079
Portfolio turnover rate G		34%		39%		52%		40%		38%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Consumer Discretionary Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	39.17	$	34.24	$	25.20	$	20.91	$	22.21
Income from Investment Operations
Net investment income (loss) A,B		(.01)		(.07)		-		.06		.06
Net realized and unrealized gain (loss)		(12.75)		6.54		9.06		5.41		(.29)
Total from investment operations		(12.76)		6.47		9.06		5.47		(.23)
Distributions from net investment income		-		-		(.02)		(.06)		(.06)
Distributions from net realized gain		(3.00)		(1.54)		-		(1.12)		(1.01)
Total distributions		(3.00)		(1.54)		(.02)		(1.18)		(1.07)
Net asset value, end of period	$	23.41	$	39.17	$	34.24	$	25.20	$	20.91
Total Return C,D		(34.70)%		19.32%		36.00%		27.12%		(1.16)%
Ratios to Average Net Assets A,E,F
Expenses before reductions		.74%		.72%		.75%		.76%		.76%
Expenses net of fee waivers, if any		.73%		.72%		.75%		.76%		.76%
Expenses net of all reductions		.73%		.72%		.74%		.75%		.75%
Net investment income (loss)		(.03)%		(.18)%		(.01)%		.24%		.27%
Supplemental Data
Net assets, end of period (000 omitted)	$	158,200	$	295,060	$	236,803	$	176,535	$	161,512
Portfolio turnover rate G		34%		39%		52%		40%		38%

A Net 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.

B Calculated based on average shares outstanding during the period.

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

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

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

Notes to Financial Statements

For the period ended December 31, 2022

1 . Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$66,143,886
Gross unrealized depreciation	(18,496,252)
Net unrealized appreciation (depreciation)	$47,647,634
Tax Cost	$131,880,755

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

Capital loss carryforward	$(3,328,304)
Net unrealized appreciation (depreciation) on securities and other investments	$47,646,681

Short-term

$(3,328,304)

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$ -	$3,203,975
Long-term Capital Gains	23,241,323	9,209,525
Total	$23,241,323	$12,413,500

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Consumer Discretionary Portfolio	75,367,236	125,105,393

5. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets
Initial Class	$13,625	.06
Investor Class	274,598	.14
	$288,223

	% of Average Net Assets
VIP Consumer Discretionary Portfolio	.04

	Amount
VIP Consumer Discretionary Portfolio	$1,545

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
VIP Consumer Discretionary Portfolio .	Borrower	$ 3,602,000	.32%	$220

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Consumer Discretionary Portfolio	6,268,510	7,465,390	(2,956,144)

6. Committed Line of Credit.

	Amount
VIP Consumer Discretionary Portfolio	$429

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
VIP Consumer Discretionary Portfolio	$12,040	$8,735	$95,846

8. Bank Borrowings.

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
VIP Consumer Discretionary Portfolio	$638,333	.58%	$62

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8,147.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Consumer Discretionary Portfolio
Distributions to shareholders
Initial Class	$2,380,494	$1,350,955
Investor Class	20,860,829	11,062,545
Total	$23,241,323	$12,413,500

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Consumer Discretionary Portfolio
Initial Class
Shares sold	53,194	206,510	$ 1,581,061	$ 7,552,267
Reinvestment of distributions	73,201	37,368	2,380,494	1,350,955
Shares redeemed	(256,234)	(232,837)	(7,430,816)	(8,501,524)
Net increase (decrease)	(129,839)	11,041	$(3,469,261)	$401,698
Investor Class
Shares sold	731,867	1,594,463	$ 19,470,902	$58,844,900
Reinvestment of distributions	644,449	307,020	20,860,829	11,062,545
Shares redeemed	(2,153,025)	(1,284,389)	(63,185,257)	(46,857,970)
Net increase (decrease)	(776,709)	617,094	$(22,853,526)	$23,049,475

12. Other.

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

Fund	Affiliated %
Consumer Discretionary Portfolio	100%

13. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Consumer Discretionary Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Consumer Discretionary Portfolio
Initial Class	.66%
Actual		$ 1,000	$ 1,002.10	$ 3.33
Hypothetical- B		$ 1,000	$ 1,021.88	$ 3.36
Investor Class	.74%
Actual		$ 1,000	$ 1,001.30	$ 3.73
Hypothetical- B		$ 1,000	$ 1,021.48	$ 3.77

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

B 5% return per year before expenses

Distributions (Unaudited)

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

1.817355.117

VCONIC-ANN-0323

Fidelity® Variable Insurance Products:

Health Care Portfolio

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	-12.41%	10.50%	15.07%
Service Class 2	-12.62%	10.30%	14.97%
Investor Class	-12.49%	10.41%	14.97%

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Health Care Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Eddie Yoon:

For the fiscal year ending December 31, 2022, the fund's share classes returned about -13% to -12%, trailing the -5.43% result of the MSCI US IMI Health Care 25/50 Index, but outperforming the broad-based S&P 500 ® index. Versus the sector index, security selection was the primary detractor, especially within biotechnology. Stock selection in health care facilities and an underweighting in pharmaceuticals also hampered the fund's relative result. The fund's biggest individual relative detractor was an underweighting in Merck, which gained about 49% the past year. Merck was not held at period end. Our second-largest relative detractor this period was avoiding AbbVie, an index component that gained 24%. Avoiding Johnson & Johnson, an index component that gained 6%, also hurt relative performance. In contrast, the largest contributor to performance versus the sector index was security selection in health care equipment. Also helping was an overweighting in managed health care and an underweighting in health care supplies. The fund's top individual relative contributor was an overweighting in Cigna, which gained roughly 47% the past 12 months. The company was among our largest holdings, though we trimmed the position this period. Also adding value was our outsized stake in Humana, which gained about 11%. Humana was among the fund's biggest holdings, but we reduced our stake. Avoiding Zoetis, an index component that returned roughly -40%, also helped relative performance. Notable changes in positioning include increased exposure to the health care equipment subindustry.

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

UnitedHealth Group, Inc.	10.7
Eli Lilly & Co.	6.1
Boston Scientific Corp.	5.8
Thermo Fisher Scientific, Inc.	5.4
Danaher Corp.	5.1
Cigna Corp.	4.2
Penumbra, Inc.	3.7
Insulet Corp.	3.4
Humana, Inc.	3.2
Regeneron Pharmaceuticals, Inc.	2.8
	50.4

Industries (% of Fund's net assets)

Health Care Providers & Services	28.0
Health Care Equipment & Supplies	20.8
Biotechnology	19.2
Life Sciences Tools & Services	15.6
Pharmaceuticals	13.0
Health Care Technology	2.1
Personal Products	0.3
Specialty Retail	0.2

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares	Value ($)
Biotechnology - 18.6%
Biotechnology - 18.6%
ADC Therapeutics SA (a)(b)	150,000	576,000
Agios Pharmaceuticals, Inc. (a)(b)	60,000	1,684,800
Alnylam Pharmaceuticals, Inc. (a)	52,000	12,357,800
Ambrx Biopharma, Inc. ADR (a)	60,000	136,200
Arcutis Biotherapeutics, Inc. (a)	115,100	1,703,480
Argenx SE ADR (a)	69,000	26,139,270
Ascendis Pharma A/S sponsored ADR (a)	110,000	13,434,300
Beam Therapeutics, Inc. (a)(b)	56,000	2,190,160
Biogen, Inc. (a)	7,000	1,938,440
Blueprint Medicines Corp. (a)	140,000	6,133,400
Caris Life Sciences, Inc. (c)(d)	254,430	1,424,808
Celldex Therapeutics, Inc. (a)	90,000	4,011,300
Century Therapeutics, Inc. (a)	118,000	605,340
Cerevel Therapeutics Holdings (a)	191,433	6,037,797
Cytokinetics, Inc. (a)	218,000	9,988,760
Denali Therapeutics, Inc. (a)	70,000	1,946,700
Erasca, Inc. (a)	280,000	1,206,800
Generation Bio Co. (a)	63,300	248,769
Instil Bio, Inc. (a)	38,200	24,066
Janux Therapeutics, Inc. (a)	80,000	1,053,600
Karuna Therapeutics, Inc. (a)	34,000	6,681,000
Keros Therapeutics, Inc. (a)	60,000	2,881,200
Legend Biotech Corp. ADR (a)	235,000	11,731,200
Morphic Holding, Inc. (a)	47,500	1,270,625
Nuvalent, Inc. Class A (a)	60,567	1,803,685
Poseida Therapeutics, Inc. (a)	245,687	1,302,141
PTC Therapeutics, Inc. (a)	150,000	5,725,500
Regeneron Pharmaceuticals, Inc. (a)	46,000	33,188,540
Relay Therapeutics, Inc. (a)	170,000	2,539,800
Repligen Corp. (a)	28,000	4,740,680
Sarepta Therapeutics, Inc. (a)(b)	100,000	12,958,000
Scholar Rock Holding Corp. (a)	24,795	224,395
Seagen, Inc. (a)(b)	56,000	7,196,560
Shattuck Labs, Inc. (a)	36,553	84,072
Stoke Therapeutics, Inc. (a)(b)	60,000	553,800
uniQure B.V. (a)	90,000	2,040,300
Vaxcyte, Inc. (a)	100,000	4,795,000
Vertex Pharmaceuticals, Inc. (a)	48,000	13,861,440
Verve Therapeutics, Inc. (a)(b)	34,000	657,900
Xencor, Inc. (a)	210,000	5,468,400
Xenon Pharmaceuticals, Inc. (a)	75,000	2,957,250
Zai Lab Ltd. (a)	800,000	2,476,205
Zentalis Pharmaceuticals, Inc. (a)(b)	175,000	3,524,500
		221,503,983
Health Care Equipment & Supplies - 20.8%
Health Care Equipment - 20.8%
Boston Scientific Corp. (a)	1,500,000	69,405,000
Inspire Medical Systems, Inc. (a)	26,000	6,548,880
Insulet Corp. (a)	138,000	40,625,820
Intuitive Surgical, Inc. (a)	23,500	6,235,725
Masimo Corp. (a)	145,000	21,452,750
Nevro Corp. (a)	128,000	5,068,800
Novocure Ltd. (a)	69,000	5,061,150
Outset Medical, Inc. (a)	140,000	3,614,800
Penumbra, Inc. (a)	200,000	44,492,000
PROCEPT BioRobotics Corp. (a)	85,000	3,530,900
ResMed, Inc.	82,500	17,170,725
Stryker Corp.	57,000	13,935,930
Tandem Diabetes Care, Inc. (a)	245,000	11,012,750
		248,155,230
Health Care Providers & Services - 28.0%
Health Care Facilities - 1.7%
HCA Holdings, Inc.	25,000	5,999,000
Surgery Partners, Inc. (a)	501,384	13,968,558
The Oncology Institute, Inc. (a)(c)	282,701	466,457
		20,434,015
Health Care Services - 8.1%
agilon health, Inc. (a)(b)	1,280,000	20,659,200
Cigna Corp.	152,500	50,529,350
Guardant Health, Inc. (a)	124,086	3,375,139
LifeStance Health Group, Inc. (a)	577,060	2,850,676
Oak Street Health, Inc. (a)(b)	900,000	19,359,000
		96,773,365
Managed Health Care - 18.2%
Alignment Healthcare, Inc. (a)	462,911	5,443,833
Centene Corp. (a)	365,000	29,933,650
Humana, Inc.	75,000	38,414,250
Molina Healthcare, Inc. (a)	46,500	15,355,230
UnitedHealth Group, Inc.	241,500	128,038,470
		217,185,433
TOTAL HEALTH CARE PROVIDERS & SERVICES		334,392,813
Health Care Technology - 1.8%
Health Care Technology - 1.8%
Doximity, Inc. (a)(b)	194,000	6,510,640
Medlive Technology Co. Ltd. (e)	500,000	542,371
Phreesia, Inc. (a)	169,000	5,468,840
Veeva Systems, Inc. Class A (a)	58,500	9,440,730
		21,962,581
Life Sciences Tools & Services - 15.6%
Life Sciences Tools & Services - 15.6%
10X Genomics, Inc. (a)	60,000	2,186,400
Agilent Technologies, Inc.	18,000	2,693,700
Bruker Corp.	185,000	12,644,750
Danaher Corp.	230,000	61,046,600
IQVIA Holdings, Inc. (a)	76,500	15,674,085
Lonza Group AG	14,000	6,872,256
Olink Holding AB ADR (a)	150,600	3,822,228
Sartorius Stedim Biotech	14,000	4,533,356
Seer, Inc. (a)	140,000	812,000
Thermo Fisher Scientific, Inc.	118,000	64,981,420
West Pharmaceutical Services, Inc.	48,000	11,296,800
		186,563,595
Personal Products - 0.3%
Personal Products - 0.3%
The Beauty Health Co. (a)(b)	142,300	1,294,930
The Beauty Health Co. (a)(c)	200,000	1,820,000
		3,114,930
Pharmaceuticals - 12.8%
Pharmaceuticals - 12.8%
Arvinas Holding Co. LLC (a)	70,000	2,394,700
AstraZeneca PLC (United Kingdom)	200,000	27,063,876
Eli Lilly & Co.	198,000	72,436,320
Pharvaris BV (a)	80,000	900,000
Roche Holding AG (participation certificate)	38,000	11,941,027
Royalty Pharma PLC	750,420	29,656,598
Theseus Pharmaceuticals, Inc. (a)	35,400	176,292
UCB SA	87,500	6,889,951
Verona Pharma PLC ADR (a)	60,000	1,567,800
		153,026,564
Specialty Retail - 0.2%
Specialty Stores - 0.2%
Warby Parker, Inc. (a)	180,000	2,428,200
TOTAL COMMON STOCKS (Cost $811,074,751)		1,171,147,896

Convertible Preferred Stocks - 1.1%
	Shares	Value ($)
Biotechnology - 0.6%
Biotechnology - 0.6%
Asimov, Inc. Series B (a)(c)(d)	13,047	698,015
Caris Life Sciences, Inc. Series D (a)(c)(d)	398,133	2,229,545
Cleerly, Inc. Series C (c)(d)	179,891	2,101,127
Element Biosciences, Inc. Series C (a)(c)(d)	72,178	1,112,985
ElevateBio LLC Series C (a)(c)(d)	31,200	114,192
Inscripta, Inc. Series E (a)(c)(d)	157,568	929,651
		7,185,515
Health Care Providers & Services - 0.0%
Health Care Services - 0.0%
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d)	45,182	405,283
Health Care Technology - 0.3%
Health Care Technology - 0.3%
Aledade, Inc.:
Series B1 (a)(c)(d)	24,966	1,199,117
Series E1 (c)(d)	10,776	517,571
Omada Health, Inc. Series E (c)(d)	281,490	858,545
Wugen, Inc. Series B (a)(c)(d)	57,585	300,594
		2,875,827
Pharmaceuticals - 0.2%
Pharmaceuticals - 0.2%
Aristea Therapeutics, Inc. Series B (a)(c)(d)	123,100	954,025
Galvanize Therapeutics Series B (c)(d)	505,495	859,342
		1,813,367
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $15,381,796)		12,279,992

Money Market Funds - 5.2%
	Shares	Value ($)
Fidelity Cash Central Fund 4.37% (f)	8,268,689	8,270,343
Fidelity Securities Lending Cash Central Fund 4.37% (f)(g)	53,904,090	53,909,480
TOTAL MONEY MARKET FUNDS (Cost $62,179,823)		62,179,823

TOTAL INVESTMENT IN SECURITIES - 104.4% (Cost $888,636,370)	1,245,607,711
NET OTHER ASSETS (LIABILITIES) - (4.4)%	(52,024,430)
NET ASSETS - 100.0%	1,193,583,281

Legend

(a)	Non-income producing

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

(c)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $15,991,257 or 1.3% of net assets.

(d)	Level 3 security

(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 $542,371 or 0.0% of net assets.

(f)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Aledade, Inc. Series B1	5/07/21	955,966

Aledade, Inc. Series E1	5/20/22	536,800

Aristea Therapeutics, Inc. Series B	10/06/20	678,736

Asimov, Inc. Series B	10/29/21	1,209,205

Caris Life Sciences, Inc.	10/06/22	1,424,808

Caris Life Sciences, Inc. Series D	5/11/21	3,224,877

Cleerly, Inc. Series C	7/08/22	2,119,224

dMed Biopharmaceutical Co. Ltd. Series C	12/01/20	641,727

Element Biosciences, Inc. Series C	6/21/21	1,483,741

ElevateBio LLC Series C	3/09/21	130,884

Galvanize Therapeutics Series B	3/29/22	875,156

Inscripta, Inc. Series E	3/30/21	1,391,325

Omada Health, Inc. Series E	12/22/21	1,687,589

The Beauty Health Co.	12/08/20	2,000,000

The Oncology Institute, Inc.	6/28/21	2,827,010

Wugen, Inc. Series B	7/09/21	446,566

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	12,043,582	180,528,087	184,301,326	119,086	-	-	8,270,343	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	45,064,040	292,850,630	284,005,190	232,260	-	-	53,909,480	0.2%
Total	57,107,622	473,378,717	468,306,516	351,346	-	-	62,179,823

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

Investment Valuation

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

Common Stocks	1,171,147,896	1,120,827,353	48,895,735	1,424,808

Convertible Preferred Stocks	12,279,992	-	-	12,279,992

Money Market Funds	62,179,823	62,179,823	-	-
Total Investments in Securities:	1,245,607,711	1,183,007,176	48,895,735	13,704,800

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


Investments in Securities:
Beginning Balance	$	12,325,987
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(3,577,175)
Cost of Purchases		4,955,988
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	13,704,800
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022	$	(3,577,175)
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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements

Statement of Assets and Liabilities
			December 31, 2022

Assets
Investment in securities, at value (including securities loaned of $52,703,477) - See accompanying schedule:
Unaffiliated issuers (cost $826,456,547)	$1,183,427,888
Fidelity Central Funds (cost $62,179,823)	62,179,823

Total Investment in Securities (cost $888,636,370)		$	1,245,607,711
Receivable for investments sold			1,610,419
Receivable for fund shares sold			642,698
Dividends receivable			579,347
Distributions receivable from Fidelity Central Funds			37,643
Prepaid expenses			3,360
Other receivables			260,416
Total assets			1,248,741,594
Liabilities
Payable for investments purchased	$413,104
Payable for fund shares redeemed	65,935
Accrued management fee	528,309
Distribution and service plan fees payable	51,618
Other affiliated payables	143,831
Other payables and accrued expenses	51,734
Collateral on securities loaned	53,903,782
Total Liabilities			55,158,313
Net Assets		$	1,193,583,281
Net Assets consist of:
Paid in capital		$	878,640,026
Total accumulated earnings (loss)			314,943,255
Net Assets		$	1,193,583,281

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($132,871,302 ÷ 4,042,669 shares)		$	32.87
Service Class 2 :
Net Asset Value , offering price and redemption price per share ($246,471,589 ÷ 7,549,899 shares)		$	32.65
Investor Class :
Net Asset Value , offering price and redemption price per share ($814,240,390 ÷ 25,066,098 shares)		$	32.48

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	6,315,766
Income from Fidelity Central Funds (including $232,260 from security lending)				351,346
Total Income				6,667,112
Expenses
Management fee	$	6,260,205
Transfer agent fees		1,349,535
Distribution and service plan fees		610,460
Accounting fees		360,174
Custodian fees and expenses		55,546
Independent trustees' fees and expenses		4,142
Audit		45,958
Legal		3,767
Miscellaneous		6,525
Total expenses before reductions		8,696,312
Expense reductions		(40,172)
Total expenses after reductions				8,656,140
Net Investment income (loss)				(1,989,028)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(37,689,635)
Foreign currency transactions		(20,944)
Total net realized gain (loss)				(37,710,579)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(141,950,241)
Assets and liabilities in foreign currencies		(59,234)
Total change in net unrealized appreciation (depreciation)				(142,009,475)
Net gain (loss)				(179,720,054)
Net increase (decrease) in net assets resulting from operations			$	(181,709,082)

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(1,989,028)	$	(1,745,491)
Net realized gain (loss)		(37,710,579)		82,254,946
Change in net unrealized appreciation (depreciation)		(142,009,475)		64,210,067
Net increase (decrease) in net assets resulting from operations		(181,709,082)		144,719,522
Distributions to shareholders		(78,323,481)		(88,641,330)
Share transactions - net increase (decrease)		30,988,288		139,387,023
Total increase (decrease) in net assets		(229,044,275)		195,465,215

Net Assets
Beginning of period		1,422,627,556		1,227,162,341
End of period	$	1,193,583,281	$	1,422,627,556

Financial Highlights

VIP Health Care Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	40.05	$	38.41	$	33.32	$	27.86	$	26.44
Income from Investment Operations
Net investment income (loss) A,B		(.02)		(.01)		.06		.07		.06
Net realized and unrealized gain (loss)		(4.96)		4.39		6.90		7.47		1.99
Total from investment operations		(4.98)		4.38		6.96		7.54		2.05
Distributions from net investment income		-		(.04)		(.19)		(.07)		(.06)
Distributions from net realized gain		(2.20)		(2.71)		(1.67)		(2.01)		(.57)
Total distributions		(2.20)		(2.74) C		(1.87) C		(2.08)		(.63)
Net asset value, end of period	$	32.87	$	40.05	$	38.41	$	33.32	$	27.86
Total Return D,E		(12.41)%		11.73%		21.58%		28.37%		7.86%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.63%		.63%		.64%		.65%		.65%
Expenses net of fee waivers, if any		.63%		.63%		.64%		.65%		.65%
Expenses net of all reductions		.63%		.63%		.64%		.65%		.64%
Net investment income (loss)		(.06)%		(.04)%		.18%		.23%		.19%
Supplemental Data
Net assets, end of period (000 omitted)	$	132,871	$	172,092	$	168,627	$	145,315	$	139,026
Portfolio turnover rate H		43%		32%		51%		38%		65%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

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

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

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

VIP Health Care Portfolio Service Class 2

Years ended December 31,		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	39.89	$	38.29	$	33.27	$	28.52
Income from Investment Operations
Net investment income (loss) B,C		(.10)		(.11)		(.03)		(.04)
Net realized and unrealized gain (loss)		(4.94)		4.38		6.88		4.85
Total from investment operations		(5.04)		4.27		6.85		4.81
Distributions from net investment income		-		(.02)		(.16)		(.06)
Distributions from net realized gain		(2.20)		(2.65)		(1.67)		- D
Total distributions		(2.20)		(2.67)		(1.83)		(.06)
Net asset value, end of period	$	32.65	$	39.89	$	38.29	$	33.27
Total Return E,F,G		(12.62)%		11.45%		21.28%		16.87%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.88%		.88%		.89%		.91% J
Expenses net of fee waivers, if any		.88%		.87%		.89%		.91% J
Expenses net of all reductions		.88%		.87%		.88%		.90% J
Net investment income (loss)		(.31)%		(.28)%		(.07)%		(.18)% J
Supplemental Data
Net assets, end of period (000 omitted)	$	246,472	$	275,392	$	143,771	$	20,198
Portfolio turnover rate K		43%		32%		51%		38%

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

B Calculated based on average shares outstanding during the period.

C Net 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.

D Amount represents less than $.005 per share.

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

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

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

H Fees and expenses of any underlying 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.

I Expense 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.

J Annualized.

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

VIP Health Care Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	39.64	$	38.04	$	33.02	$	27.62	$	26.23
Income from Investment Operations
Net investment income (loss) A,B		(.04)		(.04)		.03		.04		.03
Net realized and unrealized gain (loss)		(4.92)		4.35		6.83		7.41		1.96
Total from investment operations		(4.96)		4.31		6.86		7.45		1.99
Distributions from net investment income		-		(.03)		(.17)		(.05)		(.04)
Distributions from net realized gain		(2.20)		(2.68)		(1.67)		(2.01)		(.57)
Total distributions		(2.20)		(2.71)		(1.84)		(2.05) C		(.60) C
Net asset value, end of period	$	32.48	$	39.64	$	38.04	$	33.02	$	27.62
Total Return D,E		(12.49)%		11.66%		21.49%		28.29%		7.72%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.70%		.70%		.72%		.73%		.73%
Expenses net of fee waivers, if any		.70%		.70%		.72%		.73%		.73%
Expenses net of all reductions		.70%		.70%		.71%		.73%		.72%
Net investment income (loss)		(.14)%		(.11)%		.10%		.15%		.11%
Supplemental Data
Net assets, end of period (000 omitted)	$	814,240	$	975,143	$	914,765	$	737,957	$	674,111
Portfolio turnover rate H		43%		32%		51%		38%		65%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

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

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

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

Notes to Financial Statements

For the period ended December 31, 2022

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 Ratio A
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 Input A
Equities	$13,704,800	Market comparable	Enterprise value/Revenue multiple (EV/R)	3.6 - 16.0 / 7.5	Increase
		Market approach	Transaction price	$7.75 - $20.56 / $14.58	Increase
			Discount rate	25.0% - 49.5% / 31.7%	Decrease
		Discounted cash flow	Discount rate	5.6%	Decrease
			Probability rate	0.0% - 55.0% / 20.8%	Increase
			Term	1.0 - 13.0 / 7.4	Increase
		Black scholes	Discount rate	3.9% - 4.4% / 4.0%	Increase
			Volatility	45.0% - 55.0% / 47.9%	Increase
			Term	1.5 - 4.0 / 3.3	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 December 31, 2022, 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. 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), partnership, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$452,087,617
Gross unrealized depreciation	(99,500,665)
Net unrealized appreciation (depreciation)	$352,586,952
Tax Cost	$893,020,759

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

Capital loss carryforward	$(37,640,123)
Net unrealized appreciation (depreciation) on securities and other investments	$352,583,377

Short-term	$(36,462,205)
Long-term	(1,177,918)
Total capital loss carryforward	$(37,640,123)

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$ -	$3,646,214
Long-term Capital Gains	78,323,481	84,995,116
Total	$78,323,481	$88,641,330

New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Health Care Portfolio	512,524,269	557,153,494

5. Fees and Other Transactions with Affiliates.

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

Service Class 2

$610,460

	Amount	% of Class-Level Average Net Assets
Initial Class	$85,879	.06
Service Class 2	152,519	.06
Investor Class	1,111,137	.14
	$1,349,535

	% of Average Net Assets
VIP Health Care Portfolio	.03

	Amount
VIP Health Care Portfolio	$ 10,141

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Health Care Portfolio	44,697,056	40,605,683	4,002,837

6. Committed Line of Credit.

	Amount
VIP Health Care Portfolio	$ 2,106

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	$ 24,794	$ 2,163	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $40,172.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Health Care Portfolio
Distributions to shareholders
Initial Class	$ 9,298,671	$11,925,923
Service Class 2	15,645,387	11,551,860
Investor Class	53,379,423	65,163,547
Total	$78,323,481	$88,641,330

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Health Care Portfolio
Initial Class
Shares sold	295,996	291,195	$ 9,770,229	$ 11,327,169
Reinvestment of distributions	284,276	310,561	9,298,671	11,925,923
Shares redeemed	(834,758)	(694,767)	(26,380,793)	(26,842,145)
Net increase (decrease)	(254,486)	(93,011)	$(7,311,893)	$(3,589,053)
Service Class 2
Shares sold	1,753,408	3,373,605	$ 56,484,590	$ 130,094,011
Reinvestment of distributions	480,509	301,461	15,645,387	11,542,611
Shares redeemed	(1,587,975)	(526,109)	(50,671,053)	(20,353,025)
Net increase (decrease)	645,942	3,148,957	$21,458,924	$121,283,597
Investor Class
Shares sold	1,365,364	1,102,636	$ 43,792,392	$ 42,586,539
Reinvestment of distributions	1,650,059	1,713,914	53,379,423	65,163,547
Shares redeemed	(2,550,391)	(2,261,126)	(80,330,558)	(86,057,607)
Net increase (decrease)	465,032	555,424	$16,841,257	$21,692,479

11. Other.

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Health Care Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Health Care Portfolio
Initial Class	.62%
Actual		$ 1,000	$ 1,090.20	$ 3.27
Hypothetical- B		$ 1,000	$ 1,022.08	$ 3.16
Service Class 2	.87%
Actual		$ 1,000	$ 1,088.70	$ 4.58
Hypothetical- B		$ 1,000	$ 1,020.82	$ 4.43
Investor Class	.70%
Actual		$ 1,000	$ 1,089.60	$ 3.69
Hypothetical- B		$ 1,000	$ 1,021.68	$ 3.57

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

B 5% return per year before expenses

1.817373.117

VHCIC-ANN-0323

Fidelity® Variable Insurance Products:

Materials Portfolio

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	-9.79%	4.84%	7.17%
Investor Class	-9.91%	4.76%	7.09%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Materials Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

U.S. equities returned -18.11% in 2022, according to the S&P 500 ® index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

Comments from Portfolio Manager Ashley Fernandes:

For the year ending December 31, 2022, the fund's share classes returned about -10%, outperforming the -11.67% result of the MSCI US IMI Materials 25/50 Linked Index, as well as the broad-based S&P 500 ® index. The primary contributors to performance versus the sector index were an overweighting and security selection among fertilizers & agricultural chemicals companies. Stock picks and an underweighting in specialty chemicals, along with an overweighting in the copper segment, further boosted the fund's relative result. CF Industries Holdings, the portfolio's top individual relative contributor and one of its largest holdings this period, increased 24% in 2022. Also lifting performance was an outsized stake in Albemarle, which returned about -6% and was another of our biggest positions. The fund's non-index investment in Nutrien, a position no longer held at period end, gained approximately 0.5% and added value as well. In contrast, the biggest detractor from performance versus the sector index was our stock selection in the commodity chemicals group. Also hampering the portfolio's relative performance was an underweighting among steel firms and an overweighting in the aluminum category. The biggest individual relative detractor was an overweight position in Tronox Holdings (-42%), one of the fund's largest holdings this period. An outsized stake in Alcoa (-23%) also hurt. Further holding back performance was our smaller-than-index stake in Nucor, which gained about 17% and was no longer held on December 31. Notable changes in positioning the past year include a higher allocation to the industrial gases and copper segments.

Notes to shareholders:

On April 1, 2022, Ashley Fernandes assumed co-management responsibilities for the fund, joining Jody Simes. The two managed the fund together until December 31, 2022, at which point Jody retired after nearly 30 years with Fidelity and Ashley became sole portfolio manager.

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Linde PLC	17.1
Air Products & Chemicals, Inc.	9.2
Freeport-McMoRan, Inc.	7.1
Corteva, Inc.	5.9
First Quantum Minerals Ltd.	4.9
DuPont de Nemours, Inc.	3.7
LyondellBasell Industries NV Class A	3.0
Olin Corp.	2.6
Albemarle Corp.	2.6
Celanese Corp. Class A	2.4
	58.5

Industries (% of Fund's net assets)

Chemicals	64.0
Metals & Mining	20.7
Containers & Packaging	9.4
Construction Materials	4.3

Geographic Diversification (% of Fund's net assets)

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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares	Value ($)
Chemicals - 64.0%
Commodity Chemicals - 11.6%
Cabot Corp.	24,500	1,637,580
Chemtrade Logistics Income Fund	81,400	539,260
LyondellBasell Industries NV Class A	35,560	2,952,547
Olin Corp.	48,722	2,579,343
Tronox Holdings PLC	164,340	2,253,101
Westlake Corp.	12,900	1,322,766
		11,284,597
Diversified Chemicals - 2.5%
Huntsman Corp.	23,800	654,024
The Chemours Co. LLC	59,400	1,818,828
		2,472,852
Fertilizers & Agricultural Chemicals - 6.6%
CF Industries Holdings, Inc.	8,400	715,680
Corteva, Inc.	97,400	5,725,172
		6,440,852
Industrial Gases - 26.3%
Air Products & Chemicals, Inc.	28,988	8,935,841
Linde PLC	51,000	16,635,180
		25,571,021
Specialty Chemicals - 17.0%
Albemarle Corp.	11,890	2,578,465
Ashland, Inc.	16,200	1,741,986
Celanese Corp. Class A	22,900	2,341,296
DuPont de Nemours, Inc.	52,614	3,610,899
Eastman Chemical Co.	6,600	537,504
Ecolab, Inc.	13,303	1,936,385
Element Solutions, Inc.	36,700	667,573
PPG Industries, Inc.	16,400	2,062,136
RPM International, Inc.	8,500	828,325
Sherwin-Williams Co.	1,074	254,892
		16,559,461
TOTAL CHEMICALS		62,328,783
Construction Materials - 4.3%
Construction Materials - 4.3%
Martin Marietta Materials, Inc.	5,826	1,969,013
Vulcan Materials Co.	12,350	2,162,609
		4,131,622
Containers & Packaging - 9.4%
Metal & Glass Containers - 5.7%
Aptargroup, Inc.	21,100	2,320,578
Crown Holdings, Inc.	17,719	1,456,679
Greif, Inc. Class A	26,200	1,756,972
		5,534,229
Paper Packaging - 3.7%
Avery Dennison Corp.	9,700	1,755,700
Sealed Air Corp.	37,500	1,870,500
		3,626,200
TOTAL CONTAINERS & PACKAGING		9,160,429
Metals & Mining - 20.7%
Aluminum - 2.0%
Alcoa Corp.	44,500	2,023,415
Copper - 12.0%
First Quantum Minerals Ltd.	226,420	4,730,740
Freeport-McMoRan, Inc.	182,940	6,951,720
		11,682,460
Diversified Metals & Mining - 2.2%
Glencore PLC	319,700	2,131,967
Steel - 4.5%
Commercial Metals Co.	30,051	1,451,463
Reliance Steel & Aluminum Co.	9,900	2,004,156
Steel Dynamics, Inc.	9,300	908,610
		4,364,229
TOTAL METALS & MINING		20,202,071
TOTAL COMMON STOCKS (Cost $80,676,313)		95,822,905

Money Market Funds - 1.7%
	Shares	Value ($)
Fidelity Cash Central Fund 4.37% (a) (Cost $1,662,208)	1,661,876	1,662,208

TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $82,338,521)	97,485,113
NET OTHER ASSETS (LIABILITIES) - (0.1)%	(71,345)
NET ASSETS - 100.0%	97,413,768

Legend

(a)

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	1,949,590	44,304,644	44,592,026	29,140	-	-	1,662,208	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	341,175	12,594,022	12,935,197	816	-	-	-	0.0%
Total	2,290,765	56,898,666	57,527,223	29,956	-	-	1,662,208

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	95,822,905	93,690,938	2,131,967	-

Money Market Funds	1,662,208	1,662,208	-	-
Total Investments in Securities:	97,485,113	95,353,146	2,131,967	-

Financial Statements

Statement of Assets and Liabilities
			December 31, 2022

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $80,676,313)	$95,822,905
Fidelity Central Funds (cost $1,662,208)	1,662,208

Total Investment in Securities (cost $82,338,521)		$	97,485,113
Receivable for investments sold			102,042
Receivable for fund shares sold			61
Dividends receivable			98,338
Distributions receivable from Fidelity Central Funds			9,819
Prepaid expenses			369
Total assets			97,695,742
Liabilities
Payable for investments purchased	$50,850
Payable for fund shares redeemed	134,683
Accrued management fee	43,937
Other affiliated payables	13,555
Other payables and accrued expenses	38,949
Total Liabilities			281,974
Net Assets		$	97,413,768
Net Assets consist of:
Paid in capital		$	82,160,448
Total accumulated earnings (loss)			15,253,320
Net Assets		$	97,413,768

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($14,941,241 ÷ 920,218 shares)		$	16.24
Investor Class :
Net Asset Value , offering price and redemption price per share ($82,472,527 ÷ 5,081,568 shares)		$	16.23

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	1,817,152
Income from Fidelity Central Funds (including $816 from security lending)				29,956
Total Income				1,847,108
Expenses
Management fee	$	549,571
Transfer agent fees		131,091
Accounting fees		38,638
Custodian fees and expenses		15,460
Independent trustees' fees and expenses		361
Audit		44,785
Legal		119
Miscellaneous		650
Total expenses before reductions		780,675
Expense reductions		(3,455)
Total expenses after reductions				777,220
Net Investment income (loss)				1,069,888
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		206,176
Foreign currency transactions		1,489
Total net realized gain (loss)				207,665
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(15,771,067)
Assets and liabilities in foreign currencies		(989)
Total change in net unrealized appreciation (depreciation)				(15,772,056)
Net gain (loss)				(15,564,391)
Net increase (decrease) in net assets resulting from operations			$	(14,494,503)

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,069,888	$	836,200
Net realized gain (loss)		207,665		5,540,639
Change in net unrealized appreciation (depreciation)		(15,772,056)		16,316,021
Net increase (decrease) in net assets resulting from operations		(14,494,503)		22,692,860
Distributions to shareholders		(4,316,287)		(689,676)
Share transactions - net increase (decrease)		1,838,134		34,436,663
Total increase (decrease) in net assets		(16,972,656)		56,439,847

Net Assets
Beginning of period		114,386,424		57,946,577
End of period	$	97,413,768	$	114,386,424

Financial Highlights

VIP Materials Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	18.76	$	14.17	$	11.74	$	11.46	$	16.18
Income from Investment Operations
Net investment income (loss) A,B		.18		.14		.07		.16		.18
Net realized and unrealized gain (loss)		(2.00)		4.58		2.44		1.31		(3.83)
Total from investment operations		(1.82)		4.72		2.51		1.47		(3.65)
Distributions from net investment income		(.19)		(.13)		(.08)		(.19)		(.21)
Distributions from net realized gain		(.51)		-		-		(1.00)		(.86)
Total distributions		(.70)		(.13)		(.08)		(1.19)		(1.07)
Net asset value, end of period	$	16.24	$	18.76	$	14.17	$	11.74	$	11.46
Total Return C,D		(9.79)%		33.42%		21.49%		13.40%		(23.60)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.69%		.68%		.77%		.75%		.72%
Expenses net of fee waivers, if any		.68%		.68%		.77%		.75%		.72%
Expenses net of all reductions		.68%		.68%		.76%		.74%		.71%
Net investment income (loss)		1.09%		.84%		.59%		1.37%		1.26%
Supplemental Data
Net assets, end of period (000 omitted)	$	14,941	$	19,714	$	9,924	$	8,905	$	9,728
Portfolio turnover rate G		63%		99%		83%		104%		87%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Materials Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	18.76	$	14.16	$	11.73	$	11.46	$	16.17
Income from Investment Operations
Net investment income (loss) A,B		.17		.13		.06		.15		.17
Net realized and unrealized gain (loss)		(2.01)		4.59		2.45		1.30		(3.82)
Total from investment operations		(1.84)		4.72		2.51		1.45		(3.65)
Distributions from net investment income		(.18)		(.12)		(.08)		(.18)		(.20)
Distributions from net realized gain		(.51)		-		-		(1.00)		(.86)
Total distributions		(.69)		(.12)		(.08)		(1.18)		(1.06)
Net asset value, end of period	$	16.23	$	18.76	$	14.16	$	11.73	$	11.46
Total Return C,D		(9.91)%		33.40%		21.45%		13.20%		(23.65)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.76%		.76%		.85%		.83%		.80%
Expenses net of fee waivers, if any		.76%		.76%		.85%		.83%		.80%
Expenses net of all reductions		.76%		.76%		.84%		.82%		.79%
Net investment income (loss)		1.01%		.77%		.52%		1.29%		1.18%
Supplemental Data
Net assets, end of period (000 omitted)	$	82,473	$	94,673	$	48,022	$	35,254	$	42,448
Portfolio turnover rate G		63%		99%		83%		104%		87%

A Calculated based on average shares outstanding during the period.

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

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

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

Notes to Financial Statements

For the period ended December 31, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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 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	$18,389,857
Gross unrealized depreciation	(3,524,372)
Net unrealized appreciation (depreciation)	$14,865,485
Tax Cost	$82,619,628

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

Undistributed ordinary income	$222,361
Undistributed long-term capital gain	$167,181
Net unrealized appreciation (depreciation) on securities and other investments	$14,863,777

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$1,069,897	$ 689,676
Long-term Capital Gains	3,246,390	-
Total	$4,316,287	$689,676

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	64,421,785	66,275,731

5. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets
Initial Class	$10,528	.06
Investor Class	120,563	.14
	$131,091

	% of Average Net Assets
VIP Materials Portfolio	.04

	Amount
VIP Materials Portfolio	$1,151

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Materials Portfolio	3,124,604	2,208,049	(130,582)

6. Committed Line of Credit.

	Amount
VIP Materials Portfolio	$182

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	$79	$-	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,455.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Materials Portfolio
Distributions to shareholders
Initial Class	$720,470	$133,482
Investor Class	3,595,817	556,194
Total	$4,316,287	$689,676

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Materials Portfolio
Initial Class
Shares sold	296,138	884,100	$5,269,787	$14,979,080
Reinvestment of distributions	42,906	7,938	720,470	133,482
Shares redeemed	(469,426)	(541,878)	(7,699,942)	(9,032,325)
Net increase (decrease)	(130,382)	350,160	$(1,709,685)	$6,080,237
Investor Class
Shares sold	1,833,964	5,076,082	$32,145,510	$85,959,687
Reinvestment of distributions	214,129	33,084	3,595,817	556,194
Shares redeemed	(2,013,920)	(3,452,703)	(32,193,508)	(58,159,455)
Net increase (decrease)	34,173	1,656,463	$3,547,819	$28,356,426

11. Other.

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

Fund	Affiliated %
VIP Materials Portfolio	100%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Materials Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and broker; when replies were not received from broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Materials Portfolio
Initial Class	.69%
Actual		$ 1,000	$ 1,101.10	$ 3.65
Hypothetical- B		$ 1,000	$ 1,021.73	$ 3.52
Investor Class	.77%
Actual		$ 1,000	$ 1,100.50	$ 4.08
Hypothetical- B		$ 1,000	$ 1,021.32	$ 3.92

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

B 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31 st , 2022 $175,666, or, if subsequently determined to be different, the net capital gain of such year.

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

1.850999.115

VMATP-ANN-0323

Fidelity® Variable Insurance Products:

Energy Portfolio

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	63.18%	7.19%	4.80%
Service Class 2	62.87%	6.94%	4.54%
Investor Class	63.13%	7.11%	4.72%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Energy Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

U.S. equities returned -18.11% in 2022, according to the S&P 500 ® index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points -- the fastest-ever pace of monetary tightening -- while also shrinking its massive portfolio. Against this backdrop, the S&P 500 ® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

Comments from Portfolio Manager Maurice FitzMaurice:

For the fiscal year ending December 31, 2022, the fund's share classes gained about 63%, roughly in line with the 63.13% gain of the MSCI US IMI Energy 25/50 Index, but well ahead of the broad-based S&P 500 ® index. The primary contributors to performance versus the sector index were security selection and an underweighting in oil & gas storage & transportation. Security selection in oil & gas refining & marketing and an overweighting in oil & gas equipment & services also lifted the fund's relative result. Not owning Kinder Morgan, an index component that gained 21%, was the biggest individual relative contributor. Our second-largest relative contributor this period was avoiding ONEOK, an index component that gained 19%. Avoiding Williams Companies, an index component that gained 33%, also aided relative performance. Conversely, the primary detractor from performance versus the sector index was our security selection in oil & gas exploration & production. Security selection in independent power producers & energy traders and oil & gas equipment & services also hurt the fund's relative performance. Canadian National Resources, the fund's top individual detractor, increased about 39% this period. We increased our holdings in the stock this period and it was among our biggest holdings at year-end. Our second-largest detractor was Vistra, a stock from the independent power producers & energy traders that gained 6% the past year. We reduced our position in Vistra. Another detractor this period was an investment in National Energy Services Reunited, which returned -27% the past 12 months. We increased our stake. All these detractors were non-benchmark positions. Notable changes in positioning include increased exposure to the oil & gas equipment & services subindustry and a lower allocation to oil & gas storage & transportation.

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Exxon Mobil Corp.	23.9
Chevron Corp.	7.2
ConocoPhillips Co.	5.2
Valero Energy Corp.	4.7
Halliburton Co.	4.6
Schlumberger Ltd.	4.0
Hess Corp.	3.9
Marathon Petroleum Corp.	3.9
Occidental Petroleum Corp.	3.5
Canadian Natural Resources Ltd.	3.3
	64.2

Industries (% of Fund's net assets)

Oil, Gas & Consumable Fuels	86.0
Energy Equipment & Services	14.7
Independent Power and Renewable Electricity Producers	0.5

Geographic Diversification (% of Fund's net assets)

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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 101.2%
	Shares	Value ($)
Energy Equipment & Services - 14.7%
Oil & Gas Drilling - 1.4%
Nabors Industries Ltd. (a)	4,060	628,772
Nabors Industries Ltd. warrants 6/11/26 (a)	2,992	98,437
Noble Corp. PLC (a)	55,500	2,092,905
Odfjell Drilling Ltd. (a)	297,500	798,654
Odfjell Technology Ltd. (a)	71,283	211,008
Shelf Drilling Ltd. (a)(b)	254,373	572,526
Valaris Ltd. (a)	101,900	6,890,478
		11,292,780
Oil & Gas Equipment & Services - 13.3%
Baker Hughes Co. Class A	22,660	669,150
Cactus, Inc.	15,240	765,962
Halliburton Co.	916,700	36,072,145
Nextier Oilfield Solutions, Inc. (a)	1,041,860	9,626,786
NOV, Inc.	202,500	4,230,225
Oceaneering International, Inc. (a)	249,800	4,369,002
ProPetro Holding Corp. (a)	353,230	3,662,995
Schlumberger Ltd.	587,049	31,383,640
TechnipFMC PLC (a)	1,034,426	12,609,653
		103,389,558
TOTAL ENERGY EQUIPMENT & SERVICES		114,682,338
Independent Power and Renewable Electricity Producers - 0.5%
Independent Power Producers & Energy Traders - 0.5%
The AES Corp.	13,720	394,587
Vistra Corp.	147,829	3,429,633
		3,824,220
Oil, Gas & Consumable Fuels - 86.0%
Coal & Consumable Fuels - 0.8%
Arch Resources, Inc. (c)	17,200	2,455,988
CONSOL Energy, Inc.	10,300	669,500
Enviva, Inc.	4,230	224,063
Peabody Energy Corp. (a)	107,700	2,845,434
		6,194,985
Integrated Oil & Gas - 39.8%
Cenovus Energy, Inc. (Canada)	1,257,800	24,403,549
Chevron Corp.	312,396	56,071,958
Exxon Mobil Corp.	1,685,148	185,871,826
Imperial Oil Ltd.	129,500	6,307,626
Occidental Petroleum Corp.	436,670	27,505,843
Occidental Petroleum Corp. warrants 8/3/27 (a)	11,000	453,530
Suncor Energy, Inc.	291,520	9,247,256
		309,861,588
Oil & Gas Exploration & Production - 30.5%
Antero Resources Corp. (a)	374,160	11,595,218
APA Corp.	279,450	13,044,726
Callon Petroleum Co. (a)	33,135	1,228,977
Canadian Natural Resources Ltd. (c)	462,030	25,657,338
Chesapeake Energy Corp.	35,670	3,366,178
Chord Energy Corp.	19,315	2,642,485
Civitas Resources, Inc.	58,674	3,398,985
ConocoPhillips Co.	342,309	40,392,462
Coterra Energy, Inc.	142,581	3,503,215
Devon Energy Corp.	217,440	13,374,734
Diamondback Energy, Inc.	45,400	6,209,812
EOG Resources, Inc.	79,102	10,245,291
EQT Corp.	209,600	7,090,768
Hess Corp.	215,600	30,576,392
Magnolia Oil & Gas Corp. Class A	120,640	2,829,008
National Energy Services Reunited Corp. (a)	431,750	2,996,345
Northern Oil & Gas, Inc.	38,150	1,175,783
Ovintiv, Inc.	235,760	11,955,390
PDC Energy, Inc.	269,734	17,122,714
Pioneer Natural Resources Co.	61,744	14,101,712
Range Resources Corp.	451,560	11,298,031
SM Energy Co.	68,270	2,377,844
Viper Energy Partners LP	27,160	863,416
		237,046,824
Oil & Gas Refining & Marketing - 10.2%
Marathon Petroleum Corp.	260,576	30,328,441
Phillips 66 Co.	123,032	12,805,171
Valero Energy Corp.	288,320	36,576,275
		79,709,887
Oil & Gas Storage & Transport - 4.7%
Cheniere Energy, Inc.	155,790	23,362,268
Energy Transfer LP	794,030	9,425,136
Golar LNG Ltd. (a)	97,230	2,215,872
Targa Resources Corp.	15,840	1,164,240
		36,167,516
TOTAL OIL, GAS & CONSUMABLE FUELS		668,980,800
TOTAL COMMON STOCKS (Cost $508,983,222)		787,487,358

Money Market Funds - 2.4%
	Shares	Value ($)
Fidelity Cash Central Fund 4.37% (d)	3,995,261	3,996,061
Fidelity Securities Lending Cash Central Fund 4.37% (d)(e)	14,449,031	14,450,476
TOTAL MONEY MARKET FUNDS (Cost $18,446,537)		18,446,537

TOTAL INVESTMENT IN SECURITIES - 103.6% (Cost $527,429,759)	805,933,895
NET OTHER ASSETS (LIABILITIES) - (3.6)%	(28,071,154)
NET ASSETS - 100.0%	777,862,741

Legend

(a)	Non-income producing

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $572,526 or 0.1% of net assets.

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

(d)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	3,615,128	318,792,346	318,411,413	63,728	-	-	3,996,061	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	12,397,003	296,322,453	294,268,980	35,675	-	-	14,450,476	0.0%
Total	16,012,131	615,114,799	612,680,393	99,403	-	-	18,446,537

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	787,487,358	787,487,358	-	-

Money Market Funds	18,446,537	18,446,537	-	-
Total Investments in Securities:	805,933,895	805,933,895	-	-

Financial Statements

Statement of Assets and Liabilities
			December 31, 2022

Assets
Investment in securities, at value (including securities loaned of $13,795,541) - See accompanying schedule:
Unaffiliated issuers (cost $508,983,222)	$787,487,358
Fidelity Central Funds (cost $18,446,537)	18,446,537

Total Investment in Securities (cost $527,429,759)		$	805,933,895
Foreign currency held at value (cost $82,606)			82,607
Receivable for investments sold			44
Receivable for fund shares sold			702,563
Dividends receivable			692,004
Distributions receivable from Fidelity Central Funds			10,162
Prepaid expenses			1,429
Other receivables			8,518
Total assets			807,431,222
Liabilities
Payable for investments purchased	$1,759,164
Payable for fund shares redeemed	12,833,672
Accrued management fee	342,071
Distribution and service plan fees payable	55,596
Other affiliated payables	87,312
Other payables and accrued expenses	42,066
Collateral on securities loaned	14,448,600
Total Liabilities			29,568,481
Net Assets		$	777,862,741
Net Assets consist of:
Paid in capital		$	605,073,615
Total accumulated earnings (loss)			172,789,126
Net Assets		$	777,862,741

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($101,150,192 ÷ 4,019,778 shares)		$	25.16
Service Class 2 :
Net Asset Value , offering price and redemption price per share ($259,298,001 ÷ 10,360,965 shares)		$	25.03
Investor Class :
Net Asset Value , offering price and redemption price per share ($417,414,548 ÷ 16,627,076 shares)		$	25.10

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	24,108,477
Income from Fidelity Central Funds (including $35,675 from security lending)				99,403
Total Income				24,207,880
Expenses
Management fee	$	3,481,893
Transfer agent fees		678,531
Distribution and service plan fees		584,688
Accounting fees		223,113
Custodian fees and expenses		41,814
Independent trustees' fees and expenses		2,106
Audit		40,432
Legal		1,280
Interest		25,520
Miscellaneous		2,371
Total expenses before reductions		5,081,748
Expense reductions		(18,740)
Total expenses after reductions				5,063,008
Net Investment income (loss)				19,144,872
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(4,677,196)
Foreign currency transactions		(15,865)
Total net realized gain (loss)				(4,693,061)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		218,879,833
Assets and liabilities in foreign currencies		272
Total change in net unrealized appreciation (depreciation)				218,880,105
Net gain (loss)				214,187,044
Net increase (decrease) in net assets resulting from operations			$	233,331,916

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	19,144,872	$	8,542,276
Net realized gain (loss)		(4,693,061)		(242,935)
Change in net unrealized appreciation (depreciation)		218,880,105		80,327,763
Net increase (decrease) in net assets resulting from operations		233,331,916		88,627,104
Distributions to shareholders		(16,391,155)		(6,937,293)
Share transactions - net increase (decrease)		246,339,710		81,302,244
Total increase (decrease) in net assets		463,280,471		162,992,055

Net Assets
Beginning of period		314,582,270		151,590,215
End of period	$	777,862,741	$	314,582,270

Financial Highlights

VIP Energy Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	15.77	$	10.41	$	15.91	$	14.78	$	19.86
Income from Investment Operations
Net investment income (loss) A,B		.69		.48 C		.41		.29		.22
Net realized and unrealized gain (loss)		9.26		5.24		(5.62)		1.18		(5.09)
Total from investment operations		9.95		5.72		(5.21)		1.47		(4.87)
Distributions from net investment income		(.56)		(.36)		(.29)		(.33)		(.19)
Distributions from net realized gain		-		-		-		(.01)		(.02)
Total distributions		(.56)		(.36)		(.29)		(.34)		(.21)
Net asset value, end of period	$	25.16	$	15.77	$	10.41	$	15.91	$	14.78
Total Return D,E		63.18%		55.35%		(32.76)%		10.08%		(24.58)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.64%		.65%		.69%		.67%		.67%
Expenses net of fee waivers, if any		.64%		.65%		.69%		.67%		.67%
Expenses net of all reductions		.64%		.65%		.68%		.66%		.66%
Net investment income (loss)		3.02%		3.35% C		3.98%		1.83%		1.12%
Supplemental Data
Net assets, end of period (000 omitted)	$	101,150	$	30,777	$	16,336	$	27,957	$	28,999
Portfolio turnover rate H		50%		65%		71%		58%		58%

A Calculated based on average shares outstanding during the period.

C Net 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%.

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

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

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

VIP Energy Portfolio Service Class 2

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	15.69	$	10.37	$	15.84	$	14.71	$	19.75
Income from Investment Operations
Net investment income (loss) A,B		.62		.44 C		.37		.25		.17
Net realized and unrealized gain (loss)		9.23		5.21		(5.58)		1.18		(5.05)
Total from investment operations		9.85		5.65		(5.21)		1.43		(4.88)
Distributions from net investment income		(.51)		(.33)		(.26)		(.29)		(.14)
Distributions from net realized gain		-		-		-		(.01)		(.02)
Total distributions		(.51)		(.33)		(.26)		(.30)		(.16)
Net asset value, end of period	$	25.03	$	15.69	$	10.37	$	15.84	$	14.71
Total Return D,E		62.87%		54.83%		(32.88)%		9.82%		(24.77)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.89%		.90%		.94%		.92%		.92%
Expenses net of fee waivers, if any		.88%		.90%		.94%		.92%		.92%
Expenses net of all reductions		.88%		.90%		.93%		.91%		.91%
Net investment income (loss)		2.77%		3.10% C		3.73%		1.58%		.88%
Supplemental Data
Net assets, end of period (000 omitted)	$	259,298	$	120,827	$	64,986	$	90,208	$	90,093
Portfolio turnover rate H		50%		65%		71%		58%		58%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Energy Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	15.73	$	10.39	$	15.88	$	14.75	$	19.82
Income from Investment Operations
Net investment income (loss) A,B		.67		.47 C		.39		.28		.21
Net realized and unrealized gain (loss)		9.25		5.22		(5.60)		1.18		(5.09)
Total from investment operations		9.92		5.69		(5.21)		1.46		(4.88)
Distributions from net investment income		(.55)		(.35)		(.28)		(.32)		(.17)
Distributions from net realized gain		-		-		-		(.01)		(.02)
Total distributions		(.55)		(.35)		(.28)		(.33)		(.19)
Net asset value, end of period	$	25.10	$	15.73	$	10.39	$	15.88	$	14.75
Total Return D,E		63.13%		55.16%		(32.80)%		9.98%		(24.65)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.71%		.72%		.76%		.75%		.75%
Expenses net of fee waivers, if any		.71%		.72%		.76%		.75%		.75%
Expenses net of all reductions		.71%		.72%		.75%		.74%		.74%
Net investment income (loss)		2.94%		3.28% C		3.90%		1.75%		1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$	417,415	$	162,978	$	70,268	$	78,339	$	91,936
Portfolio turnover rate H		50%		65%		71%		58%		58%

A Calculated based on average shares outstanding during the period.

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

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

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

Notes to Financial Statements

For the period ended December 31, 2022

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 Ratio A
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	$281,127,483
Gross unrealized depreciation	(12,271,063)
Net unrealized appreciation (depreciation)	$268,856,420
Tax Cost	$537,077,475

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

Undistributed ordinary income	$5,020,705
Capital loss carryforward	$(100,872,643)
Net unrealized appreciation (depreciation) on securities and other investments	$268,641,032

Short-term	$(66,390,968)
Long-term	(34,481,675)
Total capital loss carryforward	$(100,872,643)

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$16,391,155	$6,937,293
Total	$16,391,155	$6,937,293

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	586,551,523	325,852,536

5. Fees and Other Transactions with Affiliates.

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

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $584,688.

	Amount	% of Class-Level Average Net Assets
Initial Class	$49,016	.06
Service Class 2	146,666	.06
Investor Class	482,849	.14
	$678,531

	% of Average Net Assets
VIP Energy Portfolio	.03

	Amount
VIP Energy Portfolio	$11,633

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
VIP Energy Portfolio	Borrower	$8,416,656	1.78%	$25,480

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Energy Portfolio	30,854,201	56,773,714	(2,032,969)

6. Committed Line of Credit.

	Amount
VIP Energy Portfolio	$938

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	$3,791	$1	$-

Bank Borrowings.

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
VIP Energy Portfolio	$684,000	2.08%	$40

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $18,740.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Energy Portfolio
Distributions to shareholders
Initial Class	$2,143,749	$966,263
Service Class 2	5,328,447	2,468,842
Investor Class	8,918,959	3,502,188
Total	$16,391,155	$6,937,293

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Energy Portfolio
Initial Class
Shares sold	4,770,417	2,198,509	$105,152,019	$33,131,941
Reinvestment of distributions	85,780	66,128	2,143,749	966,263
Shares redeemed	(2,788,431)	(1,881,114)	(60,018,217)	(27,768,051)
Net increase (decrease)	2,067,766	383,523	$47,277,551	$6,330,153
Service Class 2
Shares sold	9,562,012	4,373,264	$207,734,047	$61,702,254
Reinvestment of distributions	215,650	172,272	5,328,447	2,468,842
Shares redeemed	(7,117,295)	(3,112,807)	(154,201,989)	(43,788,287)
Net increase (decrease)	2,660,367	1,432,729	$58,860,505	$20,382,809
Investor Class
Shares sold	13,627,476	7,746,472	$296,238,118	$111,918,757
Reinvestment of distributions	357,932	242,253	8,918,959	3,502,188
Shares redeemed	(7,716,954)	(4,390,478)	(164,955,423)	(60,831,663)
Net increase (decrease)	6,268,454	3,598,247	$140,201,654	$54,589,282

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 Energy Portfolio	65%	1	25%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Energy Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Energy Portfolio
Initial Class	.64%
Actual		$ 1,000	$ 1,222.00	$ 3.58
Hypothetical- B		$ 1,000	$ 1,021.98	$ 3.26
Service Class 2	.89%
Actual		$ 1,000	$ 1,220.70	$ 4.98
Hypothetical- B		$ 1,000	$ 1,020.72	$ 4.53
Investor Class	.71%
Actual		$ 1,000	$ 1,221.40	$ 3.98
Hypothetical- B		$ 1,000	$ 1,021.63	$ 3.62

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

B 5% return per year before expenses

Distributions (Unaudited)

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

Initial Class designates 79% and 97%; Service Class 2 designates 83% and 100%; and Investor Class designates 80% and 99%; of the dividends distributed in February and November, respectively, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

1.817379.117

VNRIC-ANN-0323

Fidelity® Variable Insurance Products:

Financial Services Portfolio

(To be renamed VIP Financials Portfolio effective April 28, 2023)

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	-8.33%	6.85%	11.10%
Investor Class	-8.37%	6.77%	11.01%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Financial Services Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Matthew Reed:

For the year ending December 31, 2022, the fund's share classes returned about -8%, outperforming the -11.18% result of the MSCI US IMI Financials 5% Capped Linked Index, as well as the broad-based S&P 500 ® index. The primary contributors to performance versus the MSCI sector index were an underweighting and security selection in the financial exchanges & data category, followed by investment choices among regional banks and positioning in consumer finance firms. The biggest individual relative contributor was an overweight position in Reinsurance Group of America (+33%), which was among the biggest holdings at year-end. Also lifting performance was timely ownership of JPMorgan Chase, where our position gained about 14%. This was a position we established the past 12 months. Another notable relative contributor was an outsized stake in Travelers Companies (+23%), where we decreased our stake in 2022. In contrast, the combination of an underweighting and subpar security selection in multi-sector financial services holdings detracted most from performance versus the sector index. Picks in the property & casualty insurance group, along with an underweighting among life & health insurance providers, hindered the fund's relative result as well. Not owning Berkshire Hathaway, an index component that gained about 3%, was the largest individual relative detractor. Outsized exposure to Signature Bank (-64%) also hurt relative performance, as did avoiding Progressive, an index component that advanced 27%. Notable changes in positioning include decreased exposure to consumer finance stocks and a higher allocation to insurance brokers.

Note to shareholders:

On April 28, 2023, the fund's name will change from Fidelity VIP Financial Services Portfolio to Fidelity VIP Financials Portfolio. This will align the fund's name with the GICS Financials sector.

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Wells Fargo & Co.	5.6
Bank of America Corp.	5.3
JPMorgan Chase & Co.	4.7
Chubb Ltd.	3.5
Morgan Stanley	3.4
Citigroup, Inc.	3.0
State Street Corp.	3.0
Marsh & McLennan Companies, Inc.	2.9
U.S. Bancorp	2.8
Reinsurance Group of America, Inc.	2.7
	36.9

Industries (% of Fund's net assets)

Banks	38.5
Insurance	26.8
Capital Markets	18.6
Consumer Finance	4.3
IT Services	3.9
Thrifts & Mortgage Finance	3.5
Diversified Financial Services	2.7
Professional Services	1.1
Software	0.4

Geographic Diversification (% of Fund's net assets)

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

Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.

Percentages shown as 0.0% reflect amounts less than 0.05%.

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares	Value ($)
Banks - 38.5%
Diversified Banks - 21.5%
Bank of America Corp.	357,700	11,847,024
Citigroup, Inc.	150,900	6,825,207
JPMorgan Chase & Co.	79,500	10,660,950
Piraeus Financial Holdings SA (a)	117,200	180,407
U.S. Bancorp	146,100	6,371,421
Wells Fargo & Co.	308,577	12,741,140
		48,626,149
Regional Banks - 17.0%
Associated Banc-Corp.	86,800	2,004,212
BankUnited, Inc.	31,400	1,066,658
BOK Financial Corp.	10,740	1,114,705
Cadence Bank	66,210	1,632,739
Comerica, Inc.	22,400	1,497,440
East West Bancorp, Inc.	34,900	2,299,910
First Citizens Bancshares, Inc.	3,300	2,502,588
First Interstate Bancsystem, Inc.	53,669	2,074,307
Heartland Financial U.S.A., Inc.	34,600	1,613,052
Huntington Bancshares, Inc.	213,970	3,016,977
KeyCorp	169,900	2,959,658
M&T Bank Corp.	32,430	4,704,296
PacWest Bancorp	52,500	1,204,875
Popular, Inc.	29,000	1,923,280
Signature Bank	13,700	1,578,514
Truist Financial Corp.	92,100	3,963,063
Wintrust Financial Corp.	20,600	1,741,112
Zions Bancorp NA	33,100	1,627,196
		38,524,582
TOTAL BANKS		87,150,731
Capital Markets - 18.6%
Asset Management & Custody Banks - 8.9%
Affiliated Managers Group, Inc.	10,700	1,695,201
Bank of New York Mellon Corp.	73,300	3,336,616
Brookfield Asset Management Ltd. Class A	10,610	304,189
Brookfield Corp. Class A	42,441	1,335,194
Carlyle Group LP	103,800	3,097,392
Northern Trust Corp.	16,400	1,451,236
Patria Investments Ltd.	156,700	2,182,831
Phoenix Vega Mezz PLC	117,200	4,893
State Street Corp.	86,200	6,686,534
		20,094,086
Financial Exchanges & Data - 3.4%
Bolsa Mexicana de Valores S.A.B. de CV	729,100	1,407,577
Cboe Global Markets, Inc.	9,327	1,170,259
CME Group, Inc.	29,900	5,027,984
		7,605,820
Investment Banking & Brokerage - 6.3%
Lazard Ltd. Class A	53,000	1,837,510
Morgan Stanley	91,400	7,770,828
Raymond James Financial, Inc.	30,150	3,221,528
Virtu Financial, Inc. Class A	75,000	1,530,750
		14,360,616
TOTAL CAPITAL MARKETS		42,060,522
Consumer Finance - 4.3%
Consumer Finance - 4.3%
Capital One Financial Corp.	55,200	5,131,392
FirstCash Holdings, Inc.	33,338	2,897,406
OneMain Holdings, Inc.	51,500	1,715,465
		9,744,263
Diversified Financial Services - 2.7%
Multi-Sector Holdings - 0.8%
Cannae Holdings, Inc. (a)	84,200	1,738,730
Other Diversified Financial Services - 1.9%
Apollo Global Management, Inc.	67,800	4,324,962
Sunrisemezz Ltd. (a)	23,957	2,906
		4,327,868
TOTAL DIVERSIFIED FINANCIAL SERVICES		6,066,598
Insurance - 26.8%
Insurance Brokers - 5.4%
Arthur J. Gallagher & Co.	30,200	5,693,908
Marsh & McLennan Companies, Inc.	39,400	6,519,912
		12,213,820
Life & Health Insurance - 3.1%
F&G Annuities & Life, Inc.	2,764	55,308
Globe Life, Inc.	37,800	4,556,790
Primerica, Inc.	17,500	2,481,850
		7,093,948
Multi-Line Insurance - 1.9%
Assurant, Inc.	100	12,506
Hartford Financial Services Group, Inc.	55,700	4,223,731
		4,236,237
Property & Casualty Insurance - 13.7%
American Financial Group, Inc.	15,400	2,114,112
Beazley PLC	301,779	2,479,059
Chubb Ltd.	35,600	7,853,360
Fidelity National Financial, Inc.	71,700	2,697,354
First American Financial Corp.	63,300	3,313,122
Hiscox Ltd.	190,300	2,506,538
Lancashire Holdings Ltd.	244,700	1,922,895
Old Republic International Corp.	60,500	1,461,075
Selective Insurance Group, Inc.	18,100	1,603,841
The Travelers Companies, Inc.	27,112	5,083,229
		31,034,585
Reinsurance - 2.7%
Reinsurance Group of America, Inc.	43,800	6,223,542
TOTAL INSURANCE		60,802,132
IT Services - 3.4%
Data Processing & Outsourced Services - 3.4%
Fidelity National Information Services, Inc.	20,000	1,357,000
Global Payments, Inc.	25,900	2,572,388
MasterCard, Inc. Class A	10,700	3,720,711
		7,650,099
Professional Services - 1.1%
Research & Consulting Services - 1.1%
Dun & Bradstreet Holdings, Inc.	115,300	1,413,578
Equifax, Inc.	5,700	1,107,852
		2,521,430
Software - 0.4%
Application Software - 0.4%
Black Knight, Inc. (a)	16,000	988,000
Thrifts & Mortgage Finance - 3.5%
Thrifts & Mortgage Finance - 3.5%
Essent Group Ltd.	100,100	3,891,888
NMI Holdings, Inc. (a)	139,844	2,922,740
Walker & Dunlop, Inc.	15,100	1,185,048
		7,999,676
TOTAL COMMON STOCKS (Cost $200,568,310)		224,983,451

Convertible Bonds - 0.5%
	Principal Amount (b)	Value ($)
IT Services - 0.5%
Data Processing & Outsourced Services - 0.5%
Affirm Holdings, Inc. 0% 11/15/26 (Cost $1,246,362)	1,983,000	1,090,650

TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $201,814,672)	226,074,101
NET OTHER ASSETS (LIABILITIES) - 0.2%	441,594
NET ASSETS - 100.0%	226,515,695

Legend

(a)	Non-income producing

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	1,346,614	62,859,665	64,206,279	10,021	-	-	-	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	366,825	46,993,532	47,360,357	1,122	-	-	-	0.0%
Total	1,713,439	109,853,197	111,566,636	11,143	-	-	-

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	224,983,451	224,983,451	-	-

Convertible Bonds	1,090,650	-	1,090,650	-
Total Investments in Securities:	226,074,101	224,983,451	1,090,650	-

Financial Statements

Statement of Assets and Liabilities
			December 31, 2022

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $201,814,672):		$	226,074,101
Receivable for investments sold			1,034,953
Receivable for fund shares sold			134
Dividends receivable			416,864
Distributions receivable from Fidelity Central Funds			566
Prepaid expenses			932
Other receivables			219
Total assets			227,527,769
Liabilities
Payable to custodian bank	$427,270
Payable for fund shares redeemed	413,011
Accrued management fee	101,514
Other affiliated payables	31,716
Other payables and accrued expenses	38,563
Total Liabilities			1,012,074
Net Assets		$	226,515,695
Net Assets consist of:
Paid in capital		$	192,520,537
Total accumulated earnings (loss)			33,995,158
Net Assets		$	226,515,695

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($29,115,881 ÷ 2,078,031 shares)		$	14.01
Investor Class :
Net Asset Value , offering price and redemption price per share ($197,399,814 ÷ 14,172,142 shares)		$	13.93

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	6,893,412
Interest				78,577
Income from Fidelity Central Funds (including $1,122 from security lending)				11,143
Total Income				6,983,132
Expenses
Management fee	$	1,358,305
Transfer agent fees		329,718
Accounting fees		95,691
Custodian fees and expenses		24,366
Independent trustees' fees and expenses		888
Audit		40,220
Legal		291
Interest		162
Miscellaneous		1,401
Total expenses before reductions		1,851,042
Expense reductions		(8,471)
Total expenses after reductions				1,842,571
Net Investment income (loss)				5,140,561
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		10,270,211
Foreign currency transactions		3,216
Total net realized gain (loss)				10,273,427
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(44,761,925)
Assets and liabilities in foreign currencies		(24)
Total change in net unrealized appreciation (depreciation)				(44,761,949)
Net gain (loss)				(34,488,522)
Net increase (decrease) in net assets resulting from operations			$	(29,347,961)

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,140,561	$	4,931,924
Net realized gain (loss)		10,273,427		6,074,082
Change in net unrealized appreciation (depreciation)		(44,761,949)		43,179,409
Net increase (decrease) in net assets resulting from operations		(29,347,961)		54,185,415
Distributions to shareholders		(9,878,895)		(8,841,504)
Share transactions - net increase (decrease)		(16,203,538)		95,108,449
Total increase (decrease) in net assets		(55,430,394)		140,452,360

Net Assets
Beginning of period		281,946,089		141,493,729
End of period	$	226,515,695	$	281,946,089

Financial Highlights

VIP Financial Services Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	15.82	$	12.38	$	13.62	$	11.15	$	13.72
Income from Investment Operations
Net investment income (loss) A,B		.30		.32		.26		.22		.17
Net realized and unrealized gain (loss)		(1.57)		3.71		(.16)		3.39		(2.28)
Total from investment operations		(1.27)		4.03		.10		3.61		(2.11)
Distributions from net investment income		(.29)		(.27)		(.26)		(.26)		(.16)
Distributions from net realized gain		(.25)		(.32)		(1.08)		(.88)		(.29)
Total distributions		(.54)		(.59)		(1.34)		(1.14)		(.46) C
Redemption fees added to paid in capital A		-		-		-		-		- D
Net asset value, end of period	$	14.01	$	15.82	$	12.38	$	13.62	$	11.15
Total Return E,F		(8.33)%		33.19%		.77%		34.33%		(15.73)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.65%		.65%		.69%		.68%		.67%
Expenses net of fee waivers, if any		.65%		.65%		.69%		.68%		.67%
Expenses net of all reductions		.65%		.65%		.68%		.67%		.66%
Net investment income (loss)		2.06%		2.08%		2.47%		1.83%		1.25%
Supplemental Data
Net assets, end of period (000 omitted)	$	29,116	$	35,491	$	20,134	$	24,758	$	24,142
Portfolio turnover rate I		53%		40%		68%		58%		59%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

D Amount represents less than $.005 per share.

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

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

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

VIP Financial Services Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	15.73	$	12.31	$	13.56	$	11.10	$	13.66
Income from Investment Operations
Net investment income (loss) A,B		.29		.30		.25		.21		.15
Net realized and unrealized gain (loss)		(1.56)		3.70		(.16)		3.38		(2.26)
Total from investment operations		(1.27)		4.00		.09		3.59		(2.11)
Distributions from net investment income		(.28)		(.26)		(.25)		(.25)		(.15)
Distributions from net realized gain		(.25)		(.32)		(1.08)		(.88)		(.29)
Total distributions		(.53)		(.58)		(1.34) C		(1.13)		(.45) C
Redemption fees added to paid in capital A		-		-		-		-		- D
Net asset value, end of period	$	13.93	$	15.73	$	12.31	$	13.56	$	11.10
Total Return E,F		(8.37)%		33.14%		.63%		34.28%		(15.82)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.73%		.72%		.76%		.76%		.75%
Expenses net of fee waivers, if any		.73%		.72%		.76%		.76%		.75%
Expenses net of all reductions		.73%		.72%		.75%		.75%		.74%
Net investment income (loss)		1.99%		2.01%		2.39%		1.75%		1.17%
Supplemental Data
Net assets, end of period (000 omitted)	$	197,400	$	246,455	$	121,359	$	139,831	$	133,990
Portfolio turnover rate I		53%		40%		68%		58%		59%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

D Amount represents less than $.005 per share.

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

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

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

Notes to Financial Statements

For the period ended December 31, 2022

1. Organization.

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

In January 2023 the Board of Trustees approved a change in the name of VIP Financial Services Portfolio to VIP Financials Portfolio effective April 28, 2023.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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:

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 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.

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

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

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

Gross unrealized appreciation	$39,469,347
Gross unrealized depreciation	(16,540,411)
Net unrealized appreciation (depreciation)	$22,928,936
Tax Cost	$203,145,165

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

Undistributed ordinary income	$1,233,698
Undistributed long-term capital gain	$9,832,711
Net unrealized appreciation (depreciation) on securities and other investments	$22,928,749

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$4,808,401	$6,280,646
Long-term Capital Gains	5,070,494	2,560,858
Total	$9,878,895	$8,841,504

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 Financial Services Portfolio	136,575,989	156,881,794

5. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets
Initial Class	$21,054	.06
Investor Class	308,664	.14
	$329,718

	% of Average Net Assets
VIP Financial Services Portfolio	.04

	Amount
VIP Financial Services Portfolio	$2,438

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
VIP Financial Services Portfolio	Borrower	$2,052,111	.32%	$162

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Financial Services Portfolio	5,381,915	11,179,292	1,179,266

6. Committed Line of Credit.

	Amount
VIP Financial Services Portfolio	$464

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 Financial Services Portfolio	$116	$-	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8,471.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Financial Services Portfolio
Distributions to shareholders
Initial Class	$1,249,703	$1,154,652
Investor Class	8,629,192	7,686,852
Total	$9,878,895	$8,841,504

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Financial Services Portfolio
Initial Class
Shares sold	1,003,850	1,437,419	$15,681,340	$21,787,429
Reinvestment of distributions	79,599	81,426	1,249,703	1,154,652
Shares redeemed	(1,249,358)	(901,360)	(18,033,364)	(13,429,497)
Net increase (decrease)	(165,909)	617,485	$(1,102,321)	$9,512,584
Investor Class
Shares sold	4,025,217	9,345,285	$63,943,329	$139,269,921
Reinvestment of distributions	552,838	543,819	8,629,192	7,686,852
Shares redeemed	(6,076,050)	(4,073,663)	(87,673,738)	(61,360,908)
Net increase (decrease)	(1,497,995)	5,815,441	$(15,101,217)	$85,595,865

11. Other.

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

Fund	Affiliated %
VIP Financial Services Portfolio	100%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Financial Services Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Financial Services Portfolio
Initial Class	.65%
Actual		$ 1,000	$ 1,084.30	$ 3.41
Hypothetical- B		$ 1,000	$ 1,021.93	$ 3.31
Investor Class	.73%
Actual		$ 1,000	$ 1,084.20	$ 3.83
Hypothetical- B		$ 1,000	$ 1,021.53	$ 3.72

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

B 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022 $9,855,627, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class designates 4% and 95%; and Investor Class designates 4%, and 99%; of the dividends distributed in February and December 2022, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

1.817367.118

VFSIC-ANN-0323

Fidelity® Variable Insurance Products:

Utilities Portfolio

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	5.47%	10.64%	11.37%
Investor Class	5.39%	10.54%	11.27%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Utilities Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Douglas Simmons:

For the fiscal year ending December 31, 2022, the fund's share classes gained roughly 5%, outperforming the 1.24% advance of the MSCI US IMI Utilities 25/50 Index, as well as the broad-based S&P 500 ® index. Stock selection helped the fund outperform its sector index, especially in the electric utilities category, the largest industry component of the index. An underweighting and security selection in multi-utilities and an underweighting in water utilities also helped. The fund's top individual relative contributor was our outsized investment in Constellation Energy, which gained 63%. This is a position we established in this period. Also lifting performance was our outsized stake in Exelon, which gained approximately 9%. Exelon was among the fund's largest holdings. Another notable relative contributor was an overweighting in PG&E (+34%), which was one of our biggest holdings. In contrast, stock selection and an overweighting in renewable electricity notably detracted from performance versus the sector index. Weak stock selection in independent power producers & energy traders and integrated telecommunication services also hurt relative performance. The fund's largest individual relative detractor was our lighter-than-index stake in Consolidated Edison, which gained roughly 16% the past 12 months. Consolidated Edison was not held at period end. Also hindering performance was an underweighting in Duke Energy, which gained about 2%. Also hampering performance was an underweighting in Xcel Energy, which gained roughly 6%. This was an investment we established the past year. Notable changes in positioning include a lower allocation to the multi-utilities and independent power producers & energy traders subindustries.

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

NextEra Energy, Inc.	14.6
Southern Co.	11.7
Constellation Energy Corp.	7.2
Exelon Corp.	6.2
PG&E Corp.	5.2
FirstEnergy Corp.	4.8
Sempra Energy	4.8
Dominion Energy, Inc.	4.3
Edison International	4.1
PPL Corp.	3.9
	66.8

Industries (% of Fund's net assets)

Electric Utilities	72.1
Multi-Utilities	15.5
Independent Power and Renewable Electricity Producers	6.9
Electrical Equipment	0.1

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 94.6%
	Shares	Value ($)
Electric Utilities - 72.1%
Electric Utilities - 72.1%
Avangrid, Inc. (a)	79,297	3,408,185
Constellation Energy Corp.	237,952	20,513,842
Duke Energy Corp.	71,883	7,403,230
Edison International	185,427	11,796,866
Entergy Corp.	72,637	8,171,663
Eversource Energy	103,916	8,712,317
Exelon Corp.	406,586	17,576,713
FirstEnergy Corp.	325,112	13,635,197
NextEra Energy, Inc.	498,002	41,632,966
OGE Energy Corp.	40,801	1,613,680
PG&E Corp. (b)	904,330	14,704,406
Pinnacle West Capital Corp.	25,730	1,956,509
PPL Corp.	380,000	11,103,600
Southern Co.	464,962	33,202,936
Xcel Energy, Inc.	137,100	9,612,081
		205,044,191
Electrical Equipment - 0.1%
Electrical Components & Equipment - 0.1%
Fluence Energy, Inc. (a)(b)	12,651	216,965
Independent Power and Renewable Electricity Producers - 6.9%
Independent Power Producers & Energy Traders - 5.1%
Energy Harbor Corp. (b)	22,100	1,745,900
The AES Corp.	315,125	9,062,995
Vistra Corp.	152,828	3,545,610
		14,354,505
Renewable Electricity - 1.8%
Clearway Energy, Inc. Class A	31,548	943,916
NextEra Energy Partners LP	59,907	4,198,882
		5,142,798
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS		19,497,303
Multi-Utilities - 15.5%
Multi-Utilities - 15.5%
Dominion Energy, Inc.	198,668	12,182,322
NiSource, Inc.	334,700	9,177,474
Public Service Enterprise Group, Inc.	150,501	9,221,196
Sempra Energy	87,615	13,540,022
		44,121,014
TOTAL COMMON STOCKS (Cost $211,123,549)		268,879,473

Money Market Funds - 5.7%
	Shares	Value ($)
Fidelity Cash Central Fund 4.37% (c)	15,593,973	15,597,092
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d)	656,184	656,250
TOTAL MONEY MARKET FUNDS (Cost $16,253,342)		16,253,342

TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $227,376,891)	285,132,815
NET OTHER ASSETS (LIABILITIES) - (0.3)%	(829,160)
NET ASSETS - 100.0%	284,303,655

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	1,236,452	134,311,737	119,951,097	108,930	-	-	15,597,092	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	731,675	72,754,885	72,830,310	5,312	-	-	656,250	0.0%
Total	1,968,127	207,066,622	192,781,407	114,242	-	-	16,253,342

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	268,879,473	268,879,473	-	-

Money Market Funds	16,253,342	16,253,342	-	-
Total Investments in Securities:	285,132,815	285,132,815	-	-

Financial Statements

Statement of Assets and Liabilities
				December 31, 2022

Assets
Investment in securities, at value (including securities loaned of $634,305) - See accompanying schedule:	$
Unaffiliated issuers (cost $211,123,549)		268,879,473
Fidelity Central Funds (cost $16,253,342)		16,253,342


Total Investment in Securities (cost $227,376,891)			$	285,132,815
Receivable for fund shares sold				14,172
Dividends receivable				458,574
Distributions receivable from Fidelity Central Funds				37,754
Prepaid expenses				612
Total assets				285,643,927
Liabilities
Payable for fund shares redeemed		$486,811
Accrued management fee		123,215
Other affiliated payables		37,755
Other payables and accrued expenses		36,241
Collateral on securities loaned		656,250
Total Liabilities				1,340,272
Net Assets			$	284,303,655
Net Assets consist of:
Paid in capital			$	219,989,006
Total accumulated earnings (loss)				64,314,649
Net Assets			$	284,303,655

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($48,028,967 ÷ 2,231,298 shares)			$	21.53
Investor Class :
Net Asset Value , offering price and redemption price per share ($236,274,688 ÷ 11,060,322 shares)			$	21.36

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	5,972,101
Income from Fidelity Central Funds (including $5,312 from security lending)				114,242
Total Income				6,086,343
Expenses
Management fee	$	1,302,283
Transfer agent fees		312,163
Accounting fees		90,687
Custodian fees and expenses		9,489
Independent trustees' fees and expenses		820
Audit		38,422
Legal		444
Miscellaneous		1,094
Total expenses before reductions		1,755,402
Expense reductions		(7,689)
Total expenses after reductions				1,747,713
Net Investment income (loss)				4,338,630
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		5,973,295
Foreign currency transactions		(13)
Total net realized gain (loss)				5,973,282
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(2,666,742)
Assets and liabilities in foreign currencies		(192)
Total change in net unrealized appreciation (depreciation)				(2,666,934)
Net gain (loss)				3,306,348
Net increase (decrease) in net assets resulting from operations			$	7,644,978

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,338,630	$	3,646,390
Net realized gain (loss)		5,973,282		5,840,286
Change in net unrealized appreciation (depreciation)		(2,666,934)		19,813,067
Net increase (decrease) in net assets resulting from operations		7,644,978		29,299,743
Distributions to shareholders		(4,522,100)		(3,303,676)
Share transactions - net increase (decrease)		83,411,707		(6,579,264)
Total increase (decrease) in net assets		86,534,585		19,416,803

Net Assets
Beginning of period		197,769,070		178,352,267
End of period	$	284,303,655	$	197,769,070

Financial Highlights

VIP Utilities Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	20.80	$	18.05	$	18.79	$	16.81	$	16.73
Income from Investment Operations
Net investment income (loss) A,B		.38		.40		.34		.43		.40
Net realized and unrealized gain (loss)		.75		2.71		(.35)		3.22		.96
Total from investment operations		1.13		3.11		(.01)		3.65		1.36
Distributions from net investment income		(.34)		(.36)		(.45)		(.39)		(.32)
Distributions from net realized gain		(.06)		-		(.28)		(1.28)		(.97)
Total distributions		(.40)		(.36)		(.73)		(1.67)		(1.28) C
Net asset value, end of period	$	21.53	$	20.80	$	18.05	$	18.79	$	16.81
Total Return D,E		5.47%		17.43%		(.12)%		23.18%		8.82%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.64%		.65%		.67%		.66%		.68%
Expenses net of fee waivers, if any		.64%		.65%		.67%		.66%		.68%
Expenses net of all reductions		.64%		.65%		.66%		.66%		.65%
Net investment income (loss)		1.81%		2.09%		1.96%		2.46%		2.36%
Supplemental Data
Net assets, end of period (000 omitted)	$	48,029	$	29,279	$	26,868	$	40,839	$	38,270
Portfolio turnover rate H		53%		32%		66%		66%		113%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

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

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

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

VIP Utilities Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	20.64	$	17.92	$	18.66	$	16.70	$	16.64
Income from Investment Operations
Net investment income (loss) A,B		.36		.38		.32		.42		.38
Net realized and unrealized gain (loss)		.74		2.69		(.35)		3.19		.95
Total from investment operations		1.10		3.07		(.03)		3.61		1.33
Distributions from net investment income		(.32)		(.35)		(.44)		(.38)		(.31)
Distributions from net realized gain		(.06)		-		(.28)		(1.28)		(.97)
Total distributions		(.38)		(.35)		(.71) C		(1.65) C		(1.27) C
Net asset value, end of period	$	21.36	$	20.64	$	17.92	$	18.66	$	16.70
Total Return D,E		5.39%		17.30%		(.20)%		23.14%		8.66%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.72%		.73%		.75%		.74%		.76%
Expenses net of fee waivers, if any		.72%		.73%		.75%		.74%		.76%
Expenses net of all reductions		.72%		.73%		.74%		.74%		.73%
Net investment income (loss)		1.74%		2.01%		1.89%		2.38%		2.28%
Supplemental Data
Net assets, end of period (000 omitted)	$	236,275	$	168,490	$	151,484	$	215,259	$	137,635
Portfolio turnover rate H		53%		32%		66%		66%		113%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

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

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

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

Notes to Financial Statements

For the period ended December 31, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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	$60,414,838
Gross unrealized depreciation	(4,035,217)
Net unrealized appreciation (depreciation)	$56,379,621
Tax Cost	$228,753,194

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

Undistributed ordinary income	$802,221
Undistributed long-term capital gain	$7,132,944
Net unrealized appreciation (depreciation) on securities and other investments	$56,379,483

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$3,960,007	$ 3,303,676
Long-term Capital Gains	562,093	-
Total	$4,522,100	$3,303,676

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	198,681,572	128,725,680

5. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets
Initial Class	$24,278	.06
Investor Class	287,885	.14
	$312,163

	% of Average Net Assets
VIP Utilities Portfolio	.04

	Amount
VIP Utilities Portfolio	$3,233

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Utilities Portfolio	4,266,823	1,083,712	(97,254)

6. Committed Line of Credit.

	Amount
VIP Utilities Portfolio	$384

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
VIP Utilities Portfolio	$555	$-	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7,689.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Utilities Portfolio
Distributions to shareholders
Initial Class	$760,356	$499,211
Investor Class	3,761,744	2,804,465
Total	$4,522,100	$3,303,676

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Utilities Portfolio
Initial Class
Shares sold	1,335,704	201,801	$28,668,446	$3,829,280
Reinvestment of distributions	35,949	26,128	760,356	499,211
Shares redeemed	(548,083)	(308,899)	(11,274,350)	(5,754,273)
Net increase (decrease)	823,570	(80,970)	$18,154,452	$(1,425,782)
Investor Class
Shares sold	5,108,204	921,657	$109,619,074	$17,419,358
Reinvestment of distributions	179,867	147,825	3,761,744	2,804,465
Shares redeemed	(2,389,376)	(1,362,564)	(48,123,563)	(25,377,305)
Net increase (decrease)	2,898,695	(293,082)	$65,257,255	$(5,153,482)

11. Other.

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

Fund			Affiliated %
VIP Utilities Portfolio			98%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Utilities Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Utilities Portfolio
Initial Class	.64%
Actual		$ 1,000	$ 1,064.60	$ 3.33
Hypothetical- B		$ 1,000	$ 1,021.98	$ 3.26
Investor Class	.72%
Actual		$ 1,000	$ 1,064.00	$ 3.75
Hypothetical- B		$ 1,000	$ 1,021.58	$ 3.67

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

B 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022, $7,134,874, or, if subsequently determined to be different, the net capital gain of such year.

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

1.817391.117

VTELIC-ANN-0323

Fidelity® Variable Insurance Products:

Industrials Portfolio

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	-10.30%	5.11%	10.04%
Investor Class	-10.42%	5.03%	9.95%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Industrials Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

U.S. equities returned -18.11% in 2022, according to the S&P 500 ® index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 ® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note, when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was evident in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

Comments from Portfolio Manager Janet Glazer:

For the fiscal year ending December 31, 2022, the fund's share classes returned roughly -10%, trailing the -8.42% result of the MSCI US IMI Industrials 25/50 Linked Index, but handily outperforming the broad-based S&P 500® index. Versus the sector index, security selection was the primary detractor, especially within aerospace & defense. The fund's biggest individual relative detractor was an overweighting in Ingersoll Rand, which returned about -18% the past 12 months. Also hindering performance was an underweighting in Lockheed Martin, which gained about 40%. This was a position we established the past year. Avoiding Deere, an index component that gained roughly 27%, also hurt relative performance. In contrast, the top contributor to performance versus the sector index was an overweighting in aerospace & defense. Stock selection in electrical components & equipment and an overweighting in construction & engineering also bolstered the fund's relative performance. The fund's biggest individual relative contributor was an outsized stake in WillScot Mobile Mini, which gained about 11% the past 12 months. The company was among our largest holdings. Also boosting value was our overweighting in Howmet Aerospace, which gained roughly 24%. Howmet Aerospace was among our biggest holdings. Avoiding 3M, an index component that returned about -30%, also helped relative performance. Notable changes in positioning include a higher allocation to the aerospace & defense and industrial machinery subindustries, and lower representation in building products and trucking.

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Roper Technologies, Inc.	8.7
Willscot Mobile Mini Holdings	7.2
AMETEK, Inc.	7.1
Fortive Corp.	7.0
The Boeing Co.	6.3
Honeywell International, Inc.	5.9
Howmet Aerospace, Inc.	4.8
Raytheon Technologies Corp.	4.6
Crane Holdings Co.	4.5
Flowserve Corp.	4.4
	60.5

Industries (% of Fund's net assets)

Aerospace & Defense	29.4
Machinery	26.0
Software	8.7
Construction & Engineering	8.0
Electrical Equipment	7.4
Industrial Conglomerates	5.9
Professional Services	5.6
Commercial Services & Supplies	3.7
Road & Rail	3.1
Electronic Equipment & Components	1.6

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
Aerospace & Defense - 29.4%
Aerospace & Defense - 29.4%
BAE Systems PLC	54,891	566,936
Curtiss-Wright Corp.	14,400	2,404,656
General Dynamics Corp.	5,300	1,314,983
HEICO Corp.	19,000	2,919,160
HEICO Corp. Class A	12,200	1,462,170
Hexcel Corp. (a)	8,800	517,880
Howmet Aerospace, Inc.	185,400	7,306,614
Lockheed Martin Corp.	12,900	6,275,721
Raytheon Technologies Corp.	69,700	7,034,124
The Boeing Co. (b)	51,200	9,753,088
TransDigm Group, Inc.	8,900	5,603,885
		45,159,217
Commercial Services & Supplies - 3.7%
Diversified Support Services - 0.1%
Copart, Inc. (b)	3,200	194,848
Environmental & Facility Services - 0.0%
Tetra Tech, Inc.	400	58,076
Security & Alarm Services - 3.6%
CoreCivic, Inc. (b)	101,700	1,175,652
The GEO Group, Inc. (a)(b)	396,500	4,341,675
		5,517,327
TOTAL COMMERCIAL SERVICES & SUPPLIES		5,770,251
Construction & Engineering - 8.0%
Construction & Engineering - 8.0%
AECOM	3,500	297,255
Quanta Services, Inc.	6,600	940,500
Willscot Mobile Mini Holdings (b)	244,700	11,053,099
		12,290,854
Electrical Equipment - 7.4%
Electrical Components & Equipment - 7.4%
AMETEK, Inc.	78,800	11,009,936
nVent Electric PLC	4,800	184,656
Vertiv Holdings Co.	19,400	265,004
		11,459,596
Electronic Equipment & Components - 1.6%
Electronic Equipment & Instruments - 1.6%
Teledyne Technologies, Inc. (b)	6,000	2,399,460
Industrial Conglomerates - 5.9%
Industrial Conglomerates - 5.9%
Honeywell International, Inc.	42,227	9,049,246
Machinery - 26.0%
Industrial Machinery - 26.0%
Barnes Group, Inc.	107,400	4,387,290
Crane Holdings Co.	68,330	6,863,749
Flowserve Corp.	221,219	6,786,999
Fortive Corp.	168,192	10,806,336
IDEX Corp.	21,400	4,886,262
Ingersoll Rand, Inc.	119,100	6,222,975
		39,953,611
Professional Services - 5.6%
Research & Consulting Services - 5.6%
FTI Consulting, Inc. (a)(b)	19,602	3,112,798
KBR, Inc.	14,100	744,480
Science Applications International Corp.	42,800	4,747,804
		8,605,082
Road & Rail - 3.1%
Railroads - 2.3%
CSX Corp.	16,300	504,974
Norfolk Southern Corp.	5,650	1,392,273
Union Pacific Corp.	8,100	1,677,267
		3,574,514
Trucking - 0.8%
J.B. Hunt Transport Services, Inc.	4,002	697,789
Old Dominion Freight Lines, Inc.	200	56,756
Saia, Inc. (b)	1,800	377,424
		1,131,969
TOTAL ROAD & RAIL		4,706,483
Software - 8.7%
Application Software - 8.7%
Roper Technologies, Inc.	30,800	13,308,371
TOTAL COMMON STOCKS (Cost $131,622,695)		152,702,171

Money Market Funds - 4.8%
	Shares	Value ($)
Fidelity Cash Central Fund 4.37% (c)	1,050,750	1,050,960
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d)	6,409,184	6,409,825
TOTAL MONEY MARKET FUNDS (Cost $7,460,785)		7,460,785

TOTAL INVESTMENT IN SECURITIES - 104.2% (Cost $139,083,480)	160,162,956
NET OTHER ASSETS (LIABILITIES) - (4.2)%	(6,490,390)
NET ASSETS - 100.0%	153,672,566

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	944,789	34,355,855	34,249,684	23,639	-	-	1,050,960	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	-	52,467,611	46,057,786	5,089	-	-	6,409,825	0.0%
Total	944,789	86,823,466	80,307,470	28,728	-	-	7,460,785

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	152,702,171	152,135,235	566,936	-

Money Market Funds	7,460,785	7,460,785	-	-
Total Investments in Securities:	160,162,956	159,596,020	566,936	-

Financial Statements

Statement of Assets and Liabilities
			December 31, 2022

Assets
Investment in securities, at value (including securities loaned of $6,177,050) - See accompanying schedule:
Unaffiliated issuers (cost $131,622,695)	$152,702,171
Fidelity Central Funds (cost $7,460,785)	7,460,785

Total Investment in Securities (cost $139,083,480)		$	160,162,956
Cash			14
Receivable for fund shares sold			13,685
Dividends receivable			46,463
Distributions receivable from Fidelity Central Funds			5,532
Prepaid expenses			743
Other receivables			3
Total assets			160,229,396
Liabilities
Payable for fund shares redeemed	$21,041
Accrued management fee	67,868
Other affiliated payables	20,814
Other payables and accrued expenses	37,282
Collateral on securities loaned	6,409,825
Total Liabilities			6,556,830
Net Assets		$	153,672,566
Net Assets consist of:
Paid in capital		$	139,041,352
Total accumulated earnings (loss)			14,631,214
Net Assets		$	153,672,566

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($25,557,173 ÷ 1,402,258 shares)		$	18.23
Investor Class :
Net Asset Value , offering price and redemption price per share ($128,115,393 ÷ 7,108,165 shares)		$	18.02

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	1,160,710
Special dividends				188,700
Income from Fidelity Central Funds (including $5,089 from security lending)				28,728
Total Income				1,378,138
Expenses
Management fee	$	773,246
Transfer agent fees		182,969
Accounting fees		54,256
Custodian fees and expenses		10,932
Independent trustees' fees and expenses		508
Audit		39,342
Legal		1,693
Miscellaneous		943
Total expenses before reductions		1,063,889
Expense reductions		(4,928)
Total expenses after reductions				1,058,961
Net Investment income (loss)				319,177
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(6,194,576)
Foreign currency transactions		(1,131)
Total net realized gain (loss)				(6,195,707)
Change in net unrealized appreciation (depreciation) on investment securities				(12,698,207)
Net gain (loss)				(18,893,914)
Net increase (decrease) in net assets resulting from operations			$	(18,574,737)

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	319,177	$	(245,857)
Net realized gain (loss)		(6,195,707)		34,542,857
Change in net unrealized appreciation (depreciation)		(12,698,207)		(7,496,316)
Net increase (decrease) in net assets resulting from operations		(18,574,737)		26,800,684
Distributions to shareholders		(21,148,838)		(24,220,459)
Share transactions - net increase (decrease)		15,484,082		10,130,562
Total increase (decrease) in net assets		(24,239,493)		12,710,787

Net Assets
Beginning of period		177,912,059		165,201,272
End of period	$	153,672,566	$	177,912,059

Financial Highlights

VIP Industrials Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.44	$	23.29	$	21.98	$	19.29	$	23.85
Income from Investment Operations
Net investment income (loss) A,B		.05 C		(.02)		.03		.24		.19
Net realized and unrealized gain (loss)		(2.43)		3.57		2.57		4.92		(3.68)
Total from investment operations		(2.38)		3.55		2.60		5.16		(3.49)
Distributions from net investment income		(.03)		-		(.10) D		(.24)		(.18)
Distributions from net realized gain		(2.79)		(3.40)		(1.19) D		(2.23)		(.89)
Total distributions		(2.83) E		(3.40)		(1.29)		(2.47)		(1.07)
Net asset value, end of period	$	18.23	$	23.44	$	23.29	$	21.98	$	19.29
Total Return F,G		(10.30)%		17.09%		12.32%		28.15%		(15.12)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.66%		.66%		.68%		.67%		.67%
Expenses net of fee waivers, if any		.66%		.66%		.68%		.67%		.67%
Expenses net of all reductions		.66%		.66%		.67%		.67%		.66%
Net investment income (loss)		.28% C		(.08)%		.17%		1.13%		.85%
Supplemental Data
Net assets, end of period (000 omitted)	$	25,557	$	31,026	$	29,873	$	33,078	$	30,987
Portfolio turnover rate J		83%		197%		240%		121%		94%

A Calculated based on average shares outstanding during the period.

C Net 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%.

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

E Total distributions per share do not sum due to rounding.

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

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

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

VIP Industrials Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.22	$	23.10	$	21.82	$	19.17	$	23.69
Income from Investment Operations
Net investment income (loss) A,B		.04 C		(.04)		.02		.22		.17
Net realized and unrealized gain (loss)		(2.43)		3.55		2.53		4.88		(3.64)
Total from investment operations		(2.39)		3.51		2.55		5.10		(3.47)
Distributions from net investment income		(.02)		-		(.08) D		(.22)		(.16)
Distributions from net realized gain		(2.79)		(3.39)		(1.19) D		(2.23)		(.89)
Total distributions		(2.81)		(3.39)		(1.27)		(2.45)		(1.05)
Net asset value, end of period	$	18.02	$	23.22	$	23.10	$	21.82	$	19.17
Total Return E,F		(10.42)%		17.03%		12.19%		28.03%		(15.14)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.74%		.74%		.76%		.75%		.75%
Expenses net of fee waivers, if any		.73%		.74%		.76%		.75%		.75%
Expenses net of all reductions		.73%		.74%		.75%		.75%		.74%
Net investment income (loss)		.20% C		(.16)%		.10%		1.05%		.77%
Supplemental Data
Net assets, end of period (000 omitted)	$	128,115	$	146,886	$	135,328	$	138,417	$	124,268
Portfolio turnover rate I		83%		197%		240%		121%		94%

A Calculated based on average shares outstanding during the period.

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

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

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

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

Notes to Financial Statements

For the period ended December 31, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

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

Gross unrealized appreciation	$24,353,162
Gross unrealized depreciation	(4,037,242)
Net unrealized appreciation (depreciation)	$20,315,920
Tax Cost	$139,847,036

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

Undistributed ordinary income	$118,372
Capital loss carryforward	$(5,803,079)
Net unrealized appreciation (depreciation) on securities and other investments	$20,315,920

Short-term

$(5,803,079)

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$ 3,897,631	$11,878,410
Long-term Capital Gains	17,251,207	12,342,049
Total	$21,148,838	$24,220,459

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	122,850,073	128,463,127

5. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets
Initial Class	15,891	.06
Investor Class	167,078	.14
	$182,969

	% of Average Net Assets
VIP Industrials Portfolio	.04

	Amount
VIP Industrials Portfolio	$2,479

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Industrials Portfolio	3,566,760	4,358,127	413,904

6. Committed Line of Credit.

	Amount
VIP Industrials Portfolio	$260

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	$529	$-	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,928.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Industrials Portfolio
Distributions to shareholders
Initial Class	$3,701,428	$4,264,047
Investor Class	17,447,410	19,956,412
Total	$21,148,838	$24,220,459

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Industrials Portfolio
Initial Class
Shares sold	96,902	107,073	$1,809,862	$2,522,529
Reinvestment of distributions	200,593	197,019	3,701,428	4,264,047
Shares redeemed	(218,811)	(263,246)	(3,973,341)	(6,047,265)
Net increase (decrease)	78,684	40,846	$1,537,949	$739,311
Investor Class
Shares sold	809,705	1,262,041	$14,245,191	$29,223,794
Reinvestment of distributions	956,449	930,626	17,447,410	19,956,412
Shares redeemed	(984,710)	(1,724,358)	(17,746,468)	(39,788,955)
Net increase (decrease)	781,444	468,309	$13,946,133	$9,391,251

11. Other.

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

Fund	Affiliated %
VIP Industrials Portfolio	100%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Industrials Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Industrials Portfolio
Initial Class	.66%
Actual		$ 1,000	$ 1,141.30	$ 3.56
Hypothetical- B		$ 1,000	$ 1,021.88	$ 3.36
Investor Class	.74%
Actual		$ 1,000	$ 1,140.40	$ 3.99
Hypothetical- B		$ 1,000	$ 1,021.48	$ 3.77

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund is available on Fidelity.com or Institutional.Fidelity.com .

Initial Class and Investor Class designate 0%, and 100%; of the dividends distributed in February and December 2022, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

1.817361.117

VCYLIC-ANN-0323

Fidelity® Variable Insurance Products:

Communication Services Portfolio

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	-38.14%	4.07%	7.00%
Investor Class	-38.17%	4.01%	6.93%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Communication Services Portfolio - Initial Class, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Matthew Drukker:

For the fiscal year ending December 31, 2022, the fund's share classes returned roughly -38%, outperforming the -38.74% result of the MSCI US IMI Communication Services 25/50 Index, but underperforming the broad-based S&P 500 ® index. Versus the industry index, security selection was the primary contributor, led by choices in the movies & entertainment industry. An overweighting and stock picks in wireless telecommunication services and an overweighting in interactive home entertainment also boosted the fund's relative result. The fund's top individual relative contributor was an outsized stake in T-Mobile, which gained roughly 20% the past 12 months. We reduced our investment in this company. Also adding relative value was our timely positioning in Netflix, which returned -51%. We added to our stake the past year and Netflix was the fund's third-largest position at year-end. Another notable relative contributor was an outsized stake in Activision Blizzard (+15%), which was one of our biggest holdings. In contrast, an underweighting in integrated telecommunication services notably detracted from performance versus the industry index. Security selection and an overweighting in interactive media & services and an underweighting in broadcasting also hampered the fund's relative performance. The fund's largest individual relative detractor was an overweighting in Meta Platforms, which returned -64% the past 12 months. The company was among our biggest holdings. Also hurting performance was untimely positioning in AT&T, which gained approximately 4%. We decreased our position the past year. Avoiding Verizon Communications, an index component that returned -20%, also hurt relative performance. Notable changes in positioning include a higher allocation to the cable & satellite and movies & entertainment subindustries.

Investment Summary December 31, 2022 (Unaudited)

Top Holdings (% of Fund's net assets)

Alphabet, Inc. Class A	18.8
Meta Platforms, Inc. Class A	14.6
Netflix, Inc.	9.2
Activision Blizzard, Inc.	6.1
Charter Communications, Inc. Class A	4.9
T-Mobile U.S., Inc.	4.6
Comcast Corp. Class A	4.2
Liberty Broadband Corp. Class A	4.1
Liberty Global PLC Class C	3.4
Liberty Media Corp. Liberty Formula One Class A	3.3
	73.2

Industries (% of Fund's net assets)

Interactive Media & Services	37.6
Entertainment	31.3
Media	15.6
Diversified Telecommunication Services	5.3
Wireless Telecommunication Services	4.6
Internet & Direct Marketing Retail	3.6
Equity Real Estate Investment Trusts (Reits)	1.0
Real Estate Management & Development	0.3
Software	0.2

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares	Value ($)
Diversified Telecommunication Services - 5.3%
Alternative Carriers - 5.3%
EchoStar Holding Corp. Class A (a)(b)	15,000	250,200
Iridium Communications, Inc.	3,700	190,180
Liberty Global PLC Class C (a)	132,400	2,572,532
Liberty Latin America Ltd. Class C (a)	133,190	1,012,244
		4,025,156
Integrated Telecommunication Services - 0.0%
AT&T, Inc.	1,200	22,092
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES		4,047,248
Entertainment - 31.3%
Interactive Home Entertainment - 8.4%
Activision Blizzard, Inc.	60,500	4,631,275
Motorsport Games, Inc. Class A (a)	60	249
Roblox Corp. (a)	7,000	199,220
Skillz, Inc. (a)	1,900	962
Take-Two Interactive Software, Inc. (a)	14,900	1,551,537
		6,383,243
Movies & Entertainment - 22.9%
Cinemark Holdings, Inc. (a)(b)	59,200	512,672
Endeavor Group Holdings, Inc. (a)	30,500	687,470
Liberty Media Corp. Liberty Formula One Class A (a)	46,200	2,468,466
Lions Gate Entertainment Corp.:
Class A (a)	4,500	25,695
Class B (a)	60,000	325,800
Marcus Corp. (b)	33,000	474,870
Netflix, Inc. (a)	23,610	6,962,117
The Walt Disney Co. (a)	27,723	2,408,574
Warner Bros Discovery, Inc. (a)	43,195	409,489
Warner Music Group Corp. Class A	52,700	1,845,554
World Wrestling Entertainment, Inc. Class A (b)	17,100	1,171,692
		17,292,399
TOTAL ENTERTAINMENT		23,675,642
Equity Real Estate Investment Trusts (REITs) - 1.0%
Specialized REITs - 1.0%
Lamar Advertising Co. Class A	8,200	774,080
Interactive Media & Services - 37.6%
Interactive Media & Services - 37.6%
Alphabet, Inc. Class A (a)	160,800	14,187,384
Angi, Inc. (a)	138,399	325,238
Match Group, Inc. (a)	24,699	1,024,762
Meta Platforms, Inc. Class A (a)	91,800	11,047,212
Snap, Inc. Class A (a)	136,400	1,220,780
Vimeo, Inc. (a)	5,800	19,894
Zoominfo Technologies, Inc. (a)	19,200	578,112
		28,403,382
Internet & Direct Marketing Retail - 3.6%
Internet & Direct Marketing Retail - 3.6%
Amazon.com, Inc. (a)	15,400	1,293,600
Uber Technologies, Inc. (a)	58,300	1,441,759
		2,735,359
Media - 15.6%
Advertising - 0.2%
S4 Capital PLC (a)	54,400	124,431
TechTarget, Inc. (a)	1,400	61,684
		186,115
Broadcasting - 0.3%
Fox Corp. Class A	7,100	215,627
Cable & Satellite - 15.1%
Altice U.S.A., Inc. Class A (a)	90,100	414,460
Charter Communications, Inc. Class A (a)	10,900	3,696,190
Comcast Corp. Class A	90,300	3,157,791
DISH Network Corp. Class A (a)	5,654	79,382
Liberty Broadband Corp. Class A (a)	41,065	3,114,780
Liberty Media Corp. Liberty SiriusXM Series A (a)	24,000	943,440
		11,406,043
TOTAL MEDIA		11,807,785
Real Estate Management & Development - 0.3%
Real Estate Services - 0.3%
Zillow Group, Inc. Class A (a)	6,800	212,228
Software - 0.2%
Application Software - 0.2%
Viant Technology, Inc. (a)	30,700	123,414
Wireless Telecommunication Services - 4.6%
Wireless Telecommunication Services - 4.6%
T-Mobile U.S., Inc. (a)	24,621	3,446,940
TOTAL COMMON STOCKS (Cost $80,158,059)		75,226,078

Money Market Funds - 3.9%
	Shares	Value ($)
Fidelity Cash Central Fund 4.37% (c)	602,947	603,067
Fidelity Securities Lending Cash Central Fund 4.37% (c)(d)	2,322,948	2,323,180
TOTAL MONEY MARKET FUNDS (Cost $2,926,247)		2,926,247

TOTAL INVESTMENT IN SECURITIES - 103.4% (Cost $83,084,306)	78,152,325
NET OTHER ASSETS (LIABILITIES) - (3.4)%	(2,597,131)
NET ASSETS - 100.0%	75,555,194

Legend

(a)	Non-income producing

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

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.37%	440,527	22,326,612	22,164,072	10,172	-	-	603,067	0.0%
Fidelity Securities Lending Cash Central Fund 4.37%	2,483,130	33,303,764	33,463,714	2,680	-	-	2,323,180	0.0%
Total	2,923,657	55,630,376	55,627,786	12,852	-	-	2,926,247

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	75,226,078	75,226,078	-	-

Money Market Funds	2,926,247	2,926,247	-	-
Total Investments in Securities:	78,152,325	78,152,325	-	-

Financial Statements

Statement of Assets and Liabilities
			December 31, 2022

Assets
Investment in securities, at value (including securities loaned of $2,262,053) - See accompanying schedule:
Unaffiliated issuers (cost $80,158,059)	$75,226,078
Fidelity Central Funds (cost $2,926,247)	2,926,247

Total Investment in Securities (cost $83,084,306)		$	78,152,325
Cash			8
Foreign currency held at value (cost $40)			40
Receivable for fund shares sold			167
Dividends receivable			106
Distributions receivable from Fidelity Central Funds			3,743
Prepaid expenses			205
Other receivables			546
Total assets			78,157,140
Liabilities
Payable for fund shares redeemed	$197,512
Accrued management fee	33,886
Other affiliated payables	10,678
Other payables and accrued expenses	36,770
Collateral on securities loaned	2,323,100
Total Liabilities			2,601,946
Net Assets		$	75,555,194
Net Assets consist of:
Paid in capital		$	82,452,411
Total accumulated earnings (loss)			(6,897,217)
Net Assets		$	75,555,194

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($8,115,871 ÷ 714,304 shares)		$	11.36
Investor Class :
Net Asset Value , offering price and redemption price per share ($67,439,323 ÷ 5,995,287 shares)		$	11.25

Statement of Operations
				Year ended December 31, 2022
Investment Income
Dividends			$	371,924
Income from Fidelity Central Funds (including $2,680 from security lending)				12,852
Total Income				384,776
Expenses
Management fee	$	522,711
Transfer agent fees		128,079
Accounting fees		36,914
Custodian fees and expenses		10,528
Independent trustees' fees and expenses		369
Audit		39,440
Legal		1,898
Miscellaneous		611
Total expenses before reductions		740,550
Expense reductions		(3,743)
Total expenses after reductions				736,807
Net Investment income (loss)				(352,031)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(1,133,261)
Foreign currency transactions		(8,698)
Total net realized gain (loss)				(1,141,959)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(51,337,607)
Assets and liabilities in foreign currencies		(82)
Total change in net unrealized appreciation (depreciation)				(51,337,689)
Net gain (loss)				(52,479,648)
Net increase (decrease) in net assets resulting from operations			$	(52,831,679)

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(352,031)	$	(644,948)
Net realized gain (loss)		(1,141,959)		11,236,771
Change in net unrealized appreciation (depreciation)		(51,337,689)		7,559,745
Net increase (decrease) in net assets resulting from operations		(52,831,679)		18,151,568
Distributions to shareholders		(6,166,309)		(6,060,562)
Share transactions - net increase (decrease)		(19,599,514)		26,060,963
Total increase (decrease) in net assets		(78,597,502)		38,151,969

Net Assets
Beginning of period		154,152,696		116,000,727
End of period	$	75,555,194	$	154,152,696

Financial Highlights

VIP Communication Services Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	19.25	$	17.39	$	12.98	$	10.58	$	12.74
Income from Investment Operations
Net investment income (loss) A,B		(.04)		(.07)		(.05)		(.01)		.21 C
Net realized and unrealized gain (loss)		(7.05)		2.74		4.62		3.36		(.89)
Total from investment operations		(7.09)		2.67		4.57		3.35		(.68)
Distributions from net investment income		-		-		-		(.01)		(.19)
Distributions from net realized gain		(.80)		(.81)		(.16)		(.94)		(1.29)
Total distributions		(.80)		(.81)		(.16)		(.95)		(1.48)
Net asset value, end of period	$	11.36	$	19.25	$	17.39	$	12.98	$	10.58
Total Return D,E		(38.14)%		15.65%		35.60%		32.98%		(5.36)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.68%		.66%		.70%		.72%		.81%
Expenses net of fee waivers, if any		.68%		.66%		.70%		.72%		.81%
Expenses net of all reductions		.68%		.66%		.70%		.71%		.79%
Net investment income (loss)		(.29)%		(.34)%		(.39)%		(.09)%		1.87% C
Supplemental Data
Net assets, end of period (000 omitted)	$	8,116	$	18,332	$	13,370	$	9,865	$	5,702
Portfolio turnover rate H		37%		66%		66%		73%		162%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Communication Services Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	19.08	$	17.23	$	12.88	$	10.50	$	12.65
Income from Investment Operations
Net investment income (loss) A,B		(.05)		(.08)		(.06)		(.02)		.20 C
Net realized and unrealized gain (loss)		(6.98)		2.72		4.57		3.34		(.88)
Total from investment operations		(7.03)		2.64		4.51		3.32		(.68)
Distributions from net investment income		-		-		-		(.01)		(.18)
Distributions from net realized gain		(.80)		(.79)		(.16)		(.93)		(1.29)
Total distributions		(.80)		(.79)		(.16)		(.94)		(1.47)
Net asset value, end of period	$	11.25	$	19.08	$	17.23	$	12.88	$	10.50
Total Return D,E		(38.17)%		15.60%		35.40%		32.95%		(5.39)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.76%		.73%		.78%		.80%		.89%
Expenses net of fee waivers, if any		.75%		.73%		.78%		.80%		.89%
Expenses net of all reductions		.75%		.73%		.78%		.79%		.87%
Net investment income (loss)		(.36)%		(.41)%		(.46)%		(.17)%		1.79% C
Supplemental Data
Net assets, end of period (000 omitted)	$	67,439	$	135,821	$	102,631	$	71,137	$	38,626
Portfolio turnover rate H		37%		66%		66%		73%		162%

A Calculated based on average shares outstanding during the period.

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

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

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

Notes to Financial Statements

For the period ended December 31, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
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, net operating losses, capital loss carryforwards and losses deferred due to wash sales.

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

Gross unrealized appreciation	$12,851,239
Gross unrealized depreciation	(19,367,514)
Net unrealized appreciation (depreciation)	$(6,516,275)
Tax Cost	$84,668,600

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

Capital loss carryforward	$(380,333)
Net unrealized appreciation (depreciation) on securities and other investments	$(6,516,884)

Short-term

$(380,333)

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Ordinary Income	$240,651	$4,466,645
Long-term Capital Gains	5,925,658	1,593,917
Total	$6,166,309	$ 6,060,562

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Communication Services Portfolio	37,120,973	63,336,336

5. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets
Initial Class	6,815	.06
Investor Class	121,264	.14
	$128,079

	% of Average Net Assets
VIP Communication Services Portfolio	.04

	Amount
VIP Communication Services Portfolio	$1,168

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Communication Services Portfolio	500,206	2,626,253	(366,946)

6. Committed Line of Credit.

	Amount
VIP Communication Services Portfolio	$208

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
VIP Communication Services Portfolio	$239	$-	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,743.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
VIP Communication Services Portfolio
Distributions to shareholders
Initial Class	711,816	718,776
Investor Class	5,454,493	5,341,786
Total	$6,166,309	$6,060,562

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
VIP Communication Services Portfolio
Initial Class
Shares sold	37,799	375,260	$495,902	$7,485,018
Reinvestment of distributions	42,881	39,315	711,816	718,776
Shares redeemed	(318,448)	(231,298)	(4,834,118)	(4,569,512)
Net increase (decrease)	(237,768)	183,277	$(3,626,400)	$3,634,282
Investor Class
Shares sold	313,782	2,608,408	$4,225,074	$51,684,003
Reinvestment of distributions	331,580	294,724	5,454,493	5,341,786
Shares redeemed	(1,767,642)	(1,740,506)	(25,652,681)	(34,599,108)
Net increase (decrease)	(1,122,280)	1,162,626	$(15,973,114)	$22,426,681

11. Other.

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

Fund	Affiliated %
VIP: Communication Services Portfolio	100%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Communication Services Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
VIP Communication Services Portfolio
Initial Class	.69%
Actual		$ 1,000	$ 910.30	$ 3.32
Hypothetical- B		$ 1,000	$ 1,021.73	$ 3.52
Investor Class	.76%
Actual		$ 1,000	$ 910.20	$ 3.66
Hypothetical- B		$ 1,000	$ 1,021.37	$ 3.87

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

B 5% return per year before expenses

Distributions (Unaudited)

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

Initial Class and Investor Class designate 3% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

1.851004.115

VTELP-ANN-0323

Item 2.

Code of Ethics

As of the end of the period, December 31, 2022, Variable Insurance Products Fund IV (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP ( “PwC ”) in each of the last two fiscal years for services rendered to VIP Communication Services Portfolio, VIP Consumer Discretionary Portfolio, VIP Consumer Staples Portfolio, VIP Energy Portfolio, VIP Financial Services Portfolio, VIP Health Care Portfolio, VIP Industrials Portfolio, VIP Materials Portfolio, VIP Real Estate Portfolio, VIP Technology Portfolio and VIP Utilities Portfolio (the “Funds ”):

Services Billed by PwC

December 31, 2022 Fees ^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
VIP Communication Services Portfolio	$32,300	$2,900	$6,400	$1,000
VIP Consumer Discretionary Portfolio	$32,300	$2,900	$6,400	$1,000
VIP Consumer Staples Portfolio	$32,300	$2,900	$6,400	$1,000
VIP Energy Portfolio	$32,300	$2,900	$7,400	$1,000
VIP Financial Services Portfolio	$32,700	$2,900	$6,800	$1,000
VIP Health Care Portfolio	$35,800	$3,100	$6,800	$1,100
VIP Industrials Portfolio	$32,300	$2,900	$6,400	$1,000
VIP Materials Portfolio	$32,300	$2,900	$6,400	$1,000
VIP Real Estate Portfolio	$39,100	$3,600	$8,700	$1,200
VIP Technology Portfolio	$36,500	$3,200	$6,400	$1,100
VIP Utilities Portfolio	$31,300	$2,800	$6,600	$1,000

December 31, 2021 Fees ^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
VIP Communication Services Portfolio	$31,400	$3,100	$6,200	$1,000
VIP Consumer Discretionary Portfolio	$31,400	$3,100	$6,200	$1,000
VIP Consumer Staples Portfolio	$31,400	$3,100	$6,200	$1,000
VIP Energy Portfolio	$31,400	$3,100	$6,200	$1,000
VIP Financial Services Portfolio	$31,900	$3,100	$6,200	$1,000
VIP Health Care Portfolio	$34,800	$3,400	$6,200	$1,100
VIP Industrials Portfolio	$31,400	$3,100	$6,200	$1,000
VIP Materials Portfolio	$31,400	$3,100	$6,200	$1,000
VIP Real Estate Portfolio	$38,100	$3,800	$8,400	$1,200
VIP Technology Portfolio	$35,600	$3,400	$6,200	$1,100
VIP Utilities Portfolio	$30,400	$3,000	$6,200	$1,000

^AAmounts may reflect rounding.

The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ( “Fund Service Providers ”):

Services Billed by PwC


	December 31, 2022 ^A	December 31, 2021 ^A
Audit-Related Fees	$7,914,600	$8,522,600
Tax Fees	$1,000	$354,200
All Other Fees	$-	$-

^AAmounts may reflect rounding.

“Audit-Related Fees ” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

“Tax Fees ” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

“All Other Fees ” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By	December 31, 2022 ^A	December 31, 2021 ^A
PwC	$13,002,100	$14,236,600

^AAmounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR ’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust ’s Audit Committee must pre-approve all audit and non-audit services provided by a fund ’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee ’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service

provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ( “Covered Service ”) are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair ’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ( “De Minimis Exception ”)

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund ’s(s ’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust ’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust ’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust ’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust ’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Variable Insurance Products Fund IV


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	February 21, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	February 21, 2023


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	February 21, 2023

Variable Insurance Products Fund Iv N-CSRCertified annual shareholder report (management investment company)