# EDGAR Filing Document

**Accession Number:** 0000720318
**File Stem:** 0000720318-26-000017
**Filing Date:** 2026-2
**Character Count:** 1004785
**Document Hash:** f22f9c28f07b3cbd6afe70de86a7dd2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000720318-26-000017.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000720318-26-000017

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 151

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VARIABLE INSURANCE PRODUCTS FUND IV
- **CENTRAL INDEX KEY:** 0000720318

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03759
- **FILM NUMBER:** 26657442

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY ADVISOR SERIES VI
- **DATE OF NAME CHANGE:** 19930630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY OLIVER STREET TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAX EXEMPT PORTFOLIOS
- **DATE OF NAME CHANGE:** 19911113

## Series and Classes Contracts Data

### Consumer Discretionary Portfolio (Series ID: S000007736)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021050 | Initial Class   |  |
| C000021051 | Investor Class  |  |
| C000243077 | Service Class 2 |  |

### Health Care Portfolio (Series ID: S000007742)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021062 | Initial Class   |  |
| C000021063 | Investor Class  |  |
| C000211329 | Service Class 2 |  |

### Industrials Portfolio (Series ID: S000007747)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021074 | Initial Class   |  |
| C000021075 | Investor Class  |  |
| C000259873 | Service Class 2 | FFNHX           |

### Energy Portfolio (Series ID: S000007752)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021080 | Initial Class   |  |
| C000021081 | Investor Class  |  |
| C000021082 | Service Class 2 |  |

### Real Estate Portfolio (Series ID: S000007753)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021083 | Initial Class   |  |
| C000021084 | Investor Class  |  |
| C000021085 | Service Class   |  |
| C000021086 | Service Class 2 |  |

### Technology Portfolio (Series ID: S000007755)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021091 | Initial Class   |  |
| C000021092 | Investor Class  |  |
| C000243078 | Service Class 2 |  |

### Utilities Portfolio (Series ID: S000007756)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021093 | Initial Class   |  |
| C000021094 | Investor Class  |  |
| C000259874 | Service Class 2 | FFNJX           |

### Financials Portfolio (Series ID: S000007758)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021099 | Initial Class   |  |
| C000021100 | Investor Class  |  |
| C000243079 | Service Class 2 |  |

### Consumer Staples Portfolio (Series ID: S000016757)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000046802 | Initial Class   |  |
| C000046803 | Investor Class  |  |
| C000243080 | Service Class 2 |  |

### Materials Portfolio (Series ID: S000016758)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000046804 | Initial Class   |  |
| C000046805 | Investor Class  |  |
| C000259875 | Service Class 2 | FFNKX           |

### Communication Services Portfolio (Series ID: S000016759)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000046806 | Initial Class   |  |
| C000046807 | Investor Class  |  |
| C000259876 | Service Class 2 | FFNLX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-03759</u>

<u>Variable Insurance Products Fund IV</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp; December 31 |
| &nbsp;&nbsp; Date of reporting period: | &nbsp;&nbsp; December 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Utilities Portfolio<br> **VIP Utilities Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Utilities Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $73  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, especially within electric utilities. Picks and an overweight in independent power producers & energy traders also hampered the fund's result. Also hurting our result were picks in environmental & facilities services. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in PG&E (-19%). A second notable relative detractor was untimely positioning in NRG Energy; out holdings gained 23% whereas the stock advanced 79% in the index. NRG was among the fund's largest holdings at period end. Our stake in AES (+1%) also detracted. This period we decreased our stake in AES.

• In contrast, the primary contributor to performance versus the sector index was security selection in heavy electrical equipment. Stock picks in coal & consumable fuels also boosted the fund's relative performance. Also helping our relative result were stock selection and an underweight in multi-utilities.

• The top individual relative contributor was our non-index stake in GE Vernova (+90%). We trimmed the position this period. An out-of-index stake in Cameco gained 85% and was the fund's second-largest relative contributor. This was an investment we established this period. Another notable relative contributor was our non-index stake in First Solar (+32%). This period we increased our position in First Solar.

• Notable changes in positioning include a lower allocation to multi-utilities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $11403<br>| $13437<br>| $14601<br>| $17979<br>| $17943<br>| $21048<br>| $22181<br>| $21933<br>| $28270<br>| $32237<br>|
| MSCI U.S. IMI Utilities 25-50 Index<br>| $10000 | $11762<br>| $13242<br>| $13843<br>| $17308<br>| $17181<br>| $20183<br>| $20433<br>| $18928<br>| $23319<br>| $27162<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123270_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 14.03% | 12.43% | 12.42% |
| MSCI U.S. IMI Utilities 25-50 Index | 16.48%<br>| 9.59%<br>| 10.51% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $335273543<br>|
| Number of Holdings | 36<br>|
| Total Advisory Fee | $2090088<br>|
| Portfolio Turnover | 99%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 64.6 |
| Multi-Utilities | 16.7 |
| Independent Power and Renewable Electricity Producers | 7.0 |
| Electrical Equipment | 3.1 |
| Construction & Engineering | 2.4 |
| Semiconductors & Semiconductor Equipment | 1.5 |
| Gas Utilities | 1.0 |
| Machinery | 0.5 |
| Oil, Gas & Consumable Fuels | 0.5 |

---

Common Stocks 97.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img160_20251231_AA.jpg) <br>|

---

Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.7 <br>

United States 98.7 <br> Canada 0.8 <br> Germany 0.5

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img160_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NextEra Energy Inc | 13.0<br>|
| Constellation Energy Corp | 9.6<br>|
| Duke Energy Corp | 7.0<br>|
| Sempra | 6.8<br>|
| Vistra Corp | 5.0<br>|
| NRG Energy Inc | 4.9<br>|
| Exelon Corp | 4.8<br>|
| Entergy Corp | 4.7<br>|
| Xcel Energy Inc | 4.2<br>|
| Ameren Corp | 3.7<br>|
|  | 63.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img160_20251231_2.jpg)<br>| ![](img123270_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914174.101 1480-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Utilities Portfolio<br> **VIP Utilities Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Utilities Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $64  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, especially within electric utilities. Picks and an overweight in independent power producers & energy traders also hampered the fund's result. Also hurting our result were picks in environmental & facilities services. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in PG&E (-19%). A second notable relative detractor was untimely positioning in NRG Energy; out holdings gained 23% whereas the stock advanced 79% in the index. NRG was among the fund's largest holdings at period end. Our stake in AES (+1%) also detracted. This period we decreased our stake in AES.

• In contrast, the primary contributor to performance versus the sector index was security selection in heavy electrical equipment. Stock picks in coal & consumable fuels also boosted the fund's relative performance. Also helping our relative result were stock selection and an underweight in multi-utilities.

• The top individual relative contributor was our non-index stake in GE Vernova (+90%). We trimmed the position this period. An out-of-index stake in Cameco gained 85% and was the fund's second-largest relative contributor. This was an investment we established this period. Another notable relative contributor was our non-index stake in First Solar (+32%). This period we increased our position in First Solar.

• Notable changes in positioning include a lower allocation to multi-utilities.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11417<br>| $13459<br>| $14646<br>| $18042<br>| $18020<br>| $21162<br>| $22319<br>| $22079<br>| $28482<br>| $32500<br>|
| MSCI U.S. IMI Utilities 25-50 Index<br>| $10000 | $11762<br>| $13242<br>| $13843<br>| $17308<br>| $17181<br>| $20183<br>| $20433<br>| $18928<br>| $23319<br>| $27162<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123271_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 14.11% | 12.52% | 12.51% |
| MSCI U.S. IMI Utilities 25-50 Index | 16.48%<br>| 9.59%<br>| 10.51% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $335273543<br>|
| Number of Holdings | 36<br>|
| Total Advisory Fee | $2090088<br>|
| Portfolio Turnover | 99%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 64.6 |
| Multi-Utilities | 16.7 |
| Independent Power and Renewable Electricity Producers | 7.0 |
| Electrical Equipment | 3.1 |
| Construction & Engineering | 2.4 |
| Semiconductors & Semiconductor Equipment | 1.5 |
| Gas Utilities | 1.0 |
| Machinery | 0.5 |
| Oil, Gas & Consumable Fuels | 0.5 |

---

Common Stocks 97.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img160_20251231_AA.jpg) <br>|

---

Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.7 <br>

United States 98.7 <br> Canada 0.8 <br> Germany 0.5

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img160_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NextEra Energy Inc | 13.0<br>|
| Constellation Energy Corp | 9.6<br>|
| Duke Energy Corp | 7.0<br>|
| Sempra | 6.8<br>|
| Vistra Corp | 5.0<br>|
| NRG Energy Inc | 4.9<br>|
| Exelon Corp | 4.8<br>|
| Entergy Corp | 4.7<br>|
| Xcel Energy Inc | 4.2<br>|
| Ameren Corp | 3.7<br>|
|  | 63.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img160_20251231_2.jpg)<br>| ![](img123271_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914175.101 905-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Technology Portfolio<br> **VIP Technology Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Technology Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $90  | 0.81% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Information Technology 25/50 Index for the fiscal year, led by an overweight in semiconductors. Picks in technology hardware, storage & peripherals also boosted the fund's relative performance. Also contributing to our result was an underweight in application software.

• The top individual relative contributor was an overweight in Micron Technology (+241%). The stock was one of our biggest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+284%). An overweight in NVIDIA (+39%) also helped. The company was the fund's largest holding.

• In contrast, the primary detractor from performance versus the industry index was security selection in semiconductors. Picks and an underweight in semiconductor materials & equipment also hampered the fund's result. Also detracting from our result was an underweight in electronic components.

• The biggest individual relative detractor was an overweight in Marvell Technology (-22%). The stock was among our largest holdings. A second notable relative detractor was an overweight in ON Semiconductor (-14%). The stock was among the fund's biggest holdings. An underweight in Broadcom (+51%) also detracted. This period we increased our position in Broadcom.

• Notable changes in positioning include increased exposure to the internet services & infrastructure industry and a lower allocation to technology hardware, storage & peripherals.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

August 16, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11245<br>| $15210<br>|
| MSCI U.S. IMI Information Technology 25-50 Index<br>| $10000 | $11516<br>| $14899<br>|
| S&P 500® Index<br>| $10000 | $10896<br>| $13622<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123275_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class 2 | 23.07% | 30.17% |
| MSCI U.S. IMI Information Technology 25-50 Index | 21.90%<br>| 28.52% |
| S&P 500® Index | 17.88%<br>| 22.04% |

---

**A** From August 16, 2023

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3492303076<br>|
| Number of Holdings | 101<br>|
| Total Advisory Fee | $18607521<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 46.6 |
| Software | 19.7 |
| Technology Hardware, Storage & Peripherals | 15.1 |
| IT Services | 8.2 |
| Communications Equipment | 4.0 |
| Broadline Retail | 1.4 |
| Entertainment | 0.8 |
| Ground Transportation | 0.7 |
| Electronic Equipment, Instruments & Components | 0.4 |
| Others | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.9 |
| Preferred Stocks | 2.6 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img154_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Netherlands | 5.5 |
| Canada | 2.6 |
| Taiwan | 0.7 |
| India | 0.1 |
| United Kingdom | 0.1 |
| France | 0.1 |
| China | 0.1 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img154_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.8<br>|
| Apple Inc | 12.1<br>|
| Microsoft Corp | 7.6<br>|
| Marvell Technology Inc | 4.7<br>|
| NXP Semiconductors NV | 4.6<br>|
| Cisco Systems Inc | 4.0<br>|
| ON Semiconductor Corp | 3.5<br>|
| Micron Technology Inc | 3.1<br>|
| Shopify Inc Class A (United States) | 2.5<br>|
| Snowflake Inc | 2.4<br>|
|  | 69.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img154_20251231_2.jpg)<br>| ![](img123275_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914155.101 7361-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Technology Portfolio<br> **VIP Technology Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Technology Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $71  | 0.64% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Information Technology 25/50 Index for the fiscal year, led by an overweight in semiconductors. Picks in technology hardware, storage & peripherals also boosted the fund's relative performance. Also contributing to our result was an underweight in application software.

• The top individual relative contributor was an overweight in Micron Technology (+241%). The stock was one of our biggest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+284%). An overweight in NVIDIA (+39%) also helped. The company was the fund's largest holding.

• In contrast, the primary detractor from performance versus the industry index was security selection in semiconductors. Picks and an underweight in semiconductor materials & equipment also hampered the fund's result. Also detracting from our result was an underweight in electronic components.

• The biggest individual relative detractor was an overweight in Marvell Technology (-22%). The stock was among our largest holdings. A second notable relative detractor was an overweight in ON Semiconductor (-14%). The stock was among the fund's biggest holdings. An underweight in Broadcom (+51%) also detracted. This period we increased our position in Broadcom.

• Notable changes in positioning include increased exposure to the internet services & infrastructure industry and a lower allocation to technology hardware, storage & peripherals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $11134<br>| $16775<br>| $15479<br>| $23413<br>| $38576<br>| $49402<br>| $31680<br>| $50100<br>| $67879<br>| $83680<br>|
| MSCI U.S. IMI Information Technology 25-50 Index<br>| $10000 | $11385<br>| $15620<br>| $15598<br>| $23218<br>| $33944<br>| $44296<br>| $31195<br>| $47616<br>| $61607<br>| $75097<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123276_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 23.28% | 16.75% | 23.67% |
| MSCI U.S. IMI Information Technology 25-50 Index | 21.90%<br>| 17.21%<br>| 22.34% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3492303076<br>|
| Number of Holdings | 101<br>|
| Total Advisory Fee | $18607521<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 46.6 |
| Software | 19.7 |
| Technology Hardware, Storage & Peripherals | 15.1 |
| IT Services | 8.2 |
| Communications Equipment | 4.0 |
| Broadline Retail | 1.4 |
| Entertainment | 0.8 |
| Ground Transportation | 0.7 |
| Electronic Equipment, Instruments & Components | 0.4 |
| Others | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.9 |
| Preferred Stocks | 2.6 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img154_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Netherlands | 5.5 |
| Canada | 2.6 |
| Taiwan | 0.7 |
| India | 0.1 |
| United Kingdom | 0.1 |
| France | 0.1 |
| China | 0.1 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img154_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.8<br>|
| Apple Inc | 12.1<br>|
| Microsoft Corp | 7.6<br>|
| Marvell Technology Inc | 4.7<br>|
| NXP Semiconductors NV | 4.6<br>|
| Cisco Systems Inc | 4.0<br>|
| ON Semiconductor Corp | 3.5<br>|
| Micron Technology Inc | 3.1<br>|
| Shopify Inc Class A (United States) | 2.5<br>|
| Snowflake Inc | 2.4<br>|
|  | 69.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img154_20251231_2.jpg)<br>| ![](img123276_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914154.101 1479-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Technology Portfolio<br> **VIP Technology Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Technology Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $63  | 0.56% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Information Technology 25/50 Index for the fiscal year, led by an overweight in semiconductors. Picks in technology hardware, storage & peripherals also boosted the fund's relative performance. Also contributing to our result was an underweight in application software.

• The top individual relative contributor was an overweight in Micron Technology (+241%). The stock was one of our biggest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+284%). An overweight in NVIDIA (+39%) also helped. The company was the fund's largest holding.

• In contrast, the primary detractor from performance versus the industry index was security selection in semiconductors. Picks and an underweight in semiconductor materials & equipment also hampered the fund's result. Also detracting from our result was an underweight in electronic components.

• The biggest individual relative detractor was an overweight in Marvell Technology (-22%). The stock was among our largest holdings. A second notable relative detractor was an overweight in ON Semiconductor (-14%). The stock was among the fund's biggest holdings. An underweight in Broadcom (+51%) also detracted. This period we increased our position in Broadcom.

• Notable changes in positioning include increased exposure to the internet services & infrastructure industry and a lower allocation to technology hardware, storage & peripherals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11137<br>| $16793<br>| $15513<br>| $23476<br>| $38723<br>| $49628<br>| $31834<br>| $50399<br>| $68335<br>| $84299<br>|
| MSCI U.S. IMI Information Technology 25-50 Index<br>| $10000 | $11385<br>| $15620<br>| $15598<br>| $23218<br>| $33944<br>| $44296<br>| $31195<br>| $47616<br>| $61607<br>| $75097<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123277_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 23.36% | 16.83% | 23.76% |
| MSCI U.S. IMI Information Technology 25-50 Index | 21.90%<br>| 17.21%<br>| 22.34% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3492303076<br>|
| Number of Holdings | 101<br>|
| Total Advisory Fee | $18607521<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 46.6 |
| Software | 19.7 |
| Technology Hardware, Storage & Peripherals | 15.1 |
| IT Services | 8.2 |
| Communications Equipment | 4.0 |
| Broadline Retail | 1.4 |
| Entertainment | 0.8 |
| Ground Transportation | 0.7 |
| Electronic Equipment, Instruments & Components | 0.4 |
| Others | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.9 |
| Preferred Stocks | 2.6 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img154_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Netherlands | 5.5 |
| Canada | 2.6 |
| Taiwan | 0.7 |
| India | 0.1 |
| United Kingdom | 0.1 |
| France | 0.1 |
| China | 0.1 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img154_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.8<br>|
| Apple Inc | 12.1<br>|
| Microsoft Corp | 7.6<br>|
| Marvell Technology Inc | 4.7<br>|
| NXP Semiconductors NV | 4.6<br>|
| Cisco Systems Inc | 4.0<br>|
| ON Semiconductor Corp | 3.5<br>|
| Micron Technology Inc | 3.1<br>|
| Shopify Inc Class A (United States) | 2.5<br>|
| Snowflake Inc | 2.4<br>|
|  | 69.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img154_20251231_2.jpg)<br>| ![](img123277_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914156.101 913-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Real Estate Portfolio<br> **VIP Real Estate Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Real Estate Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $86  | 0.85% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, led by retail. An underweight in health care also hampered the fund's result. Also detracting from our result was stock picking in office.

• The biggest individual relative detractor was an overweight in American Tower (-1%). The stock was the fund's largest holding. A second notable relative detractor was an underweight in CBRE (+22%). The stock was not held at period end. An underweight in Welltower (+50%) also hurt. The company was among the fund's biggest holdings.

• In contrast, the primary contributor to performance versus the real estate index was stock picking in health care. Stock picks and an overweight in real estate services also boosted relative performance. Also contributing to our result was an underweight in office.

• The top individual relative contributor was an overweight in Jones Lang LaSalle (+54%). This was a stake we established this period. The company was among the fund's largest holdings. The second-largest relative contributor was an overweight in Ventas (+35%). The stock was among the fund's largest holdings. Another notable relative contributor was an underweight in Crown Castle (+3%). The stock was not held at period end.

• Notable changes in positioning include decreased exposure to the self storage industry and a higher allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10546<br>| $10944<br>| $10238<br>| $12587<br>| $11733<br>| $16266<br>| $11762<br>| $13043<br>| $13858<br>| $14259<br>|
| MSCI US IMI Real Estate 25/50 Linked Index<br>| $10000 | $10665<br>| $11066<br>| $10599<br>| $13048<br>| $11214<br>| $15762<br>| $11645<br>| $13038<br>| $13696<br>| $14149<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123288_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 2.90% | 3.98% | 3.61% |
| MSCI US IMI Real Estate 25/50 Linked Index | 3.31%<br>| 4.76%<br>| 3.53% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $328842134<br>|
| Number of Holdings | 31<br>|
| Total Advisory Fee | $2113696<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 29.4 |
| Retail REITs | 14.2 |
| Health Care REITs | 13.7 |
| Industrial REITs | 13.4 |
| Residential REITs | 13.4 |
| Real Estate Management & Development | 11.1 |
| Hotel & Resort REITs | 1.7 |

---

Common Stocks 96.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1155_20251231_AA.jpg) <br>|

---

Common Stocks - 96.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.1 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1155_20251231_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 10.4<br>|
| Prologis Inc | 9.1<br>|
| Equinix Inc | 8.7<br>|
| Ventas Inc | 8.3<br>|
| Jones Lang LaSalle Inc | 7.8<br>|
| Welltower Inc | 5.4<br>|
| AvalonBay Communities Inc | 4.0<br>|
| Iron Mountain Inc | 3.6<br>|
| Tanger Inc | 3.6<br>|
| Camden Property Trust | 3.3<br>|
|  | 64.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1155_20251231_2.jpg)<br>| ![](img123288_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914248.101 1157-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Real Estate Portfolio<br> **VIP Real Estate Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP Real Estate Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $71  | 0.70% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, led by retail. An underweight in health care also hampered the fund's result. Also detracting from our result was stock picking in office.

• The biggest individual relative detractor was an overweight in American Tower (-1%). The stock was the fund's largest holding. A second notable relative detractor was an underweight in CBRE (+22%). The stock was not held at period end. An underweight in Welltower (+50%) also hurt. The company was among the fund's biggest holdings.

• In contrast, the primary contributor to performance versus the real estate index was stock picking in health care. Stock picks and an overweight in real estate services also boosted relative performance. Also contributing to our result was an underweight in office.

• The top individual relative contributor was an overweight in Jones Lang LaSalle (+54%). This was a stake we established this period. The company was among the fund's largest holdings. The second-largest relative contributor was an overweight in Ventas (+35%). The stock was among the fund's largest holdings. Another notable relative contributor was an underweight in Crown Castle (+3%). The stock was not held at period end.

• Notable changes in positioning include decreased exposure to the self storage industry and a higher allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10563<br>| $10984<br>| $10291<br>| $12667<br>| $11830<br>| $16421<br>| $11891<br>| $13209<br>| $14052<br>| $14478<br>|
| MSCI US IMI Real Estate 25/50 Linked Index<br>| $10000 | $10665<br>| $11066<br>| $10599<br>| $13048<br>| $11214<br>| $15762<br>| $11645<br>| $13038<br>| $13696<br>| $14149<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123289_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 3.04% | 4.12% | 3.77% |
| MSCI US IMI Real Estate 25/50 Linked Index | 3.31%<br>| 4.76%<br>| 3.53% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $328842134<br>|
| Number of Holdings | 31<br>|
| Total Advisory Fee | $2113696<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 29.4 |
| Retail REITs | 14.2 |
| Health Care REITs | 13.7 |
| Industrial REITs | 13.4 |
| Residential REITs | 13.4 |
| Real Estate Management & Development | 11.1 |
| Hotel & Resort REITs | 1.7 |

---

Common Stocks 96.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1155_20251231_AA.jpg) <br>|

---

Common Stocks - 96.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.1 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1155_20251231_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 10.4<br>|
| Prologis Inc | 9.1<br>|
| Equinix Inc | 8.7<br>|
| Ventas Inc | 8.3<br>|
| Jones Lang LaSalle Inc | 7.8<br>|
| Welltower Inc | 5.4<br>|
| AvalonBay Communities Inc | 4.0<br>|
| Iron Mountain Inc | 3.6<br>|
| Tanger Inc | 3.6<br>|
| Camden Property Trust | 3.3<br>|
|  | 64.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1155_20251231_2.jpg)<br>| ![](img123289_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914247.101 1156-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Real Estate Portfolio<br> **VIP Real Estate Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Real Estate Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $69  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, led by retail. An underweight in health care also hampered the fund's result. Also detracting from our result was stock picking in office.

• The biggest individual relative detractor was an overweight in American Tower (-1%). The stock was the fund's largest holding. A second notable relative detractor was an underweight in CBRE (+22%). The stock was not held at period end. An underweight in Welltower (+50%) also hurt. The company was among the fund's biggest holdings.

• In contrast, the primary contributor to performance versus the real estate index was stock picking in health care. Stock picks and an overweight in real estate services also boosted relative performance. Also contributing to our result was an underweight in office.

• The top individual relative contributor was an overweight in Jones Lang LaSalle (+54%). This was a stake we established this period. The company was among the fund's largest holdings. The second-largest relative contributor was an overweight in Ventas (+35%). The stock was among the fund's largest holdings. Another notable relative contributor was an underweight in Crown Castle (+3%). The stock was not held at period end.

• Notable changes in positioning include decreased exposure to the self storage industry and a higher allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10565<br>| $10986<br>| $10291<br>| $12673<br>| $11835<br>| $16441<br>| $11906<br>| $13229<br>| $14076<br>| $14506<br>|
| MSCI US IMI Real Estate 25/50 Linked Index<br>| $10000 | $10665<br>| $11066<br>| $10599<br>| $13048<br>| $11214<br>| $15762<br>| $11645<br>| $13038<br>| $13696<br>| $14149<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123290_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 3.06% | 4.15% | 3.79% |
| MSCI US IMI Real Estate 25/50 Linked Index | 3.31%<br>| 4.76%<br>| 3.53% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $328842134<br>|
| Number of Holdings | 31<br>|
| Total Advisory Fee | $2113696<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 29.4 |
| Retail REITs | 14.2 |
| Health Care REITs | 13.7 |
| Industrial REITs | 13.4 |
| Residential REITs | 13.4 |
| Real Estate Management & Development | 11.1 |
| Hotel & Resort REITs | 1.7 |

---

Common Stocks 96.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1155_20251231_AA.jpg) <br>|

---

Common Stocks - 96.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.1 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1155_20251231_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 10.4<br>|
| Prologis Inc | 9.1<br>|
| Equinix Inc | 8.7<br>|
| Ventas Inc | 8.3<br>|
| Jones Lang LaSalle Inc | 7.8<br>|
| Welltower Inc | 5.4<br>|
| AvalonBay Communities Inc | 4.0<br>|
| Iron Mountain Inc | 3.6<br>|
| Tanger Inc | 3.6<br>|
| Camden Property Trust | 3.3<br>|
|  | 64.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1155_20251231_2.jpg)<br>| ![](img123290_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914249.101 1469-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Real Estate Portfolio<br> **VIP Real Estate Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Real Estate Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $61  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, led by retail. An underweight in health care also hampered the fund's result. Also detracting from our result was stock picking in office.

• The biggest individual relative detractor was an overweight in American Tower (-1%). The stock was the fund's largest holding. A second notable relative detractor was an underweight in CBRE (+22%). The stock was not held at period end. An underweight in Welltower (+50%) also hurt. The company was among the fund's biggest holdings.

• In contrast, the primary contributor to performance versus the real estate index was stock picking in health care. Stock picks and an overweight in real estate services also boosted relative performance. Also contributing to our result was an underweight in office.

• The top individual relative contributor was an overweight in Jones Lang LaSalle (+54%). This was a stake we established this period. The company was among the fund's largest holdings. The second-largest relative contributor was an overweight in Ventas (+35%). The stock was among the fund's largest holdings. Another notable relative contributor was an underweight in Crown Castle (+3%). The stock was not held at period end.

• Notable changes in positioning include decreased exposure to the self storage industry and a higher allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10575<br>| $11005<br>| $10320<br>| $12716<br>| $11884<br>| $16517<br>| $11973<br>| $13313<br>| $14182<br>| $14622<br>|
| MSCI US IMI Real Estate 25/50 Linked Index<br>| $10000 | $10665<br>| $11066<br>| $10599<br>| $13048<br>| $11214<br>| $15762<br>| $11645<br>| $13038<br>| $13696<br>| $14149<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123291_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 3.10% | 4.23% | 3.87% |
| MSCI US IMI Real Estate 25/50 Linked Index | 3.31%<br>| 4.76%<br>| 3.53% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $328842134<br>|
| Number of Holdings | 31<br>|
| Total Advisory Fee | $2113696<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 29.4 |
| Retail REITs | 14.2 |
| Health Care REITs | 13.7 |
| Industrial REITs | 13.4 |
| Residential REITs | 13.4 |
| Real Estate Management & Development | 11.1 |
| Hotel & Resort REITs | 1.7 |

---

Common Stocks 96.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1155_20251231_AA.jpg) <br>|

---

Common Stocks - 96.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.1 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1155_20251231_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 10.4<br>|
| Prologis Inc | 9.1<br>|
| Equinix Inc | 8.7<br>|
| Ventas Inc | 8.3<br>|
| Jones Lang LaSalle Inc | 7.8<br>|
| Welltower Inc | 5.4<br>|
| AvalonBay Communities Inc | 4.0<br>|
| Iron Mountain Inc | 3.6<br>|
| Tanger Inc | 3.6<br>|
| Camden Property Trust | 3.3<br>|
|  | 64.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1155_20251231_2.jpg)<br>| ![](img123291_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914246.101 1155-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Materials Portfolio<br> **VIP Materials Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Materials Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $80  | 0.76% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Materials 25/50 Linked Index for the fiscal year, especially within diversified metals & mining. Picks in gold also hampered the fund's result. Also hurting our result was an overweight in fertilizers & agricultural chemicals.

• The largest individual relative detractor was an underweight in Newmont (+173%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was an overweight in Mosaic (+2%). This was an investment we established this period. The company was among our biggest holdings. Another notable relative detractor was an underweight in Freeport-McMoRan (+35%).

• In contrast, the largest contributor to performance versus the sector index was an overweight in diversified metals & mining. Security selection and an overweight in copper also boosted the fund's relative performance. Also contributing to our result was an underweight in paper & plastic packaging products & materials.

• The fund's stake in First Quantum Minerals gained 107% and was the top individual relative contributor. The company was one of our largest holdings. A second notable relative contributor was our stake in Wheaton Precious Metals (+111%). This period we decreased our investment in Wheaton Precious Metals. Another notable relative contributor was our stake in Agnico Eagle Mines (+120%). All of these contributors were non-index positions.

• Notable changes in positioning include higher allocations to the gold and fertilizers & agricultural chemicals industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $11206<br>| $14122<br>| $10782<br>| $12205<br>| $14824<br>| $19775<br>| $17815<br>| $19165<br>| $18678<br>| $20777<br>|
| MSCI U.S. IMI Materials 25-50 Index<br>| $10000 | $12153<br>| $15019<br>| $12418<br>| $15374<br>| $18378<br>| $23413<br>| $20680<br>| $23533<br>| $23661<br>| $26588<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123300_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 11.24% | 6.98% | 7.59% |
| MSCI U.S. IMI Materials 25-50 Index | 12.37%<br>| 7.67%<br>| 10.27% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $65966363<br>|
| Number of Holdings | 49<br>|
| Total Advisory Fee | $403243<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 49.7 |
| Metals & Mining | 30.7 |
| Construction Materials | 11.8 |
| Containers & Packaging | 6.0 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1841_20251231_AA.jpg) <br>|

---

Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 89.0 |
| Canada | 5.2 |
| Zambia | 4.2 |
| Brazil | 1.2 |
| Chile | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1841_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 15.0<br>|
| Ecolab Inc | 7.8<br>|
| Newmont Corp | 6.0<br>|
| CRH PLC | 5.4<br>|
| First Quantum Minerals Ltd | 4.2<br>|
| Corteva Inc | 4.1<br>|
| Mosaic Co/The | 3.8<br>|
| Nucor Corp | 3.7<br>|
| Air Products and Chemicals Inc | 3.5<br>|
| Martin Marietta Materials Inc | 3.1<br>|
|  | 56.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1841_20251231_2.jpg)<br>| ![](img123300_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914320.101 1842-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Materials Portfolio<br> **VIP Materials Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Materials Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $72  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Materials 25/50 Linked Index for the fiscal year, especially within diversified metals & mining. Picks in gold also hampered the fund's result. Also hurting our result was an overweight in fertilizers & agricultural chemicals.

• The largest individual relative detractor was an underweight in Newmont (+173%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was an overweight in Mosaic (+2%). This was an investment we established this period. The company was among our biggest holdings. Another notable relative detractor was an underweight in Freeport-McMoRan (+35%).

• In contrast, the largest contributor to performance versus the sector index was an overweight in diversified metals & mining. Security selection and an overweight in copper also boosted the fund's relative performance. Also contributing to our result was an underweight in paper & plastic packaging products & materials.

• The fund's stake in First Quantum Minerals gained 107% and was the top individual relative contributor. The company was one of our largest holdings. A second notable relative contributor was our stake in Wheaton Precious Metals (+111%). This period we decreased our investment in Wheaton Precious Metals. Another notable relative contributor was our stake in Agnico Eagle Mines (+120%). All of these contributors were non-index positions.

• Notable changes in positioning include higher allocations to the gold and fertilizers & agricultural chemicals industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11220<br>| $14146<br>| $10807<br>| $12254<br>| $14888<br>| $19864<br>| $17920<br>| $19282<br>| $18812<br>| $20956<br>|
| MSCI U.S. IMI Materials 25-50 Index<br>| $10000 | $12153<br>| $15019<br>| $12418<br>| $15374<br>| $18378<br>| $23413<br>| $20680<br>| $23533<br>| $23661<br>| $26588<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123301_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 11.40% | 7.08% | 7.68% |
| MSCI U.S. IMI Materials 25-50 Index | 12.37%<br>| 7.67%<br>| 10.27% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $65966363<br>|
| Number of Holdings | 49<br>|
| Total Advisory Fee | $403243<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 49.7 |
| Metals & Mining | 30.7 |
| Construction Materials | 11.8 |
| Containers & Packaging | 6.0 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1841_20251231_AA.jpg) <br>|

---

Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 89.0 |
| Canada | 5.2 |
| Zambia | 4.2 |
| Brazil | 1.2 |
| Chile | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1841_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 15.0<br>|
| Ecolab Inc | 7.8<br>|
| Newmont Corp | 6.0<br>|
| CRH PLC | 5.4<br>|
| First Quantum Minerals Ltd | 4.2<br>|
| Corteva Inc | 4.1<br>|
| Mosaic Co/The | 3.8<br>|
| Nucor Corp | 3.7<br>|
| Air Products and Chemicals Inc | 3.5<br>|
| Martin Marietta Materials Inc | 3.1<br>|
|  | 56.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1841_20251231_2.jpg)<br>| ![](img123301_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914319.101 1841-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Industrials Portfolio<br> **VIP Industrials Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Industrials Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $76  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Industrials 25/50 Linked Index for the fiscal year, led by an overweight in heavy electrical equipment. An underweight in human resource & employment services also boosted relative performance. Also bolstering our relative result were picks and an overweight in aerospace & defense.

• The top individual relative contributor was an overweight in GE Vernova (+99%). The stock was among the fund's largest holdings. A second notable relative contributor was an overweight in Howmet Aerospace (+85%). The company was among the fund's biggest holdings. An overweight in GE Aerospace (+85%) also helped. The stock was the fund's biggest holding.

• In contrast, the biggest detractor from performance versus the sector index was stock picking in electrical components & equipment. Stock selection in trading companies & distributors also hampered the fund's result. Also detracting from our result was an overweight in cargo ground transportation.

• The biggest individual relative detractor was an overweight in Ingersoll Rand (-13%). The company was one of our biggest holdings. The second-largest relative detractor was an underweight in RTX (+61%). This was a position we established this period. Another notable relative detractor was an underweight in Caterpillar (+60%).

• Notable changes in positioning include increased exposure to the construction machinery & heavy transportation equipment industry and a lower allocation to electrical components & equipment.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $11573<br>| $13894<br>| $11790<br>| $15094<br>| $16935<br>| $19818<br>| $17754<br>| $21874<br>| $27023<br>| $33621<br>|
| MSCI U.S. IMI Industrials 25-50 Index<br>| $10000 | $12043<br>| $14644<br>| $12616<br>| $16437<br>| $18480<br>| $22329<br>| $20449<br>| $25045<br>| $29316<br>| $34777<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123324_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 24.42% | 14.70% | 12.89% |
| MSCI U.S. IMI Industrials 25-50 Index | 18.63%<br>| 13.48%<br>| 13.27% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $327251153<br>|
| Number of Holdings | 47<br>|
| Total Advisory Fee | $1863015<br>|
| Portfolio Turnover | 45%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 29.9 |
| Machinery | 25.4 |
| Electrical Equipment | 12.1 |
| Building Products | 8.1 |
| Ground Transportation | 6.2 |
| Trading Companies & Distributors | 4.5 |
| Commercial Services & Supplies | 3.9 |
| Construction & Engineering | 3.7 |
| Professional Services | 2.4 |
| Others | 3.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img766_20251231_AA.jpg) <br>|

---

Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.8 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img766_20251231_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 8.6<br>|
| Boeing Co | 6.2<br>|
| GE Vernova Inc | 5.9<br>|
| Howmet Aerospace Inc | 5.1<br>|
| Trane Technologies PLC | 4.9<br>|
| Parker-Hannifin Corp | 4.7<br>|
| Cummins Inc | 4.7<br>|
| Eaton Corp PLC | 3.3<br>|
| Ingersoll Rand Inc | 3.2<br>|
| ITT Inc | 2.9<br>|
|  | 49.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img766_20251231_2.jpg)<br>| ![](img123324_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914233.101 1475-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Industrials Portfolio<br> **VIP Industrials Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Industrials Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $68  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Industrials 25/50 Linked Index for the fiscal year, led by an overweight in heavy electrical equipment. An underweight in human resource & employment services also boosted relative performance. Also bolstering our relative result were picks and an overweight in aerospace & defense.

• The top individual relative contributor was an overweight in GE Vernova (+99%). The stock was among the fund's largest holdings. A second notable relative contributor was an overweight in Howmet Aerospace (+85%). The company was among the fund's biggest holdings. An overweight in GE Aerospace (+85%) also helped. The stock was the fund's biggest holding.

• In contrast, the biggest detractor from performance versus the sector index was stock picking in electrical components & equipment. Stock selection in trading companies & distributors also hampered the fund's result. Also detracting from our result was an overweight in cargo ground transportation.

• The biggest individual relative detractor was an overweight in Ingersoll Rand (-13%). The company was one of our biggest holdings. The second-largest relative detractor was an underweight in RTX (+61%). This was a position we established this period. Another notable relative detractor was an underweight in Caterpillar (+60%).

• Notable changes in positioning include increased exposure to the construction machinery & heavy transportation equipment industry and a lower allocation to electrical components & equipment.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11587<br>| $13921<br>| $11817<br>| $15142<br>| $17007<br>| $19914<br>| $17863<br>| $22016<br>| $27220<br>| $33894<br>|
| MSCI U.S. IMI Industrials 25-50 Index<br>| $10000 | $12043<br>| $14644<br>| $12616<br>| $16437<br>| $18480<br>| $22329<br>| $20449<br>| $25045<br>| $29316<br>| $34777<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123325_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 24.52% | 14.79% | 12.98% |
| MSCI U.S. IMI Industrials 25-50 Index | 18.63%<br>| 13.48%<br>| 13.27% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $327251153<br>|
| Number of Holdings | 47<br>|
| Total Advisory Fee | $1863015<br>|
| Portfolio Turnover | 45%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 29.9 |
| Machinery | 25.4 |
| Electrical Equipment | 12.1 |
| Building Products | 8.1 |
| Ground Transportation | 6.2 |
| Trading Companies & Distributors | 4.5 |
| Commercial Services & Supplies | 3.9 |
| Construction & Engineering | 3.7 |
| Professional Services | 2.4 |
| Others | 3.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img766_20251231_AA.jpg) <br>|

---

Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.8 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img766_20251231_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 8.6<br>|
| Boeing Co | 6.2<br>|
| GE Vernova Inc | 5.9<br>|
| Howmet Aerospace Inc | 5.1<br>|
| Trane Technologies PLC | 4.9<br>|
| Parker-Hannifin Corp | 4.7<br>|
| Cummins Inc | 4.7<br>|
| Eaton Corp PLC | 3.3<br>|
| Ingersoll Rand Inc | 3.2<br>|
| ITT Inc | 2.9<br>|
|  | 49.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img766_20251231_2.jpg)<br>| ![](img123325_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914234.101 970-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Health Care Portfolio<br> **VIP Health Care Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Health Care Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $90  | 0.84% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Health Care 25/50 Index for the fiscal year, especially an underweight in pharmaceuticals. Stock picks in health care equipment also hampered the fund's result. Also detracting from our result were picks and an underweight in managed health care.

• The biggest individual relative detractor was an underweight in Johnson & Johnson (+47%). This was a position we established this period. A second notable relative detractor was our stake in UnitedHealth Group (-34%). This period we decreased our position in UnitedHealth. The stock was one of the fund's biggest holdings this period. An underweight in Eli Lilly (+40%) also hurt. The company was the fund's largest holding at period end.

• In contrast, the biggest contributors to performance versus the sector index were stock selection and an overweight in biotechnology. Stock picks in pharmaceuticals also boosted the fund's relative performance. Also contributing to our result were stock selection and an overweight in health care services.

• The top individual relative contributor was our stake in Exact Sciences (+79%). The stock was not held at period end. The second-largest relative contributor was an overweight in Cogent Biosciences (+358%). Another notable relative contributor was an overweight in Alnylam Pharmaceuticals (+69%). The company was one of the fund's largest holdings.

• Notable changes in positioning include decreased exposure to the managed health care industry and a higher allocation to pharmaceuticals.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11687<br>| $14174<br>| $15796<br>| $13803<br>| $14357<br>| $15054<br>|
| MSCI U.S. IMI Health Care 25-50 Index<br>| $10000 | $11398<br>| $13481<br>| $16259<br>| $15376<br>| $15769<br>| $16204<br>|
| S&P 500® Index<br>| $10000 | $11346<br>| $13433<br>| $17289<br>| $14158<br>| $17880<br>| $22353<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123333_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Service Class 2 | 14.10% | 3.92% | 8.37% |
| MSCI U.S. IMI Health Care 25-50 Index | 15.54%<br>| 6.79%<br>| 9.77% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 15.49% |

---

**A** From April 11, 2019

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1100584137<br>|
| Number of Holdings | 131<br>|
| Total Advisory Fee | $6410425<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 35.4 |
| Health Care Equipment & Supplies | 20.0 |
| Pharmaceuticals | 19.4 |
| Life Sciences Tools & Services | 11.9 |
| Health Care Providers & Services | 9.1 |
| Health Care Technology | 3.5 |
| Chemicals | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Preferred Stocks | 1.4 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img156_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 87.9 |
| Netherlands | 4.1 |
| Belgium | 2.7 |
| Denmark | 2.4 |
| Canada | 0.9 |
| Germany | 0.7 |
| France | 0.6 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img156_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Eli Lilly & Co | 6.8<br>|
| Danaher Corp | 6.4<br>|
| Boston Scientific Corp | 5.9<br>|
| Penumbra Inc | 4.0<br>|
| Argenx SE ADR | 3.1<br>|
| AbbVie Inc | 3.1<br>|
| UCB SA | 2.7<br>|
| CVS Health Corp | 2.7<br>|
| Alnylam Pharmaceuticals Inc | 2.6<br>|
| Masimo Corp | 2.5<br>|
|  | 39.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img156_20251231_2.jpg)<br>| ![](img123333_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914160.101 1021-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Health Care Portfolio<br> **VIP Health Care Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Health Care Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $72  | 0.67% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Health Care 25/50 Index for the fiscal year, especially an underweight in pharmaceuticals. Stock picks in health care equipment also hampered the fund's result. Also detracting from our result were picks and an underweight in managed health care.

• The biggest individual relative detractor was an underweight in Johnson & Johnson (+47%). This was a position we established this period. A second notable relative detractor was our stake in UnitedHealth Group (-34%). This period we decreased our position in UnitedHealth. The stock was one of the fund's biggest holdings this period. An underweight in Eli Lilly (+40%) also hurt. The company was the fund's largest holding at period end.

• In contrast, the biggest contributors to performance versus the sector index were stock selection and an overweight in biotechnology. Stock picks in pharmaceuticals also boosted the fund's relative performance. Also contributing to our result were stock selection and an overweight in health care services.

• The top individual relative contributor was our stake in Exact Sciences (+79%). The stock was not held at period end. The second-largest relative contributor was an overweight in Cogent Biosciences (+358%). Another notable relative contributor was an overweight in Alnylam Pharmaceuticals (+69%). The company was one of the fund's largest holdings.

• Notable changes in positioning include decreased exposure to the managed health care industry and a higher allocation to pharmaceuticals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $8949<br>| $11184<br>| $12048<br>| $15456<br>| $18777<br>| $20966<br>| $18347<br>| $19121<br>| $20087<br>| $22954<br>|
| MSCI U.S. IMI Health Care 25-50 Index<br>| $10000 | $9674<br>| $11942<br>| $12613<br>| $15391<br>| $18204<br>| $21956<br>| $20763<br>| $21294<br>| $21880<br>| $25281<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123334_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 14.27% | 4.10% | 8.66% |
| MSCI U.S. IMI Health Care 25-50 Index | 15.54%<br>| 6.79%<br>| 9.72% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1100584137<br>|
| Number of Holdings | 131<br>|
| Total Advisory Fee | $6410425<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 35.4 |
| Health Care Equipment & Supplies | 20.0 |
| Pharmaceuticals | 19.4 |
| Life Sciences Tools & Services | 11.9 |
| Health Care Providers & Services | 9.1 |
| Health Care Technology | 3.5 |
| Chemicals | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Preferred Stocks | 1.4 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img156_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 87.9 |
| Netherlands | 4.1 |
| Belgium | 2.7 |
| Denmark | 2.4 |
| Canada | 0.9 |
| Germany | 0.7 |
| France | 0.6 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img156_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Eli Lilly & Co | 6.8<br>|
| Danaher Corp | 6.4<br>|
| Boston Scientific Corp | 5.9<br>|
| Penumbra Inc | 4.0<br>|
| Argenx SE ADR | 3.1<br>|
| AbbVie Inc | 3.1<br>|
| UCB SA | 2.7<br>|
| CVS Health Corp | 2.7<br>|
| Alnylam Pharmaceuticals Inc | 2.6<br>|
| Masimo Corp | 2.5<br>|
|  | 39.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img156_20251231_2.jpg)<br>| ![](img123334_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914161.101 1477-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Health Care Portfolio<br> **VIP Health Care Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Health Care Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $64  | 0.59% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Health Care 25/50 Index for the fiscal year, especially an underweight in pharmaceuticals. Stock picks in health care equipment also hampered the fund's result. Also detracting from our result were picks and an underweight in managed health care.

• The biggest individual relative detractor was an underweight in Johnson & Johnson (+47%). This was a position we established this period. A second notable relative detractor was our stake in UnitedHealth Group (-34%). This period we decreased our position in UnitedHealth. The stock was one of the fund's biggest holdings this period. An underweight in Eli Lilly (+40%) also hurt. The company was the fund's largest holding at period end.

• In contrast, the biggest contributors to performance versus the sector index were stock selection and an overweight in biotechnology. Stock picks in pharmaceuticals also boosted the fund's relative performance. Also contributing to our result were stock selection and an overweight in health care services.

• The top individual relative contributor was our stake in Exact Sciences (+79%). The stock was not held at period end. The second-largest relative contributor was an overweight in Cogent Biosciences (+358%). Another notable relative contributor was an overweight in Alnylam Pharmaceuticals (+69%). The company was one of the fund's largest holdings.

• Notable changes in positioning include decreased exposure to the managed health care industry and a higher allocation to pharmaceuticals.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $8957<br>| $11200<br>| $12080<br>| $15508<br>| $18854<br>| $21066<br>| $18453<br>| $19239<br>| $20227<br>| $23138<br>|
| MSCI U.S. IMI Health Care 25-50 Index<br>| $10000 | $9674<br>| $11942<br>| $12613<br>| $15391<br>| $18204<br>| $21956<br>| $20763<br>| $21294<br>| $21880<br>| $25281<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123335_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 14.39% | 4.18% | 8.75% |
| MSCI U.S. IMI Health Care 25-50 Index | 15.54%<br>| 6.79%<br>| 9.72% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1100584137<br>|
| Number of Holdings | 131<br>|
| Total Advisory Fee | $6410425<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 35.4 |
| Health Care Equipment & Supplies | 20.0 |
| Pharmaceuticals | 19.4 |
| Life Sciences Tools & Services | 11.9 |
| Health Care Providers & Services | 9.1 |
| Health Care Technology | 3.5 |
| Chemicals | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Preferred Stocks | 1.4 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img156_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 87.9 |
| Netherlands | 4.1 |
| Belgium | 2.7 |
| Denmark | 2.4 |
| Canada | 0.9 |
| Germany | 0.7 |
| France | 0.6 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img156_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Eli Lilly & Co | 6.8<br>|
| Danaher Corp | 6.4<br>|
| Boston Scientific Corp | 5.9<br>|
| Penumbra Inc | 4.0<br>|
| Argenx SE ADR | 3.1<br>|
| AbbVie Inc | 3.1<br>|
| UCB SA | 2.7<br>|
| CVS Health Corp | 2.7<br>|
| Alnylam Pharmaceuticals Inc | 2.6<br>|
| Masimo Corp | 2.5<br>|
|  | 39.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img156_20251231_2.jpg)<br>| ![](img123335_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914162.101 942-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Financials Portfolio<br> **VIP Financials Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Financials Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $91  | 0.85% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Financials 5% Capped Linked Index for the year, led by asset management & custody banks. Stock picking among regional banks also boosted the fund's relative result. Investment choices and an underweight in the property & casualty insurance industry helped as well.

• The top individual relative contributor was an overweight in Wells Fargo (+36%), one of our largest holdings. Outsized exposure to Citigroup (+70%) also helped. The company was among our biggest positions this period. Another notable relative contributor was an overweight in FirstCash Holdings (+56%).

• In contrast, the primary detractor from performance versus the sector index was security selection in the investment banking & brokerage group. An overweight in diversified financial services also hampered the fund's result, as did stock picks among research & consulting services firms.

• Not owning Goldman Sachs, an index component that gained about 57%, was the largest individual relative detractor. Avoiding JPMorgan Chase, an index component that gained approximately 37%, hurt as well. An overweight in Reinsurance Group of America (-3%) was another negative. The stock was among the fund's largest holdings.

• Notable changes in positioning include increased exposure to the financial exchanges & data industry and a lower allocation to consumer finance stocks.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

August 16, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11469<br>| $15191<br>|
| MSCI U.S. IMI Financials 5% Capped Linked Index<br>| $10000 | $11375<br>| $14812<br>|
| S&P 500® Index<br>| $10000 | $10896<br>| $13622<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123417_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class 2 | 14.89% | 26.39% |
| MSCI U.S. IMI Financials 5% Capped Linked Index | 14.94%<br>| 25.08% |
| S&P 500® Index | 17.88%<br>| 22.04% |

---

**A** From August 16, 2023

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $320552222<br>|
| Number of Holdings | 66<br>|
| Total Advisory Fee | $2036940<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 35.9 |
| Capital Markets | 24.5 |
| Insurance | 17.6 |
| Financial Services | 16.2 |
| Consumer Finance | 4.3 |
| Professional Services | 0.8 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img765_20251231_AA.jpg) <br>|

---

Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.7 <br>

---

| | |
|:---|:---|
| United States | 93.7 |
| United Kingdom | 2.0 |
| France | 1.2 |
| Puerto Rico | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Australia | 0.8 |
| Mexico | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img765_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.9&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 9.5<br>|
| Wells Fargo & Co | 7.5<br>|
| Bank of America Corp | 6.5<br>|
| Reinsurance Group of America Inc | 3.8<br>|
| Citigroup Inc | 3.7<br>|
| State Street Corp | 3.3<br>|
| Charles Schwab Corp/The | 3.2<br>|
| Morgan Stanley | 2.7<br>|
| Apollo Global Management Inc | 2.6<br>|
| Chubb Ltd | 2.6<br>|
|  | 45.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img765_20251231_2.jpg)<br>| ![](img123417_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914231.101 7360-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Financials Portfolio<br> **VIP Financials Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Financials Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $74  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Financials 5% Capped Linked Index for the year, led by asset management & custody banks. Stock picking among regional banks also boosted the fund's relative result. Investment choices and an underweight in the property & casualty insurance industry helped as well.

• The top individual relative contributor was an overweight in Wells Fargo (+36%), one of our largest holdings. Outsized exposure to Citigroup (+70%) also helped. The company was among our biggest positions this period. Another notable relative contributor was an overweight in FirstCash Holdings (+56%).

• In contrast, the primary detractor from performance versus the sector index was security selection in the investment banking & brokerage group. An overweight in diversified financial services also hampered the fund's result, as did stock picks among research & consulting services firms.

• Not owning Goldman Sachs, an index component that gained about 57%, was the largest individual relative detractor. Avoiding JPMorgan Chase, an index component that gained approximately 37%, hurt as well. An overweight in Reinsurance Group of America (-3%) was another negative. The stock was among the fund's largest holdings.

• Notable changes in positioning include increased exposure to the financial exchanges & data industry and a lower allocation to consumer finance stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $11851<br>| $14360<br>| $12089<br>| $16234<br>| $16336<br>| $21749<br>| $19928<br>| $22831<br>| $30307<br>| $34876<br>|
| MSCI U.S. IMI Financials 5% Capped Linked Index<br>| $10000 | $12474<br>| $14821<br>| $12785<br>| $16798<br>| $16547<br>| $22511<br>| $19993<br>| $22695<br>| $29551<br>| $33967<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123418_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 15.08% | 16.38% | 13.31% |
| MSCI U.S. IMI Financials 5% Capped Linked Index | 14.94%<br>| 15.47%<br>| 13.01% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $320552222<br>|
| Number of Holdings | 66<br>|
| Total Advisory Fee | $2036940<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 35.9 |
| Capital Markets | 24.5 |
| Insurance | 17.6 |
| Financial Services | 16.2 |
| Consumer Finance | 4.3 |
| Professional Services | 0.8 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img765_20251231_AA.jpg) <br>|

---

Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.7 <br>

---

| | |
|:---|:---|
| United States | 93.7 |
| United Kingdom | 2.0 |
| France | 1.2 |
| Puerto Rico | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Australia | 0.8 |
| Mexico | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img765_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.9&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 9.5<br>|
| Wells Fargo & Co | 7.5<br>|
| Bank of America Corp | 6.5<br>|
| Reinsurance Group of America Inc | 3.8<br>|
| Citigroup Inc | 3.7<br>|
| State Street Corp | 3.3<br>|
| Charles Schwab Corp/The | 3.2<br>|
| Morgan Stanley | 2.7<br>|
| Apollo Global Management Inc | 2.6<br>|
| Chubb Ltd | 2.6<br>|
|  | 45.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img765_20251231_2.jpg)<br>| ![](img123418_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914230.101 1476-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Financials Portfolio<br> **VIP Financials Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Financials Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $65  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Financials 5% Capped Linked Index for the year, led by asset management & custody banks. Stock picking among regional banks also boosted the fund's relative result. Investment choices and an underweight in the property & casualty insurance industry helped as well.

• The top individual relative contributor was an overweight in Wells Fargo (+36%), one of our largest holdings. Outsized exposure to Citigroup (+70%) also helped. The company was among our biggest positions this period. Another notable relative contributor was an overweight in FirstCash Holdings (+56%).

• In contrast, the primary detractor from performance versus the sector index was security selection in the investment banking & brokerage group. An overweight in diversified financial services also hampered the fund's result, as did stock picks among research & consulting services firms.

• Not owning Goldman Sachs, an index component that gained about 57%, was the largest individual relative detractor. Avoiding JPMorgan Chase, an index component that gained approximately 37%, hurt as well. An overweight in Reinsurance Group of America (-3%) was another negative. The stock was among the fund's largest holdings.

• Notable changes in positioning include increased exposure to the financial exchanges & data industry and a lower allocation to consumer finance stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11872<br>| $14395<br>| $12130<br>| $16294<br>| $16419<br>| $21869<br>| $20047<br>| $23000<br>| $30528<br>| $35162<br>|
| MSCI U.S. IMI Financials 5% Capped Linked Index<br>| $10000 | $12474<br>| $14821<br>| $12785<br>| $16798<br>| $16547<br>| $22511<br>| $19993<br>| $22695<br>| $29551<br>| $33967<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123419_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 15.18% | 16.45% | 13.40% |
| MSCI U.S. IMI Financials 5% Capped Linked Index | 14.94%<br>| 15.47%<br>| 13.01% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $320552222<br>|
| Number of Holdings | 66<br>|
| Total Advisory Fee | $2036940<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 35.9 |
| Capital Markets | 24.5 |
| Insurance | 17.6 |
| Financial Services | 16.2 |
| Consumer Finance | 4.3 |
| Professional Services | 0.8 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img765_20251231_AA.jpg) <br>|

---

Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.7 <br>

---

| | |
|:---|:---|
| United States | 93.7 |
| United Kingdom | 2.0 |
| France | 1.2 |
| Puerto Rico | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.9 |
| Australia | 0.8 |
| Mexico | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img765_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.9&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 9.5<br>|
| Wells Fargo & Co | 7.5<br>|
| Bank of America Corp | 6.5<br>|
| Reinsurance Group of America Inc | 3.8<br>|
| Citigroup Inc | 3.7<br>|
| State Street Corp | 3.3<br>|
| Charles Schwab Corp/The | 3.2<br>|
| Morgan Stanley | 2.7<br>|
| Apollo Global Management Inc | 2.6<br>|
| Chubb Ltd | 2.6<br>|
|  | 45.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img765_20251231_2.jpg)<br>| ![](img123419_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914232.101 947-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Energy Portfolio<br> **VIP Energy Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Energy Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $89  | 0.85% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, led by oil & gas equipment & services. Stock picking in independent power producers & energy traders, and out-of-index group, also boosted the fund's relative performance. Also bolstering our relative result was positioning in the oil & gas exploration & production segment.

• The fund's non-index stake in National Energy Services Reunited gained 75% and was the top individual relative contributor. Not owning ONEOK, an index component that returned -23%, was the second-largest relative contributor. An overweight in TechnipFMC (+55%) also contributed. The stock was among the fund's biggest holdings at period end, though we reduced our stake.

• In contrast, the biggest detractor from performance versus the sector index was security selection in oil & gas storage & transportation. Also hurting our result were underweights in oil & gas drilling and coal & consumable fuels.

• The largest individual relative detractor was our non-index stake in Energy Transfer (-9%). The company was one of the fund's largest holdings. The second-largest relative detractor was an underweight in Williams (+15%). This was a stake we established this period. An overweight in Occidental Petroleum (-15%) also hurt.

• Notable changes in positioning include increased exposure to the oil & gas equipment & services and oil & gas refining & marketing industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $13351<br>| $12980<br>| $9765<br>| $10725<br>| $7198<br>| $11145<br>| $18152<br>| $18279<br>| $19014<br>| $20980<br>|
| MSCI U.S. IMI Energy 25-50 Index<br>| $10000 | $12956<br>| $12655<br>| $10149<br>| $11105<br>| $7437<br>| $11621<br>| $18957<br>| $18981<br>| $20248<br>| $21733<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123427_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 10.34% | 23.86% | 7.69% |
| MSCI U.S. IMI Energy 25-50 Index | 7.34%<br>| 23.92%<br>| 8.07% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $452600247<br>|
| Number of Holdings | 35<br>|
| Total Advisory Fee | $2772316<br>|
| Portfolio Turnover | 13%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 82.9 |
| Energy Equipment & Services | 14.2 |
| Independent Power and Renewable Electricity Producers | 2.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img155_20251231_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 9.5 |
| United Kingdom | 3.8 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img155_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 25.0<br>|
| Chevron Corp | 9.2<br>|
| Cenovus Energy Inc | 4.7<br>|
| Marathon Petroleum Corp | 4.6<br>|
| Canadian Natural Resources Ltd | 4.5<br>|
| Energy Transfer LP | 4.3<br>|
| Valero Energy Corp | 4.2<br>|
| Cheniere Energy Inc | 3.9<br>|
| SLB Ltd | 3.7<br>|
| TechnipFMC PLC | 3.7<br>|
|  | 67.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img155_20251231_2.jpg)<br>| ![](img123427_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914157.101 1438-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Energy Portfolio<br> **VIP Energy Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Energy Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $71  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, led by oil & gas equipment & services. Stock picking in independent power producers & energy traders, and out-of-index group, also boosted the fund's relative performance. Also bolstering our relative result was positioning in the oil & gas exploration & production segment.

• The fund's non-index stake in National Energy Services Reunited gained 75% and was the top individual relative contributor. Not owning ONEOK, an index component that returned -23%, was the second-largest relative contributor. An overweight in TechnipFMC (+55%) also contributed. The stock was among the fund's biggest holdings at period end, though we reduced our stake.

• In contrast, the biggest detractor from performance versus the sector index was security selection in oil & gas storage & transportation. Also hurting our result were underweights in oil & gas drilling and coal & consumable fuels.

• The largest individual relative detractor was our non-index stake in Energy Transfer (-9%). The company was one of the fund's largest holdings. The second-largest relative detractor was an underweight in Williams (+15%). This was a stake we established this period. An overweight in Occidental Petroleum (-15%) also hurt.

• Notable changes in positioning include increased exposure to the oil & gas equipment & services and oil & gas refining & marketing industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $13370<br>| $13027<br>| $9816<br>| $10796<br>| $7255<br>| $11256<br>| $18362<br>| $18529<br>| $19308<br>| $21334<br>|
| MSCI U.S. IMI Energy 25-50 Index<br>| $10000 | $12956<br>| $12655<br>| $10149<br>| $11105<br>| $7437<br>| $11621<br>| $18957<br>| $18981<br>| $20248<br>| $21733<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123428_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 10.49% | 24.08% | 7.87% |
| MSCI U.S. IMI Energy 25-50 Index | 7.34%<br>| 23.92%<br>| 8.07% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $452600247<br>|
| Number of Holdings | 35<br>|
| Total Advisory Fee | $2772316<br>|
| Portfolio Turnover | 13%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 82.9 |
| Energy Equipment & Services | 14.2 |
| Independent Power and Renewable Electricity Producers | 2.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img155_20251231_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 9.5 |
| United Kingdom | 3.8 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img155_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 25.0<br>|
| Chevron Corp | 9.2<br>|
| Cenovus Energy Inc | 4.7<br>|
| Marathon Petroleum Corp | 4.6<br>|
| Canadian Natural Resources Ltd | 4.5<br>|
| Energy Transfer LP | 4.3<br>|
| Valero Energy Corp | 4.2<br>|
| Cheniere Energy Inc | 3.9<br>|
| SLB Ltd | 3.7<br>|
| TechnipFMC PLC | 3.7<br>|
|  | 67.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img155_20251231_2.jpg)<br>| ![](img123428_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914158.101 1478-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Energy Portfolio<br> **VIP Energy Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Energy Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $63  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Energy 25/50 Index for the fiscal year, led by oil & gas equipment & services. Stock picking in independent power producers & energy traders, and out-of-index group, also boosted the fund's relative performance. Also bolstering our relative result was positioning in the oil & gas exploration & production segment.

• The fund's non-index stake in National Energy Services Reunited gained 75% and was the top individual relative contributor. Not owning ONEOK, an index component that returned -23%, was the second-largest relative contributor. An overweight in TechnipFMC (+55%) also contributed. The stock was among the fund's biggest holdings at period end, though we reduced our stake.

• In contrast, the biggest detractor from performance versus the sector index was security selection in oil & gas storage & transportation. Also hurting our result were underweights in oil & gas drilling and coal & consumable fuels.

• The largest individual relative detractor was our non-index stake in Energy Transfer (-9%). The company was one of the fund's largest holdings. The second-largest relative detractor was an underweight in Williams (+15%). This was a stake we established this period. An overweight in Occidental Petroleum (-15%) also hurt.

• Notable changes in positioning include increased exposure to the oil & gas equipment & services and oil & gas refining & marketing industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $13384<br>| $13053<br>| $9845<br>| $10837<br>| $7286<br>| $11319<br>| $18471<br>| $18653<br>| $19455<br>| $21514<br>|
| MSCI U.S. IMI Energy 25-50 Index<br>| $10000 | $12956<br>| $12655<br>| $10149<br>| $11105<br>| $7437<br>| $11621<br>| $18957<br>| $18981<br>| $20248<br>| $21733<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123429_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 10.59% | 24.18% | 7.96% |
| MSCI U.S. IMI Energy 25-50 Index | 7.34%<br>| 23.92%<br>| 8.07% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $452600247<br>|
| Number of Holdings | 35<br>|
| Total Advisory Fee | $2772316<br>|
| Portfolio Turnover | 13%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 82.9 |
| Energy Equipment & Services | 14.2 |
| Independent Power and Renewable Electricity Producers | 2.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img155_20251231_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 9.5 |
| United Kingdom | 3.8 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img155_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 25.0<br>|
| Chevron Corp | 9.2<br>|
| Cenovus Energy Inc | 4.7<br>|
| Marathon Petroleum Corp | 4.6<br>|
| Canadian Natural Resources Ltd | 4.5<br>|
| Energy Transfer LP | 4.3<br>|
| Valero Energy Corp | 4.2<br>|
| Cheniere Energy Inc | 3.9<br>|
| SLB Ltd | 3.7<br>|
| TechnipFMC PLC | 3.7<br>|
|  | 67.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img155_20251231_2.jpg)<br>| ![](img123429_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914159.101 930-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Consumer Staples Portfolio<br> **VIP Consumer Staples Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Consumer Staples Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $85  | 0.86% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Consumer Staples 25/50 Index for the fiscal year, especially an overweight in distillers & vintners. Stock picking in soft drinks & non-alcoholic beverages also hampered the fund's result. Also detracting from our result was an underweight in tobacco.

• The biggest individual relative detractor was an overweight in Energizer Holdings (-40%). The company was one of the fund's largest holdings. The second-largest relative detractor was an overweight in Constellation Brands (-36%). The company was one of our largest holdings this period. Another notable relative detractor was an overweight in Boston Beer (-35%).

• In contrast, the biggest contributor to performance versus the sector index was stock picking in personal care products. An overweight in soft drinks & non-alcoholic beverages also boosted the fund's relative performance. Also helping our relative result were picks in tobacco.

• The fund's non-index stake in British American Tobacco gained about 65% and was the top individual relative contributor. A second notable relative contributor was an overweight in Bunge Global (+18%). Another notable relative contributor was an overweight in Estee Lauder (+41%). This period we decreased our position in Estee Lauder. The stock was among our biggest holdings this period.

• Notable changes in positioning include increased exposure to the food retail and tobacco industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

August 16, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $9863<br>| $10384<br>|
| MSCI U.S. IMI Consumer Staples 25-50 Index<br>| $10000 | $10027<br>| $11369<br>|
| S&P 500® Index<br>| $10000 | $10896<br>| $13622<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123446_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class 2 | -3.23% | 0.21% |
| MSCI U.S. IMI Consumer Staples 25-50 Index | 2.15%<br>| 6.49% |
| S&P 500® Index | 17.88%<br>| 22.04% |

---

**A** From August 16, 2023

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $205170784<br>|
| Number of Holdings | 42<br>|
| Total Advisory Fee | $1423766<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 33.4 |
| Consumer Staples Distribution & Retail | 27.2 |
| Household Products | 15.4 |
| Food Products | 11.5 |
| Personal Care Products | 6.4 |
| Tobacco | 5.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1839_20251231_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

United States 95.3 <br> United Kingdom 4.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1839_20251231_GD.jpg) <br>|

---

United States - 95.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coca-Cola Co/The | 14.3<br>|
| Procter & Gamble Co/The | 10.9<br>|
| Costco Wholesale Corp | 8.4<br>|
| Keurig Dr Pepper Inc | 8.3<br>|
| Walmart Inc | 7.7<br>|
| Kenvue Inc | 4.5<br>|
| Mondelez International Inc | 4.1<br>|
| Target Corp | 3.9<br>|
| Energizer Holdings Inc | 3.4<br>|
| Philip Morris International Inc | 2.7<br>|
|  | 68.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1839_20251231_2.jpg)<br>| ![](img123446_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914318.101 7359-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Consumer Staples Portfolio<br> **VIP Consumer Staples Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Consumer Staples Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $68  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Consumer Staples 25/50 Index for the fiscal year, especially an overweight in distillers & vintners. Stock picking in soft drinks & non-alcoholic beverages also hampered the fund's result. Also detracting from our result was an underweight in tobacco.

• The biggest individual relative detractor was an overweight in Energizer Holdings (-40%). The company was one of the fund's largest holdings. The second-largest relative detractor was an overweight in Constellation Brands (-36%). The company was one of our largest holdings this period. Another notable relative detractor was an overweight in Boston Beer (-35%).

• In contrast, the biggest contributor to performance versus the sector index was stock picking in personal care products. An overweight in soft drinks & non-alcoholic beverages also boosted the fund's relative performance. Also helping our relative result were picks in tobacco.

• The fund's non-index stake in British American Tobacco gained about 65% and was the top individual relative contributor. A second notable relative contributor was an overweight in Bunge Global (+18%). Another notable relative contributor was an overweight in Estee Lauder (+41%). This period we decreased our position in Estee Lauder. The stock was among our biggest holdings this period.

• Notable changes in positioning include increased exposure to the food retail and tobacco industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10367<br>| $11873<br>| $10022<br>| $13162<br>| $14702<br>| $16776<br>| $16660<br>| $17173<br>| $18109<br>| $17559<br>|
| MSCI U.S. IMI Consumer Staples 25-50 Index<br>| $10000 | $10639<br>| $11906<br>| $10996<br>| $13876<br>| $15408<br>| $18123<br>| $17819<br>| $18251<br>| $20693<br>| $21139<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123447_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | -3.04% | 3.62% | 5.79% |
| MSCI U.S. IMI Consumer Staples 25-50 Index | 2.15%<br>| 6.53%<br>| 7.77% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $205170784<br>|
| Number of Holdings | 42<br>|
| Total Advisory Fee | $1423766<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 33.4 |
| Consumer Staples Distribution & Retail | 27.2 |
| Household Products | 15.4 |
| Food Products | 11.5 |
| Personal Care Products | 6.4 |
| Tobacco | 5.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1839_20251231_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

United States 95.3 <br> United Kingdom 4.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1839_20251231_GD.jpg) <br>|

---

United States - 95.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coca-Cola Co/The | 14.3<br>|
| Procter & Gamble Co/The | 10.9<br>|
| Costco Wholesale Corp | 8.4<br>|
| Keurig Dr Pepper Inc | 8.3<br>|
| Walmart Inc | 7.7<br>|
| Kenvue Inc | 4.5<br>|
| Mondelez International Inc | 4.1<br>|
| Target Corp | 3.9<br>|
| Energizer Holdings Inc | 3.4<br>|
| Philip Morris International Inc | 2.7<br>|
|  | 68.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1839_20251231_2.jpg)<br>| ![](img123447_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914317.101 1840-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Consumer Staples Portfolio<br> **VIP Consumer Staples Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Consumer Staples Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $61  | 0.61% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the MSCI US IMI Consumer Staples 25/50 Index for the fiscal year, especially an overweight in distillers & vintners. Stock picking in soft drinks & non-alcoholic beverages also hampered the fund's result. Also detracting from our result was an underweight in tobacco.

• The biggest individual relative detractor was an overweight in Energizer Holdings (-40%). The company was one of the fund's largest holdings. The second-largest relative detractor was an overweight in Constellation Brands (-36%). The company was one of our largest holdings this period. Another notable relative detractor was an overweight in Boston Beer (-35%).

• In contrast, the biggest contributor to performance versus the sector index was stock picking in personal care products. An overweight in soft drinks & non-alcoholic beverages also boosted the fund's relative performance. Also helping our relative result were picks in tobacco.

• The fund's non-index stake in British American Tobacco gained about 65% and was the top individual relative contributor. A second notable relative contributor was an overweight in Bunge Global (+18%). Another notable relative contributor was an overweight in Estee Lauder (+41%). This period we decreased our position in Estee Lauder. The stock was among our biggest holdings this period.

• Notable changes in positioning include increased exposure to the food retail and tobacco industries.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10372<br>| $11893<br>| $10044<br>| $13200<br>| $14755<br>| $16856<br>| $16752<br>| $17278<br>| $18240<br>| $17697<br>|
| MSCI U.S. IMI Consumer Staples 25-50 Index<br>| $10000 | $10639<br>| $11906<br>| $10996<br>| $13876<br>| $15408<br>| $18123<br>| $17819<br>| $18251<br>| $20693<br>| $21139<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123448_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | -2.98% | 3.70% | 5.87% |
| MSCI U.S. IMI Consumer Staples 25-50 Index | 2.15%<br>| 6.53%<br>| 7.77% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $205170784<br>|
| Number of Holdings | 42<br>|
| Total Advisory Fee | $1423766<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 33.4 |
| Consumer Staples Distribution & Retail | 27.2 |
| Household Products | 15.4 |
| Food Products | 11.5 |
| Personal Care Products | 6.4 |
| Tobacco | 5.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1839_20251231_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

United States 95.3 <br> United Kingdom 4.7

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1839_20251231_GD.jpg) <br>|

---

United States - 95.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coca-Cola Co/The | 14.3<br>|
| Procter & Gamble Co/The | 10.9<br>|
| Costco Wholesale Corp | 8.4<br>|
| Keurig Dr Pepper Inc | 8.3<br>|
| Walmart Inc | 7.7<br>|
| Kenvue Inc | 4.5<br>|
| Mondelez International Inc | 4.1<br>|
| Target Corp | 3.9<br>|
| Energizer Holdings Inc | 3.4<br>|
| Philip Morris International Inc | 2.7<br>|
|  | 68.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1839_20251231_2.jpg)<br>| ![](img123448_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914316.101 1839-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Consumer Discretionary Portfolio<br> **VIP Consumer Discretionary Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Consumer Discretionary Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $89  | 0.86% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection and industry positioning contributed to the fund's performance versus the MSCI US IMI Consumer Discretionary 25/50 Index for the year, led by choices in apparel, accessories & luxury goods. Stock picks and overweights in home furnishings and apparel retail also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Somnigroup International (+60%). The company was among our largest holdings. A second notable relative contributor was our non-index stake in Aritzia (+128%). An overweight in Tapestry (+98%) also contributed.

• In contrast, the primary detractor from performance versus the sector index was stock selection in broadline retail. Also hurting our result were stock picks and overweights in home improvement retail and footwear.

• The largest individual relative detractor was an overweight in Floor & Decor Holdings (-39%). The second-largest relative detractor was an overweight in Deckers Outdoor (-49%). Not owning Carvana, an index component that gained about 108%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the apparel retail industry and a lower allocation to other specialty retail.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

August 16, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11018<br>| $13704<br>|
| MSCI U.S. IMI Consumer Discretionary 25-50 Index<br>| $10000 | $10941<br>| $13619<br>|
| S&P 500® Index<br>| $10000 | $10896<br>| $13622<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123449_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class 2 | 6.54% | 17.25% |
| MSCI U.S. IMI Consumer Discretionary 25-50 Index | 5.74%<br>| 16.58% |
| S&P 500® Index | 17.88%<br>| 22.04% |

---

**A** From August 16, 2023

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $233239971<br>|
| Number of Holdings | 58<br>|
| Total Advisory Fee | $1522726<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 25.1 |
| Specialty Retail | 23.8 |
| Automobiles | 19.1 |
| Hotels, Restaurants & Leisure | 17.0 |
| Household Durables | 5.5 |
| Textiles, Apparel & Luxury Goods | 5.2 |
| Automobile Components | 2.4 |
| Consumer Staples Distribution & Retail | 1.4 |
| Construction Materials | 0.5 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img767_20251231_AA.jpg) <br>|

---

Common Stocks - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 95.9 |
| Canada | 2.2 |
| Brazil | 0.9 |
| United Kingdom | 0.5 |
| France | 0.3 |
| Switzerland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img767_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 23.2<br>|
| Tesla Inc | 17.0<br>|
| Home Depot Inc/The | 4.1<br>|
| Lowe's Cos Inc | 4.1<br>|
| TJX Cos Inc/The | 3.2<br>|
| McDonald's Corp | 3.2<br>|
| Hilton Worldwide Holdings Inc | 2.6<br>|
| Somnigroup International Inc | 2.3<br>|
| Booking Holdings Inc | 2.3<br>|
| General Motors Co | 2.1<br>|
|  | 64.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img767_20251231_2.jpg)<br>| ![](img123449_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914236.101 7358-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Consumer Discretionary Portfolio<br> **VIP Consumer Discretionary Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Consumer Discretionary Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $71  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection and industry positioning contributed to the fund's performance versus the MSCI US IMI Consumer Discretionary 25/50 Index for the year, led by choices in apparel, accessories & luxury goods. Stock picks and overweights in home furnishings and apparel retail also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Somnigroup International (+60%). The company was among our largest holdings. A second notable relative contributor was our non-index stake in Aritzia (+128%). An overweight in Tapestry (+98%) also contributed.

• In contrast, the primary detractor from performance versus the sector index was stock selection in broadline retail. Also hurting our result were stock picks and overweights in home improvement retail and footwear.

• The largest individual relative detractor was an overweight in Floor & Decor Holdings (-39%). The second-largest relative detractor was an overweight in Deckers Outdoor (-49%). Not owning Carvana, an index component that gained about 108%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the apparel retail industry and a lower allocation to other specialty retail.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10512<br>| $12832<br>| $12682<br>| $16122<br>| $21926<br>| $26162<br>| $17083<br>| $24245<br>| $30208<br>| $32242<br>|
| MSCI U.S. IMI Consumer Discretionary 25-50 Index<br>| $10000 | $10672<br>| $13116<br>| $13024<br>| $16625<br>| $24656<br>| $30817<br>| $19992<br>| $28085<br>| $34960<br>| $36967<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123450_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 6.73% | 8.02% | 12.42% |
| MSCI U.S. IMI Consumer Discretionary 25-50 Index | 5.74%<br>| 8.44%<br>| 13.97% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $233239971<br>|
| Number of Holdings | 58<br>|
| Total Advisory Fee | $1522726<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 25.1 |
| Specialty Retail | 23.8 |
| Automobiles | 19.1 |
| Hotels, Restaurants & Leisure | 17.0 |
| Household Durables | 5.5 |
| Textiles, Apparel & Luxury Goods | 5.2 |
| Automobile Components | 2.4 |
| Consumer Staples Distribution & Retail | 1.4 |
| Construction Materials | 0.5 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img767_20251231_AA.jpg) <br>|

---

Common Stocks - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 95.9 |
| Canada | 2.2 |
| Brazil | 0.9 |
| United Kingdom | 0.5 |
| France | 0.3 |
| Switzerland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img767_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 23.2<br>|
| Tesla Inc | 17.0<br>|
| Home Depot Inc/The | 4.1<br>|
| Lowe's Cos Inc | 4.1<br>|
| TJX Cos Inc/The | 3.2<br>|
| McDonald's Corp | 3.2<br>|
| Hilton Worldwide Holdings Inc | 2.6<br>|
| Somnigroup International Inc | 2.3<br>|
| Booking Holdings Inc | 2.3<br>|
| General Motors Co | 2.1<br>|
|  | 64.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img767_20251231_2.jpg)<br>| ![](img123450_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914235.101 1474-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Consumer Discretionary Portfolio<br> **VIP Consumer Discretionary Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Consumer Discretionary Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $63  | 0.61% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection and industry positioning contributed to the fund's performance versus the MSCI US IMI Consumer Discretionary 25/50 Index for the year, led by choices in apparel, accessories & luxury goods. Stock picks and overweights in home furnishings and apparel retail also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Somnigroup International (+60%). The company was among our largest holdings. A second notable relative contributor was our non-index stake in Aritzia (+128%). An overweight in Tapestry (+98%) also contributed.

• In contrast, the primary detractor from performance versus the sector index was stock selection in broadline retail. Also hurting our result were stock picks and overweights in home improvement retail and footwear.

• The largest individual relative detractor was an overweight in Floor & Decor Holdings (-39%). The second-largest relative detractor was an overweight in Deckers Outdoor (-49%). Not owning Carvana, an index component that gained about 108%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the apparel retail industry and a lower allocation to other specialty retail.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10524<br>| $12856<br>| $12716<br>| $16174<br>| $22021<br>| $26294<br>| $17188<br>| $24405<br>| $30436<br>| $32506<br>|
| MSCI U.S. IMI Consumer Discretionary 25-50 Index<br>| $10000 | $10672<br>| $13116<br>| $13024<br>| $16625<br>| $24656<br>| $30817<br>| $19992<br>| $28085<br>| $34960<br>| $36967<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123451_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 6.80% | 8.10% | 12.51% |
| MSCI U.S. IMI Consumer Discretionary 25-50 Index | 5.74%<br>| 8.44%<br>| 13.97% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $233239971<br>|
| Number of Holdings | 58<br>|
| Total Advisory Fee | $1522726<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 25.1 |
| Specialty Retail | 23.8 |
| Automobiles | 19.1 |
| Hotels, Restaurants & Leisure | 17.0 |
| Household Durables | 5.5 |
| Textiles, Apparel & Luxury Goods | 5.2 |
| Automobile Components | 2.4 |
| Consumer Staples Distribution & Retail | 1.4 |
| Construction Materials | 0.5 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img767_20251231_AA.jpg) <br>|

---

Common Stocks - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 95.9 |
| Canada | 2.2 |
| Brazil | 0.9 |
| United Kingdom | 0.5 |
| France | 0.3 |
| Switzerland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img767_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 23.2<br>|
| Tesla Inc | 17.0<br>|
| Home Depot Inc/The | 4.1<br>|
| Lowe's Cos Inc | 4.1<br>|
| TJX Cos Inc/The | 3.2<br>|
| McDonald's Corp | 3.2<br>|
| Hilton Worldwide Holdings Inc | 2.6<br>|
| Somnigroup International Inc | 2.3<br>|
| Booking Holdings Inc | 2.3<br>|
| General Motors Co | 2.1<br>|
|  | 64.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img767_20251231_2.jpg)<br>| ![](img123451_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914237.101 991-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Communication Services Portfolio<br> **VIP Communication Services Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Communication Services Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $80  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Communication Services 25/50 Index for the fiscal year, led by movies & entertainment. Underweights in integrated telecommunication services and cable & satellite also boosted the fund's relative performance.

• The top individual relative contributor was our underweight stake in T-Mobile US (-14%). This was an investment we established this period. The company was one of our biggest holdings at period end. The second-largest relative contributor was an underweight in Comcast (-17%). The stock was not held at period end. Our lighter-than-index stake in AT&T (+8%) also contributed. The stock was among our biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was an overweight in movies & entertainment. Also hurting our result were stock picks in broadline retail and integrated telecommunication services.

• The largest individual relative detractor was our non-index stake in Amazon.com (+6%). The company was one of the fund's largest holdings. A second notable relative detractor was our non-index stake in Apple (-4%). This was an investment we established this period. The company was one of our largest holdings at period end. Another notable relative detractor was our underweight stake in Alphabet (+66%). The stock was the fund's biggest holding at period end.

• Notable changes in positioning include increased exposure to the technology hardware, storage & peripherals industry and a lower allocation to movies & entertainment.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $12269<br>| $12501<br>| $11827<br>| $15725<br>| $21291<br>| $24612<br>| $15218<br>| $23929<br>| $32039<br>| $43025<br>|
| MSCI U.S. IMI Communication Services 25-50 Index<br>| $10000 | $12245<br>| $11546<br>| $10956<br>| $14018<br>| $18085<br>| $20592<br>| $12615<br>| $18217<br>| $24238<br>| $30585<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123452_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 34.29% | 15.11% | 15.71% |
| MSCI U.S. IMI Communication Services 25-50 Index | 26.18%<br>| 11.08%<br>| 11.83% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $414848896<br>|
| Number of Holdings | 46<br>|
| Total Advisory Fee | $2007598<br>|
| Portfolio Turnover | 140%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 53.4 |
| Entertainment | 18.5 |
| Diversified Telecommunication Services | 6.4 |
| Technology Hardware, Storage & Peripherals | 4.9 |
| Media | 4.0 |
| Semiconductors & Semiconductor Equipment | 3.8 |
| Wireless Telecommunication Services | 3.4 |
| Broadline Retail | 3.1 |
| Specialty Retail | 0.6 |
| Others | 0.2 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1843_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 95.7 |
| Korea (South) | 1.8 |
| Taiwan | 1.7 |
| China | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1843_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 25.0<br>|
| Meta Platforms Inc Class A | 24.6<br>|
| AT&T Inc | 4.7<br>|
| T-Mobile US Inc | 3.4<br>|
| Amazon.com Inc | 3.1<br>|
| Warner Bros Discovery Inc | 3.0<br>|
| Take-Two Interactive Software Inc | 3.0<br>|
| Walt Disney Co/The | 2.8<br>|
| Apple Inc | 2.5<br>|
| ROBLOX Corp Class A | 1.8<br>|
|  | 73.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1843_20251231_2.jpg)<br>| ![](img123452_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914322.101 1844-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Communication Services Portfolio<br> **VIP Communication Services Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Communication Services Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $71  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Communication Services 25/50 Index for the fiscal year, led by movies & entertainment. Underweights in integrated telecommunication services and cable & satellite also boosted the fund's relative performance.

• The top individual relative contributor was our underweight stake in T-Mobile US (-14%). This was an investment we established this period. The company was one of our biggest holdings at period end. The second-largest relative contributor was an underweight in Comcast (-17%). The stock was not held at period end. Our lighter-than-index stake in AT&T (+8%) also contributed. The stock was among our biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was an overweight in movies & entertainment. Also hurting our result were stock picks in broadline retail and integrated telecommunication services.

• The largest individual relative detractor was our non-index stake in Amazon.com (+6%). The company was one of the fund's largest holdings. A second notable relative detractor was our non-index stake in Apple (-4%). This was an investment we established this period. The company was one of our largest holdings at period end. Another notable relative detractor was our underweight stake in Alphabet (+66%). The stock was the fund's biggest holding at period end.

• Notable changes in positioning include increased exposure to the technology hardware, storage & peripherals industry and a lower allocation to movies & entertainment.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $12281<br>| $12532<br>| $11861<br>| $15772<br>| $21387<br>| $24734<br>| $15301<br>| $24083<br>| $32281<br>| $43381<br>|
| MSCI U.S. IMI Communication Services 25-50 Index<br>| $10000 | $12245<br>| $11546<br>| $10956<br>| $14018<br>| $18085<br>| $20592<br>| $12615<br>| $18217<br>| $24238<br>| $30585<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123453_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 34.39% | 15.19% | 15.81% |
| MSCI U.S. IMI Communication Services 25-50 Index | 26.18%<br>| 11.08%<br>| 11.83% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $414848896<br>|
| Number of Holdings | 46<br>|
| Total Advisory Fee | $2007598<br>|
| Portfolio Turnover | 140%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 53.4 |
| Entertainment | 18.5 |
| Diversified Telecommunication Services | 6.4 |
| Technology Hardware, Storage & Peripherals | 4.9 |
| Media | 4.0 |
| Semiconductors & Semiconductor Equipment | 3.8 |
| Wireless Telecommunication Services | 3.4 |
| Broadline Retail | 3.1 |
| Specialty Retail | 0.6 |
| Others | 0.2 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1843_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 95.7 |
| Korea (South) | 1.8 |
| Taiwan | 1.7 |
| China | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1843_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 25.0<br>|
| Meta Platforms Inc Class A | 24.6<br>|
| AT&T Inc | 4.7<br>|
| T-Mobile US Inc | 3.4<br>|
| Amazon.com Inc | 3.1<br>|
| Warner Bros Discovery Inc | 3.0<br>|
| Take-Two Interactive Software Inc | 3.0<br>|
| Walt Disney Co/The | 2.8<br>|
| Apple Inc | 2.5<br>|
| ROBLOX Corp Class A | 1.8<br>|
|  | 73.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1843_20251231_2.jpg)<br>| ![](img123453_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914321.101 1843-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Communication Services Portfolio<br> **VIP Communications Services Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Communication Services Portfolio for the period April 25, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2 A | $71  | 0.85% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. IMI Communication Services 25/50 Index for the fiscal year, led by movies & entertainment. Underweights in integrated telecommunication services and cable & satellite also boosted the fund's relative performance.

• The top individual relative contributor was our underweight stake in T-Mobile US (-14%). This was an investment we established this period. The company was one of our biggest holdings at period end. The second-largest relative contributor was an underweight in Comcast (-17%). The stock was not held at period end. Our lighter-than-index stake in AT&T (+8%) also contributed. The stock was among our biggest holdings.

• In contrast, the primary detractor from performance versus the sector index was an overweight in movies & entertainment. Also hurting our result were stock picks in broadline retail and integrated telecommunication services.

• The largest individual relative detractor was our non-index stake in Amazon.com (+6%). The company was one of the fund's largest holdings. A second notable relative detractor was our non-index stake in Apple (-4%). This was an investment we established this period. The company was one of our largest holdings at period end. Another notable relative detractor was our underweight stake in Alphabet (+66%). The stock was the fund's biggest holding at period end.

• Notable changes in positioning include increased exposure to the technology hardware, storage & peripherals industry and a lower allocation to movies & entertainment.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 25, 2025 through December 31, 2025.

Initial investment of $10,000.

---

| | |
|:---|:---|
| Service Class 2<br>| $10000 |
| MSCI U.S. IMI Communication Services 25-50 Index<br>| $10000 |
| S&P 500® Index<br>| $10000 |
|  | 2025 |

---

![](img123553_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $414848896<br>|
| Number of Holdings | 46<br>|
| Total Advisory Fee | $2007598<br>|
| Portfolio Turnover | 140%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 53.4 |
| Entertainment | 18.5 |
| Diversified Telecommunication Services | 6.4 |
| Technology Hardware, Storage & Peripherals | 4.9 |
| Media | 4.0 |
| Semiconductors & Semiconductor Equipment | 3.8 |
| Wireless Telecommunication Services | 3.4 |
| Broadline Retail | 3.1 |
| Specialty Retail | 0.6 |
| Others | 0.2 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1843_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 95.7 |
| Korea (South) | 1.8 |
| Taiwan | 1.7 |
| China | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1843_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 25.0<br>|
| Meta Platforms Inc Class A | 24.6<br>|
| AT&T Inc | 4.7<br>|
| T-Mobile US Inc | 3.4<br>|
| Amazon.com Inc | 3.1<br>|
| Warner Bros Discovery Inc | 3.0<br>|
| Take-Two Interactive Software Inc | 3.0<br>|
| Walt Disney Co/The | 2.8<br>|
| Apple Inc | 2.5<br>|
| ROBLOX Corp Class A | 1.8<br>|
|  | 73.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1843_20251231_2.jpg)<br>| ![](img123553_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9919224.100 9071-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Industrials Portfolio<br> **VIP Industrials Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Industrials Portfolio for the period April 25, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2 A | $66  | 0.85% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary contributor to the fund's performance versus the MSCI US IMI Industrials 25/50 Linked Index for the fiscal year, led by an overweight in heavy electrical equipment. An underweight in human resource & employment services also boosted relative performance. Also bolstering our relative result were picks and an overweight in aerospace & defense.

• The top individual relative contributor was an overweight in GE Vernova (+99%). The stock was among the fund's largest holdings. A second notable relative contributor was an overweight in Howmet Aerospace (+85%). The company was among the fund's biggest holdings. An overweight in GE Aerospace (+85%) also helped. The stock was the fund's biggest holding.

• In contrast, the biggest detractor from performance versus the sector index was stock picking in electrical components & equipment. Stock selection in trading companies & distributors also hampered the fund's result. Also detracting from our result was an overweight in cargo ground transportation.

• The biggest individual relative detractor was an overweight in Ingersoll Rand (-13%). The company was one of our biggest holdings. The second-largest relative detractor was an underweight in RTX (+61%). This was a position we established this period. Another notable relative detractor was an underweight in Caterpillar (+60%).

• Notable changes in positioning include increased exposure to the construction machinery & heavy transportation equipment industry and a lower allocation to electrical components & equipment.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 25, 2025 through December 31, 2025.

Initial investment of $10,000.

---

| | |
|:---|:---|
| Service Class 2<br>| $10000 |
| MSCI U.S. IMI Industrials 25-50 Index<br>| $10000 |
| S&P 500® Index<br>| $10000 |
|  | 2025 |

---

![](img123554_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $327251153<br>|
| Number of Holdings | 47<br>|
| Total Advisory Fee | $1863015<br>|
| Portfolio Turnover | 45%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 29.9 |
| Machinery | 25.4 |
| Electrical Equipment | 12.1 |
| Building Products | 8.1 |
| Ground Transportation | 6.2 |
| Trading Companies & Distributors | 4.5 |
| Commercial Services & Supplies | 3.9 |
| Construction & Engineering | 3.7 |
| Professional Services | 2.4 |
| Others | 3.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img766_20251231_AA.jpg) <br>|

---

Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.8 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img766_20251231_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 8.6<br>|
| Boeing Co | 6.2<br>|
| GE Vernova Inc | 5.9<br>|
| Howmet Aerospace Inc | 5.1<br>|
| Trane Technologies PLC | 4.9<br>|
| Parker-Hannifin Corp | 4.7<br>|
| Cummins Inc | 4.7<br>|
| Eaton Corp PLC | 3.3<br>|
| Ingersoll Rand Inc | 3.2<br>|
| ITT Inc | 2.9<br>|
|  | 49.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img766_20251231_2.jpg)<br>| ![](img123554_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9919229.100 9072-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Materials Portfolio<br> **VIP Materials Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Materials Portfolio for the period April 25, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2 A | $66  | 0.91% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI US IMI Materials 25/50 Linked Index for the fiscal year, especially within diversified metals & mining. Picks in gold also hampered the fund's result. Also hurting our result was an overweight in fertilizers & agricultural chemicals.

• The largest individual relative detractor was an underweight in Newmont (+173%). This was a stake we established this period. The company was among our biggest holdings at period end. The second-largest relative detractor was an overweight in Mosaic (+2%). This was an investment we established this period. The company was among our biggest holdings. Another notable relative detractor was an underweight in Freeport-McMoRan (+35%).

• In contrast, the largest contributor to performance versus the sector index was an overweight in diversified metals & mining. Security selection and an overweight in copper also boosted the fund's relative performance. Also contributing to our result was an underweight in paper & plastic packaging products & materials.

• The fund's stake in First Quantum Minerals gained 107% and was the top individual relative contributor. The company was one of our largest holdings. A second notable relative contributor was our stake in Wheaton Precious Metals (+111%). This period we decreased our investment in Wheaton Precious Metals. Another notable relative contributor was our stake in Agnico Eagle Mines (+120%). All of these contributors were non-index positions.

• Notable changes in positioning include higher allocations to the gold and fertilizers & agricultural chemicals industries.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 25, 2025 through December 31, 2025.

Initial investment of $10,000.

---

| | |
|:---|:---|
| Service Class 2<br>| $10000 |
| MSCI U.S. IMI Materials 25-50 Index<br>| $10000 |
| S&P 500® Index<br>| $10000 |
|  | 2025 |

---

![](img123555_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $65966363<br>|
| Number of Holdings | 49<br>|
| Total Advisory Fee | $403243<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 49.7 |
| Metals & Mining | 30.7 |
| Construction Materials | 11.8 |
| Containers & Packaging | 6.0 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1841_20251231_AA.jpg) <br>|

---

Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 89.0 |
| Canada | 5.2 |
| Zambia | 4.2 |
| Brazil | 1.2 |
| Chile | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1841_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 15.0<br>|
| Ecolab Inc | 7.8<br>|
| Newmont Corp | 6.0<br>|
| CRH PLC | 5.4<br>|
| First Quantum Minerals Ltd | 4.2<br>|
| Corteva Inc | 4.1<br>|
| Mosaic Co/The | 3.8<br>|
| Nucor Corp | 3.7<br>|
| Air Products and Chemicals Inc | 3.5<br>|
| Martin Marietta Materials Inc | 3.1<br>|
|  | 56.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1841_20251231_2.jpg)<br>| ![](img123555_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9919234.100 9073-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Utilities Portfolio<br> **VIP Utilities Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Utilities Portfolio for the period April 25, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2 A | $62  | 0.85% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI U.S. IMI Utilities 25/50 Index for the fiscal year, especially within electric utilities. Picks and an overweight in independent power producers & energy traders also hampered the fund's result. Also hurting our result were picks in environmental & facilities services. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in PG&E (-19%). A second notable relative detractor was untimely positioning in NRG Energy; out holdings gained 23% whereas the stock advanced 79% in the index. NRG was among the fund's largest holdings at period end. Our stake in AES (+1%) also detracted. This period we decreased our stake in AES.

• In contrast, the primary contributor to performance versus the sector index was security selection in heavy electrical equipment. Stock picks in coal & consumable fuels also boosted the fund's relative performance. Also helping our relative result were stock selection and an underweight in multi-utilities.

• The top individual relative contributor was our non-index stake in GE Vernova (+90%). We trimmed the position this period. An out-of-index stake in Cameco gained 85% and was the fund's second-largest relative contributor. This was an investment we established this period. Another notable relative contributor was our non-index stake in First Solar (+32%). This period we increased our position in First Solar.

• Notable changes in positioning include a lower allocation to multi-utilities.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 25, 2025 through December 31, 2025.

Initial investment of $10,000.

---

| | |
|:---|:---|
| Service Class 2<br>| $10000 |
| MSCI U.S. IMI Utilities 25-50 Index<br>| $10000 |
| S&P 500® Index<br>| $10000 |
|  | 2025 |

---

![](img123556_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $335273543<br>|
| Number of Holdings | 36<br>|
| Total Advisory Fee | $2090088<br>|
| Portfolio Turnover | 99%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 64.6 |
| Multi-Utilities | 16.7 |
| Independent Power and Renewable Electricity Producers | 7.0 |
| Electrical Equipment | 3.1 |
| Construction & Engineering | 2.4 |
| Semiconductors & Semiconductor Equipment | 1.5 |
| Gas Utilities | 1.0 |
| Machinery | 0.5 |
| Oil, Gas & Consumable Fuels | 0.5 |

---

Common Stocks 97.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img160_20251231_AA.jpg) <br>|

---

Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.7 <br>

United States 98.7 <br> Canada 0.8 <br> Germany 0.5

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img160_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NextEra Energy Inc | 13.0<br>|
| Constellation Energy Corp | 9.6<br>|
| Duke Energy Corp | 7.0<br>|
| Sempra | 6.8<br>|
| Vistra Corp | 5.0<br>|
| NRG Energy Inc | 4.9<br>|
| Exelon Corp | 4.8<br>|
| Entergy Corp | 4.7<br>|
| Xcel Energy Inc | 4.2<br>|
| Ameren Corp | 3.7<br>|
|  | 63.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img160_20251231_2.jpg)<br>| ![](img123556_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9919239.100 9074-TSRA-0226 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2025, 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.

<u>Audit Committee Financial Expert</u>

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.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

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 Financials Portfolio, VIP Health Care Portfolio, VIP Industrials Portfolio, VIP Materials Portfolio, VIP Real Estate Portfolio, VIP Technology Portfolio and VIP Utilities Portfolio (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>December 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; VIP Communication Services Portfolio | &nbsp;&nbsp; $35000  | &nbsp;&nbsp; $1400  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; VIP Consumer Discretionary Portfolio | &nbsp;&nbsp; $35900  | &nbsp;&nbsp; $1500  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; VIP Consumer Staples Portfolio | &nbsp;&nbsp; $35900  | &nbsp;&nbsp; $1500  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; VIP Energy Portfolio | &nbsp;&nbsp; $34800  | &nbsp;&nbsp; $1400  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; VIP Financials Portfolio | &nbsp;&nbsp; $36500  | &nbsp;&nbsp; $1500  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; VIP Health Care Portfolio | &nbsp;&nbsp; $37600  | &nbsp;&nbsp; $1500  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; VIP Industrials Portfolio | &nbsp;&nbsp; $35000  | &nbsp;&nbsp; $1400  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; VIP Materials Portfolio | &nbsp;&nbsp; $35000  | &nbsp;&nbsp; $1400  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; VIP Real Estate Portfolio | &nbsp;&nbsp; $42100  | &nbsp;&nbsp; $1700  | &nbsp;&nbsp; $3800  | &nbsp;&nbsp; $600  |
| &nbsp;&nbsp; VIP Technology Portfolio | &nbsp;&nbsp; $39800  | &nbsp;&nbsp; $1600  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; VIP Utilities Portfolio | &nbsp;&nbsp; $33900  | &nbsp;&nbsp; $1400  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $400  |

---

**<u>December 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; VIP Communication Services Portfolio | &nbsp;&nbsp; $33600  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; VIP Consumer Discretionary Portfolio | &nbsp;&nbsp; $34800  | &nbsp;&nbsp; $3000  | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; VIP Consumer Staples Portfolio | &nbsp;&nbsp; $34800  | &nbsp;&nbsp; $3000  | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; VIP Energy Portfolio | &nbsp;&nbsp; $33600  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $7500  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; VIP Financials Portfolio | &nbsp;&nbsp; $35300  | &nbsp;&nbsp; $3100  | &nbsp;&nbsp; $7500  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; VIP Health Care Portfolio | &nbsp;&nbsp; $36400  | &nbsp;&nbsp; $3200  | &nbsp;&nbsp; $7300  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; VIP Industrials Portfolio | &nbsp;&nbsp; $33600  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; VIP Materials Portfolio | &nbsp;&nbsp; $33600  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; VIP Real Estate Portfolio | &nbsp;&nbsp; $40800  | &nbsp;&nbsp; $3600  | &nbsp;&nbsp; $9200  | &nbsp;&nbsp; $1300  |
| &nbsp;&nbsp; VIP Technology Portfolio | &nbsp;&nbsp; $38600  | &nbsp;&nbsp; $3300  | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; VIP Utilities Portfolio | &nbsp;&nbsp; $32500  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $7500  | &nbsp;&nbsp; $1000  |

---

<sup>A</sup> Amounts 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"):

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp; **<u>December 31, 2024</u> <sup>A</sup>** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp; $8914100 | &nbsp;&nbsp; $9701800  |
| &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $61000  |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $35000  |

---

<sup>A</sup> Amounts 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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **<u>Billed By</u>** | &nbsp;&nbsp; **<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp; **<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp; PwC | &nbsp;&nbsp; $13803200  | &nbsp;&nbsp; $15415900  |

---

<sup>A</sup> Amounts 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.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

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.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

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).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Variable Insurance Products:**

**VIP Utilities Portfolio**

**Annual Report**

**December 31, 2025**

![](img123117_1.jpg)

![](img123117_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VTELIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Utilities Portfolio](#Sub_Sec_Fund_160_VTELIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements160_VTELIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VTELIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VTELIC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VTELIC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VTELIC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VTELIC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VTELIC-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Utilities Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.8%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Cameco Corp (United States)  | 14700 | 1344903 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| TransAlta Corp  | 92600 | 1171204 |
| TOTAL CANADA |  | 2516107 |
| GERMANY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Siemens Energy AG (a) | 13400 | 1879866 |
| UNITED STATES - 96.0%  |  |  |
| Industrials - 5.5% |  |  |
| Construction & Engineering - 2.4% |  |  |
| Argan Inc  | 2737 | 857557 |
| Centuri Holdings Inc (a) | 19700 | 497424 |
| MasTec Inc (a) | 11100 | 2412807 |
| Quanta Services Inc  | 10175 | 4294461 |
|  |  | 8062249 |
| Electrical Equipment - 2.6% |  |  |
| Bloom Energy Corp Class A (a) | 3800 | 330182 |
| GE Vernova Inc  | 7200 | 4705704 |
| Nextpower Inc Class A (a) | 43900 | 3824129 |
|  |  | 8860015 |
| Machinery - 0.5% |  |  |
| Caterpillar Inc  | 2800 | 1604036 |
| TOTAL INDUSTRIALS |  | 18526300 |
| Information Technology - 1.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| First Solar Inc (a) | 19594 | 5118541 |
| Utilities - 89.0% |  |  |
| Electric Utilities - 64.6% |  |  |
| Alliant Energy Corp  | 78000 | 5070780 |
| American Electric Power Co Inc  | 75833 | 8744303 |
| Constellation Energy Corp  | 90640 | 32020393 |
| Duke Energy Corp  | 198879 | 23310608 |
| Entergy Corp  | 172152 | 15912009 |
| Evergy Inc  | 137139 | 9941206 |
| Exelon Corp  | 372400 | 16232916 |
| NextEra Energy Inc  | 541468 | 43469051 |
| NRG Energy Inc  | 103436 | 16471149 |
| Oklo Inc Class A (a)(b) | 3100 | 222456 |
| PG&E Corp  | 706638 | 11355673 |
| PPL Corp  | 302099 | 10579507 |
| Southern Co/The  | 106788 | 9311914 |
| Xcel Energy Inc  | 188890 | 13951415 |
|  |  | 216593380 |
| Gas Utilities - 1.0% |  |  |
| UGI Corp  | 85200 | 3189036 |
| Independent Power and Renewable Electricity Producers - 6.7% |  |  |
| AES Corp/The  | 86600 | 1241844 |
| Talen Energy Corp (a) | 11902 | 4461346 |
| Vistra Corp  | 104334 | 16832204 |
|  |  | 22535394 |
| Multi-Utilities - 16.7% |  |  |
| Ameren Corp  | 122600 | 12242836 |
| CenterPoint Energy Inc  | 301170 | 11546858 |
| NiSource Inc  | 224938 | 9393410 |
| Sempra  | 257189 | 22707217 |
|  |  | 55890321 |
| TOTAL UTILITIES |  | 298208131 |
| TOTAL UNITED STATES |  | 321852972 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $232,296,729) |  | <br> **326248945** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.79 | 8689258 | 8690996 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.77 | 219729 | 219751 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $8,910,931) |  |  | **8910747** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $241,207,660)<br>| <br>**335159692** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **113851** |
| **NET ASSETS - 100.0%** | **335273543** |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 13920928 | 143049565 | 148278947 | 327507 | (366) | (184) | 8690996 | 8689258 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1078700 | 84982464 | 85841412 | 1256 | (1) | - | 219751 | 219729 | 0.0% |
| Total | 14999628 | 228032029 | 234120359 | 328763 | (367) | (184) | 8910747 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Energy | 1344903 | 1344903 | - | - |
| Industrials | 20406166 | 18526300 | 1879866 | - |
| Information Technology | 5118541 | 5118541 | - | - |
| Utilities | 299379335 | 299379335 | - | - |
|  **Money Market Funds** | 8910747 | 8910747 | - | - |
| **Total Investments in Securities:** | 335159692 | 333279826 | 1879866 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $215,280) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $232,296,729) | $326248945 |  |
| Fidelity Central Funds (cost $8,910,931) | 8910747 |  |
| Total Investment in Securities (cost $241,207,660) |  | $335159692 |
| Foreign currency held at value (cost $34) |  | 34 |
| Receivable for investments sold |  | 27815 |
| Receivable for fund shares sold |  | 219817 |
| Dividends receivable |  | 431004 |
| Distributions receivable from Fidelity Central Funds |  | 28025 |
| Prepaid expenses |  | 264 |
| **Total assets** |  | 335866651 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $146179 |  |
| Accrued management fee | 181699 |  |
| Distribution and service plan fees payable | 23 |  |
| Audit fee payable | 36063 |  |
| Other payables and accrued expenses | 9394 |  |
| Collateral on securities loaned | 219750 |  |
| **Total liabilities** |  | 593108 |
| **Net Assets**  |  | $335273543 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $228033769 |
| Total accumulated earnings (loss) |  | 107239774 |
| **Net Assets** |  | $335273543 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($58,721,472 ÷ 2,257,425 shares) |  | $26.01 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($108,840 ÷ 4,193 shares) |  | $25.96 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($276,443,231 ÷ 10,727,153 shares) |  | $25.77 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $7871285 |
| Income from Fidelity Central Funds (including $1,256 from security lending)  |  | 328763 |
| **Total income** |  | 8200048 |
| **Expenses** |  |  |
| Management fee | $2090088 |  |
| Distribution and service plan fees | 187 |  |
| Custodian fees and expenses | 24022 |  |
| Independent trustees' fees and expenses | 1264 |  |
| Audit fees | 41678 |  |
| Legal | 918 |  |
| Interest | 1014 |  |
| Miscellaneous | 995 |  |
| **Total expenses** |  | 2160166 |
| **Net Investment income (loss)** |  | 6039882 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 18387821 |  |
| Fidelity Central Funds | (367) |  |
| Foreign currency transactions | 1315 |  |
| Total net realized gain (loss) |  | 18388769 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17777741 |  |
| Fidelity Central Funds  | (184) |  |
| Assets and liabilities in foreign currencies | 486 |  |
| Total change in net unrealized appreciation (depreciation) |  | 17778043 |
| **Net gain (loss)** |  | 36166812 |
| **Net increase (decrease) in net assets resulting from operations** |  | $42206694 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6039882 | $5343014 |
| &nbsp;&nbsp;Net realized gain (loss) | 18388769<br>| 11095957<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 17778043 | 38037994<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 42206694<br>| 54476965<br>|
| Distributions to shareholders | (18672906)<br>| (17521898)<br>|
| Share transactions - net increase (decrease) | (5366424)<br>| 73300062<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 18167364<br>| 110255129<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 317106179 | 206851050<br>|
| &nbsp;&nbsp;End of period | $335273543 | $317106179 |

---

**Financial Highlights** 

**VIP Utilities Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.17 | $20.23 | $21.53 | $20.80 | $18.05 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .49  | .51  | .44  | .38  | .40  |
| Net realized and unrealized gain (loss)  | 2.85  | 5.05  | (.71)  | .75  | 2.71  |
| Total from investment operations  | 3.34  | 5.56  | (.27)  | 1.13  | 3.11  |
| Distributions from net investment income  | (.47)  | (.45)  | (.46)  | (.34)  | (.36)  |
| Distributions from net realized gain  | (1.03)  | (1.17)  | (.58)  | (.06)  | -  |
| Total distributions  | (1.50)  | (1.62)  | (1.03) C | (.40)  | (.36)  |
| Net asset value, end of period  | $26.01 | $24.17 | $20.23 | $21.53 | $20.80 |
| **Total Return** D,E | 14.11% <br>| 29.00%  | (1.08)%  | 5.47%  | 17.43%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .60%  | .61%  | .65%  | .64%  | .65%  |
| Expenses net of fee waivers, if any  | .60% <br>| .61%  | .64%  | .64%  | .65%  |
| Expenses net of all reductions, if any  | .60%  | .61%  | .64%  | .64%  | .65%  |
| Net investment income (loss)  | 1.94%  | 2.29%  | 2.18%  | 1.81%  | 2.09%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $58721 | $47664 | $33579 | $48029 | $29279 |
| Portfolio turnover rate H | 99% <br>| 77%  | 71%  | 53%  | 32%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Utilities Portfolio Service Class 2**<br>

---

| | |
|:---|:---|
| **Years ended December 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $23.85 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .31  |
| Net realized and unrealized gain (loss)  | 2.66  |
| Total from investment operations  | 2.97  |
| Distributions from net investment income  | (.40)  |
| Distributions from net realized gain  | (.46)  |
| Total distributions  | (.86)  |
| Net asset value, end of period  | $25.96 |
| **Total Return** D,E | 12.42% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .85% H |
| Expenses net of fee waivers, if any  | .85% H<br>|
| Expenses net of all reductions, if any  | .85% H |
| Net investment income (loss)  | 1.72% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $109 |
| Portfolio turnover rate I | 99% <br>|

---

A*For the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

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

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

F*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*Annualized.*

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

**VIP Utilities Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.95 | $20.07 | $21.36 | $20.64 | $17.92 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .47  | .49  | .42  | .36  | .38  |
| Net realized and unrealized gain (loss)  | 2.83  | 5.00  | (.69)  | .74  | 2.69  |
| Total from investment operations  | 3.30  | 5.49  | (.27)  | 1.10  | 3.07  |
| Distributions from net investment income  | (.44)  | (.45)  | (.44)  | (.32)  | (.35)  |
| Distributions from net realized gain  | (1.03)  | (1.17)  | (.58)  | (.06)  | -  |
| Total distributions  | (1.48) C | (1.61) C | (1.02)  | (.38)  | (.35)  |
| Net asset value, end of period  | $25.77 | $23.95 | $20.07 | $21.36 | $20.64 |
| **Total Return** D,E | 14.03% <br>| 28.89%  | (1.12)%  | 5.39%  | 17.30%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .73%  | .72%  | .73%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .72%  | .72%  | .73%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .72%  | .72%  | .73%  |
| Net investment income (loss)  | 1.85%  | 2.21%  | 2.11%  | 1.74%  | 2.01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $276443 | $269442 | $173272 | $236275 | $168490 |
| Portfolio turnover rate H | 99% <br>| 77%  | 71%  | 53%  | 32%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Utilities Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund commenced sale of Service Class 2 shares on April 25, 2025. The Fund offers the following classes of shares: Initial Class shares, Service Class 2 shares, and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, 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 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**  | $94541866 |
| **Gross unrealized depreciation**  | <u>(1542712)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$92999154</u> |
| **Tax Cost**  | <u>$242160538</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2404398</u> |
| **Undistributed long-term capital gain**  | <u>$11835971</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$92999405</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $12093066 | $8676139 |
| **Long-term Capital Gains**  | <u>6579840</u> | <u>8845759</u> |
| **Total**  | <u>$18672906</u> | <u>$17521898</u> |

---

**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** | 312086483 | 324499207 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

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

---

| | |
|:---|:---|
| **Service Class 2** | $187 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Utilities Portfolio** | 6615 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Utilities Portfolio** | Borrower | 7951000 | 4.59% | 1014 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Utilities Portfolio** | 6253910 | 17960156 | 1136615 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Utilities Portfolio** | 1084 |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Utilities Portfolio** | 427 |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Utilities Portfolio** | 133 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025A** | **Year ended**<br> **December 31, 2024** |
| **VIP Utilities Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | 3109535 | 2783546 |
| Service Class 2 | 3618 | - |
| Investor Class | <u>15559753</u> | <u>14738352</u> |
| Total  | <u>$18672906</u> | <u>$17521898</u> |

---

*A Distributions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025 A**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025 A** | **Year ended**<br> **December 31, 2024** |
| **VIP Utilities Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 617953 | 569725 | $15797480 | $13487281 |
| Reinvestment of distributions  | 122775 | 133195 | 3109535 | 2783546 |
| Shares redeemed | <u>(455421)</u> | <u>(390410)</u> | <u>(11635942)</u> | <u>(8582084)</u> |
| Net increase (decrease) | <u>285307</u> | <u>312510</u> | <u>$7271073</u> | <u>$7688743</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 4193 | - | $100000 | $- |
| Net increase (decrease) | <u>4193</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 1773800 | 3696454 | $44879553 | $89228575 |
| Reinvestment of distributions  | 621712 | 705642 | 15559753 | 14738352 |
| Shares redeemed | <u>(2918272)</u> | <u>(1784442)</u> | <u>(73176803)</u> | <u>(38355608)</u> |
| Net increase (decrease) | <u>(522760)</u> | <u>2617654</u> | <u>$(12737497)</u> | <u>$65611319</u> |

---

*A Share transactions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

**10. Other.**

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

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

---

| | |
|:---|:---|
| **Fund** | **Affiliated %**  |
| VIP Value Portfolio | 93% |

---

**11. Risk and Uncertainties.**

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

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, 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, 2025, 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, 2025 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***

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, 2025 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, 2026

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

**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, 2025, $11,845,907, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $241,835 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Initial Class designates 1% and 71%; Investor Class designates 1% and 73%; Service Class 2 designates 0% and 70%; of the dividends distributed in February and December 2025, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123117_4.jpg)<br>

1.817391.120 VTELIC-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Technology Portfolio**

**Annual Report**

**December 31, 2025**

![](img123118_1.jpg)

![](img123118_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VTECIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Technology Portfolio](#Sub_Sec_Fund_154_VTECIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements154_VTECIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VTECIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VTECIC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VTECIC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VTECIC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VTECIC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VTECIC-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Technology Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 1400 | 2304596 |
| CANADA - 2.6%  |  |  |
| Information Technology - 2.6% |  |  |
| IT Services - 2.6% |  |  |
| Shopify Inc Class A (d) | 23200 | 3735529 |
| Shopify Inc Class A (United States) (d) | 537300 | 86489181 |
| TOTAL CANADA |  | 90224710 |
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| China Medical Technologies Inc ADR (b)(d) | 300 | 0 |
| Pharmaceuticals - 0.0% |  |  |
| Chime Biologics Wuhan Co Ltd (b)(d) | 94814 | 1 |
| TOTAL CHINA |  | 1 |
| FRANCE - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 24200 | 4018367 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 5600 | 212072 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho (f) | 1118847 | 2243870 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Pine Labs Ltd (f) | 1097159 | 2922070 |
| TOTAL INDIA |  | 5165940 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(d) | 43399 | 60325 |
| NETHERLANDS - 5.5%  |  |  |
| Information Technology - 5.5% |  |  |
| Semiconductors & Semiconductor Equipment - 5.5% |  |  |
| ASML Holding NV  | 28800 | 31032581 |
| NXP Semiconductors NV  | 743004 | 161276448 |
| TOTAL NETHERLANDS |  | 192309029 |
| TAIWAN - 0.7%  |  |  |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eden Biologics Inc (b)(d) | 94814 | 0 |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 477000 | 23499256 |
| TOTAL TAIWAN |  | 23499256 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (b)(c) | 3331 | 4502646 |
| UNITED STATES - 85.7%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Netflix Inc (d) | 289320 | 27126643 |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 1.4% |  |  |
| Amazon.com Inc (d) | 218000 | 50318760 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Airbnb Inc Class A (d) | 40900 | 5550948 |
| TOTAL CONSUMER DISCRETIONARY |  | 55869708 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Maplebear Inc (d) | 10890 | 489832 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Beta Technologies Inc Class A (d) | 19000 | 535990 |
| Relativity Space Inc (b)(d) | 2421 | 2566 |
|  |  | 538556 |
| Ground Transportation - 0.7% |  |  |
| CreateAI Holdings Inc Class A (e) | 31800 | 6583 |
| Uber Technologies Inc (d) | 287138 | 23462046 |
|  |  | 23468629 |
| TOTAL INDUSTRIALS |  | 24007185 |
| Information Technology - 82.6% |  |  |
| Communications Equipment - 4.0% |  |  |
| Cisco Systems Inc  | 1799800 | 138638594 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Jabil Inc  | 30528 | 6960995 |
| IT Services - 5.3% |  |  |
| CoreWeave Inc Class A (d)(e) | 204205 | 14623120 |
| MongoDB Inc Class A (d) | 100984 | 42381975 |
| Okta Inc Class A (d) | 512763 | 44338617 |
| Snowflake Inc (d) | 382268 | 83854308 |
|  |  | 185198020 |
| Semiconductors & Semiconductor Equipment - 40.4% |  |  |
| Astera Labs Inc (d) | 265312 | 44137304 |
| Broadcom Inc  | 83156 | 28780292 |
| GlobalFoundries Inc (d) | 2042135 | 71311354 |
| Marvell Technology Inc  | 1930730 | 164073435 |
| Micron Technology Inc  | 385053 | 109897977 |
| Monolithic Power Systems Inc  | 7500 | 6797700 |
| NVIDIA Corp  | 4623492 | 862281258 |
| ON Semiconductor Corp (d) | 2277381 | 123320181 |
|  |  | 1410599501 |
| Software - 17.7% |  |  |
| Autodesk Inc (d) | 23300 | 6897033 |
| Celestial AI Inc (b)(c) | 3687 | 101909 |
| Crowdstrike Holdings Inc Class A (d) | 106387 | 49869970 |
| CyberArk Software Ltd (d) | 83000 | 37022980 |
| Datadog Inc Class A (d) | 561116 | 76306165 |
| Figma Inc Class A  | 7800 | 291486 |
| HubSpot Inc (d) | 77933 | 31274513 |
| Manhattan Associates Inc (d) | 321305 | 55685370 |
| Microsoft Corp  | 546100 | 264104882 |
| Monday.com Ltd (d) | 29470 | 4348593 |
| Netskope Inc Class A (d)(e) | 9400 | 164876 |
| Rubrik Inc Class A (d) | 101400 | 7755072 |
| Servicenow Inc (d) | 446870 | 68456015 |
| Zscaler Inc (d) | 66200 | 14889704 |
|  |  | 617168568 |
| Technology Hardware, Storage & Peripherals - 15.0% |  |  |
| Apple Inc  | 1557260 | 423356704 |
| Sandisk Corp/DE  | 131840 | 31296179 |
| Western Digital Corp  | 406420 | 70013973 |
|  |  | 524666856 |
| TOTAL INFORMATION TECHNOLOGY |  | 2883232534 |
| TOTAL UNITED STATES |  | 2990725902 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,595,610,114) |  | <br> **3313022844** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(c)<br>(Cost $55,238)<br>| 55238 | **18516** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.6%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 9903 | 2374640 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 37800 | 56322 |
| Xsight Labs Ltd Series F (b)(c) | 144663 | 607585 |
| TOTAL ISRAEL |  | 663907 |
| UNITED STATES - 2.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 200 | 49095 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 5260 | 270364 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (b)(c)(d) | 14600 | 174032 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 4586 | 336933 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 20361 | 1566169 |
| Tenstorrent Holdings Inc Series D2 (b)(c)(d) | 1677 | 125389 |
| TOTAL FINANCIALS |  | 2202523 |
| Information Technology - 2.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Cerebras Systems Inc Series G (b)(c) | 58800 | 2130324 |
| Enevate Corp Series E (b)(c)(d) | 3556678 | 284534 |
| Vast Data Ltd Series A (b)(c)(d) | 12260 | 289336 |
| Vast Data Ltd Series A1 (b)(c)(d) | 30177 | 712177 |
| Vast Data Ltd Series A2 (b)(c)(d) | 34713 | 819227 |
| Vast Data Ltd Series B (b)(c)(d) | 27621 | 651856 |
| Vast Data Ltd Series C (b)(c)(d) | 805 | 18998 |
| Vast Data Ltd Series E (b)(c)(d) | 26394 | 622898 |
|  |  | 5529350 |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series C (b)(c) | 91800 | 6927228 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Retym Inc Series C (b)(c)(d) | 50104 | 571687 |
| Retym Inc Series D (b)(c) | 12430 | 148911 |
| SiMa Technologies Inc Series B (b)(c)(d) | 85000 | 538050 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 36016 | 266879 |
|  |  | 1525527 |
| Software - 1.9% |  |  |
| Anthropic PBC Series B (b)(c)(d) | 78539 | 18323149 |
| Anthropic PBC Series D (b)(c)(d) | 79696 | 19558195 |
| Anthropic PBC Series F (b)(c) | 15400 | 3592820 |
| Celestial AI Inc Series A (b)(c) | 23505 | 649678 |
| Celestial AI Inc Series B (b)(c) | 17687 | 488869 |
| Celestial AI Inc Series C1 (b)(c) | 70849 | 1958266 |
| Databricks Inc Series G (b)(c)(d) | 14100 | 2679000 |
| Databricks Inc Series H (b)(c)(d) | 36297 | 6896430 |
| Databricks Inc Series I (b)(c)(d) | 479 | 91010 |
| Databricks Inc Series J (b)(c)(d) | 15590 | 2962100 |
| Databricks Inc Series K (b)(c) | 200 | 38000 |
| OpenAI Group Pbc Series A-2 (b)(c) | 8098 | 3866633 |
| OpenAI Group Pbc Series A-3 (b)(c) | 1381 | 659400 |
| Physical Intelligence Inc Series B (b)(c) | 8000 | 2171200 |
| Runway AI Inc Series D (b)(c)(d) | 220780 | 3230012 |
| Runway AI Inc Series P (b)(c) | 13896 | 203298 |
|  |  | 67368060 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 29615 | 1451135 |
| Lightmatter Inc Series C2 (b)(c)(d) | 4652 | 235531 |
| Lightmatter Inc Series D (b)(c)(d) | 22205 | 1484848 |
|  |  | 3171514 |
| TOTAL INFORMATION TECHNOLOGY |  | 84521679 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 56576 | 1757251 |
| TOTAL UNITED STATES |  | 88800912 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $41,016,730) |  | <br> **91839459** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(c)(g) | 208300 | 24973 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(c) | 126339 | 140756 |
| TOTAL UNITED STATES |  | 165729 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $334,639) |  | <br> **165729** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 3.79 | 73069776 | 73084390 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 3.77 | 11896719 | 11897908 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $84,984,654) |  |  | **84982298** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $1,722,001,375)<br>| <br>**3490028846** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **2274230** |
| **NET ASSETS - 100.0%** | **3492303076** |

---

**Legend**

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

(b) Level 3 security.

(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 $98,932,855 or 2.8% of net assets.

(d) Non-income producing.

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

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $5,165,940 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(h) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/2024 | 186308 |
| Anthropic PBC Series B | 3/22/2024 | 2450784 |
| Anthropic PBC Series D | 5/31/2024 | 2391239 |
| Anthropic PBC Series F | 8/18/2025 | 2170901 |
| Bytedance Ltd Series E1 | 11/18/2020 | 1085113 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 2304596 |
| Celestial AI Inc | 2/25/2025 | 54625 |
| Celestial AI Inc Series A | 2/25/2025 | 348243 |
| Celestial AI Inc Series B | 2/25/2025 | 262045 |
| Celestial AI Inc Series C1 | 2/25/2025 | 1234913 |
| Cerebras Systems Inc Series G | 9/19/2025 | 2130465 |
| Databricks Inc Series G | 2/1/2021 | 833629 |
| Databricks Inc Series H | 8/31/2021 | 2667254 |
| Databricks Inc Series I | 9/14/2023 | 35207 |
| Databricks Inc Series J | 12/17/2024 | 1442075 |
| Databricks Inc Series K | 9/8/2025 | 29999 |
| Diamond Foundry Inc Series C | 3/15/2021 | 1357824 |
| Discord Inc Series I | 9/15/2021 | 110125 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 55238 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2025 | 208300 |
| Enevate Corp Series E | 1/29/2021 | 3943236 |
| GoBrands Inc Series G | 3/2/2021 | 1313513 |
| Lightmatter Inc Series C1 | 5/19/2023 | 487368 |
| Lightmatter Inc Series C2 | 12/18/2023 | 120960 |
| Lightmatter Inc Series D | 10/11/2024 | 1781519 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 1521400 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 423900 |
| Physical Intelligence Inc Series B | 10/24/2025 | 2172474 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 389899 |
| Retym Inc Series D | 1/29/2025 | 131596 |
| Revolut Group Holdings Ltd | 12/27/2024 | 2897153 |
| Runway AI Inc Series D | 9/6/2024 | 2393648 |
| Runway AI Inc Series P | 11/4/2025 | 203273 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 10/5/2025 | 126339 |
| SiMa Technologies Inc Series B | 5/10/2021 | 435829 |
| SiMa Technologies Inc Series B1 | 4/25/2022 - 10/17/2022 | 255386 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 272690 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 1604986 |
| Tenstorrent Holdings Inc Series D2 | 7/17/2024 | 127418 |
| Vast Data Ltd Series A | 11/28/2023 | 134860 |
| Vast Data Ltd Series A1 | 11/28/2023 | 331947 |
| Vast Data Ltd Series A2 | 11/28/2023 | 381843 |
| Vast Data Ltd Series B | 11/28/2023 | 303831 |
| Vast Data Ltd Series C | 11/28/2023 | 8854 |
| Vast Data Ltd Series E | 11/28/2023 | 580668 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 1987470 |
| Xsight Labs Ltd Series D | 2/16/2021 | 302249 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 669789 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Meesho | 6/10/2026 |
| Pine Labs Ltd | 5/13/2026 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 59961523 | 984711397 | 971587130 | 2654652 | 903 | (2303) | 73084390 | 73069776 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | - | 73980178 | 62083529 | 11889 | 1312 | (53) | 11897908 | 11896719 | 0.0% |
| Total | 59961523 | 1058691575 | 1033670659 | 2666541 | 2215 | (2356) | 84982298 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 27126643 | 27126643 | - | - |
| Consumer Discretionary | 58113578 | 58113578 | - | - |
| Consumer Staples | 489832 | 489832 | - | - |
| Financials | 7636788 | 3134142 | - | 4502646 |
| Health Care | 1 | - | - | 1 |
| Industrials | 24007185 | 24004619 | - | 2566 |
| Information Technology | 3195648817 | 3134631783 | 58550204 | 2466830 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Information Technology | 18516 | - | - | 18516 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 2374640 | - | - | 2374640 |
| Consumer Discretionary | 49095 | - | - | 49095 |
| Consumer Staples | 270364 | - | - | 270364 |
| Financials | 2202523 | - | - | 2202523 |
| Information Technology | 85185586 | - | - | 85185586 |
| Materials | 1757251 | - | - | 1757251 |
|  **Preferred Securities** |  |  |  |  |
| Information Technology | 165729 | - | - | 165729 |
|  **Money Market Funds** | 84982298 | 84982298 | - | - |
| **Total Investments in Securities:** | 3490028846 | 3332482895 | 58550204 | 98995747 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2025 ($)** |
| **Common Stocks** | 10960507 | - | (8300243) | 9235801 | (4924022) | - | - | - | 6972043 | (2263760) |
| **Convertible Preferred Stocks** | 37729717 | - | 50763632 | 14560385 | (11214275) | - | - | - | 91839459 | 47167728 |
| **Convertible Corporate Bonds** | 55962 | - | (37446) | - | - | - | - | - | 18516 | (37446) |
| **Preferred Securities** | 292543 | - | (148458) | 145209 | (123565) | - | - | - | 165729 | (145584) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $11,267,247) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,637,016,721) | $3405046548 |  |
| Fidelity Central Funds (cost $84,984,654) | 84982298 |  |
| Total Investment in Securities (cost $1,722,001,375) |  | $3490028846 |
| Receivable for investments sold |  | 15872390 |
| Receivable for fund shares sold |  | 403927 |
| Dividends receivable |  | 851589 |
| Interest receivable |  | 6303 |
| Distributions receivable from Fidelity Central Funds |  | 208253 |
| Prepaid expenses |  | 2483 |
| **Total assets** |  | 3507373791 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1222671 |  |
| Accrued management fee | 1782257 |  |
| Distribution and service plan fees payable | 8602 |  |
| Other payables and accrued expenses | 160535 |  |
| Collateral on securities loaned | 11896650 |  |
| **Total liabilities** |  | 15070715 |
| **Net Assets**  |  | $3492303076 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1468188154 |
| Total accumulated earnings (loss) |  | 2024114922 |
| **Net Assets** |  | $3492303076 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($719,862,572 ÷ 15,068,535 shares) |  | $47.77 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($40,900,141 ÷ 860,209 shares) |  | $47.55 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,731,540,363 ÷ 58,548,278 shares) |  | $46.65 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $11900967 |
| Interest  |  | 6298 |
| Income from Fidelity Central Funds (including $11,889 from security lending)  |  | 2666541 |
| **Total income** |  | 14573806 |
| **Expenses** |  |  |
| Management fee | $18607521 |  |
| Distribution and service plan fees | 78782 |  |
| Custodian fees and expenses | 44160 |  |
| Independent trustees' fees and expenses | 11580 |  |
| Audit fees | 56659 |  |
| Legal | 5194 |  |
| Interest | 6673 |  |
| Miscellaneous | 11348 |  |
| **Total expenses** |  | 18821917 |
| **Net Investment income (loss)** |  | (4248111) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 312904162 |  |
| Fidelity Central Funds | 2215 |  |
| Foreign currency transactions | (165013) |  |
| Total net realized gain (loss) |  | 312741364 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $110,124)  | 337917804 |  |
| Fidelity Central Funds  | (2356) |  |
| Assets and liabilities in foreign currencies | 2008 |  |
| Total change in net unrealized appreciation (depreciation) |  | 337917456 |
| **Net gain (loss)** |  | 650658820 |
| **Net increase (decrease) in net assets resulting from operations** |  | $646410709 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(4248111) | $(2063443) |
| &nbsp;&nbsp;Net realized gain (loss) | 312741364<br>| 236657556<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 337917456 | 516269082<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 646410709<br>| 750863195<br>|
| Distributions to shareholders | (223345620)<br>| (104526052)<br>|
| Share transactions - net increase (decrease) | 163773011<br>| 165606050<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 586838100<br>| 811943193<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2905464976 | 2093521783<br>|
| &nbsp;&nbsp;End of period | $3492303076 | $2905464976 |

---

**Financial Highlights** 

**VIP Technology Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.79 | $32.11 | $20.94 | $35.65 | $30.99 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.01)  | .04  | .01  | (.04)  |
| Net realized and unrealized gain (loss)  | 9.17  | 11.22  | 11.94  | (12.04)  | 8.22  |
| Total from investment operations  | 9.14  | 11.21  | 11.98  | (12.03)  | 8.18  |
| Distributions from net investment income  | -  | -  | (.04)  | -  | -  |
| Distributions from net realized gain  | (3.16)  | (1.53)  | (.77)  | (2.68)  | (3.52)  |
| Total distributions  | (3.16)  | (1.53)  | (.81)  | (2.68)  | (3.52)  |
| Net asset value, end of period  | $47.77 | $41.79 | $32.11 | $20.94 | $35.65 |
| **Total Return** C,D | 23.36% <br>| 35.59%  | 58.32%  | (35.86)%  | 28.16%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .56%  | .58%  | .62%  | .63%  | .62%  |
| Expenses net of fee waivers, if any  | .56% <br>| .58%  | .61%  | .62%  | .62%  |
| Expenses net of all reductions, if any  | .56%  | .58%  | .61%  | .62%  | .62%  |
| Net investment income (loss)  | (.08)%  | (.02)%  | .14%  | .05%  | (.12)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $719863 | $554750 | $386441 | $185489 | $356589 |
| Portfolio turnover rate G | 52% <br>| 52%  | 24%  | 21%  | 31%  |

---

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*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), derivatives or securities that mature within one year from acquisition.*

**VIP Technology Portfolio Service Class 2**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $41.64 | $32.07 | $28.65 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | (.14)  | (.10)  | (.01)  |
| Net realized and unrealized gain (loss)  | 9.13  | 11.20  | 3.57  |
| Total from investment operations  | 8.99  | 11.10  | 3.56  |
| Distributions from net investment income  | -  | -  | (.04)  |
| Distributions from net realized gain  | (3.08)  | (1.53)  | (.10)  |
| Total distributions  | (3.08)  | (1.53)  | (.14)  |
| Net asset value, end of period  | $47.55 | $41.64 | $32.07 |
| **Total Return** D,E,F | 23.07% <br>| 35.26%  | 12.45%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | .81%  | .82%  | .88% I |
| Expenses net of fee waivers, if any  | .81% <br>| .82%  | .87% I |
| Expenses net of all reductions, if any  | .81%  | .82%  | .87% I |
| Net investment income (loss)  | (.33)%  | (.26)%  | (.13)% I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $40900 | $26588 | $5041 |
| Portfolio turnover rate J | 52% <br>| 52%  | 24%  |

---

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

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

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

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

G*Fees and expenses of any underlying 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*Annualized.*

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

**VIP Technology Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.88 | $31.46 | $20.54 | $35.03 | $30.51 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | (.03)  | .02  | (.01)  | (.06)  |
| Net realized and unrealized gain (loss)  | 8.96  | 10.98  | 11.69  | (11.81)  | 8.07  |
| Total from investment operations  | 8.90  | 10.95  | 11.71  | (11.82)  | 8.01  |
| Distributions from net investment income  | -  | -  | (.02)  | -  | -  |
| Distributions from net realized gain  | (3.13)  | (1.53)  | (.77)  | (2.67)  | (3.49)  |
| Total distributions  | (3.13)  | (1.53)  | (.79)  | (2.67)  | (3.49)  |
| Net asset value, end of period  | $46.65 | $40.88 | $31.46 | $20.54 | $35.03 |
| **Total Return** C,D | 23.28% <br>| 35.49%  | 58.14%  | (35.87)%  | 28.06%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .64%  | .66%  | .70%  | .70%  | .70%  |
| Expenses net of fee waivers, if any  | .64% <br>| .65%  | .69%  | .70%  | .70%  |
| Expenses net of all reductions, if any  | .64%  | .65%  | .69%  | .70%  | .70%  |
| Net investment income (loss)  | (.15)%  | (.09)%  | .07%  | (.02)%  | (.20)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2731540 | $2324127 | $1702040 | $942013 | $1692073 |
| Portfolio turnover rate G | 52% <br>| 52%  | 24%  | 21%  | 31%  |

---

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*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), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $6972043 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 42.0 / 15.0 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI))  | 26.3 | Increase |
|  |  | Market approach  | Transaction price  | $4.63 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 | Increase |
|  |  | Black scholes  | Discount rate  | 3.6% - 4.0% / 3.6% | Increase |
|  |  |  | Term  | 3.0 - 5.0 / 3.1 | Increase |
|  |  |  | Volatility | 70.0% - 80.0% / 70.4% | Increase |
| Convertible Corporate Bonds | $18516 | Market approach  | Transaction price<br>| $100.00 | Increase |
|  |  |  | Discount rate | 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 75.0% / 33.3% | Increase |
|  |  | Black scholes  | Discount rate | 4.2% | Increase |
|  |  |  | Term | 0.5 | Increase |
|  |  |  | Volatility | 100.0% | Increase |
| Convertible Preferred Stocks | $91839459 | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 1.5 - 81.3 / 34.1 | Increase |
|  |  | Market approach  | Transaction price | $1.10 - $271.56 / $146.62 | Increase |
|  |  |  | Discount rate | 10.0% - 95.0% / 62.7% | Decrease |
|  |  |  | Premium rate | 45.0% | Increase |
|  |  | Black scholes | Discount rate | 3.4% - 3.7% / 3.6% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.5 | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 68.4% | Increase |
| Preferred Securities | $165729 | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 35.4% - 37.9% / 37.5% | Decrease |
|  |  |  | Probability rate | 0.0% - 75.0% / 34.2% | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 4.2% / 3.6% | Increase |
|  |  |  | Term | 0.5 - 1.0/ 0.9 | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 57.5% | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025, as well as a roll forward of Level 3 investments, 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**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, 2025, 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

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

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

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

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**  | $1872957520 |
| **Gross unrealized depreciation**  | <u>(123428149)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1749529371</u> |
| **Tax Cost**  | <u>$1740499475</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$10773092</u> |
| **Undistributed long-term capital gain**  | <u>$263923103</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1749528853</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $74686325 | $39033385 |
| **Long-term Capital Gains**  | <u>148659295</u> | <u>65492667</u> |
| **Total**  | <u>$223345620</u> | <u>$104526052</u> |

---

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

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Technology Portfolio** | 1539891435 | 1633813913 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .56 |
| **Service Class 2** | .56 |
| **Investor Class** | .63 |

---

**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 $78,782.

**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 Technology Portfolio** | 16212 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Technology Portfolio** | Borrower | 6558875 | 4.58% | 6673 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Technology Portfolio** | 113525558 | 105172698 | 29186672 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Technology Portfolio** | 24585 |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Technology Portfolio** | 3835 |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Technology Portfolio** | 1272 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Technology Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $43042693 | $18999763 |
| Service Class 2 | 2079291 | 519205 |
| Investor Class | <u>178223636</u> | <u>85007084</u> |
| Total  | <u>$223345620</u> | <u>$104526052</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Technology Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 3670944 | 2864241 | $152219284 | $107076192 |
| Reinvestment of distributions  | 1062809 | 511343 | 43042693 | 18999763 |
| Shares redeemed | <u>(2940688)</u> | <u>(2136090)</u> | <u>(117764144)</u> | <u>(79028176)</u> |
| Net increase (decrease) | <u>1793065</u> | <u>1239494</u> | <u>$77497833</u> | <u>$47047779</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 435727 | 537853 | $17277592 | $20083673 |
| Reinvestment of distributions  | 51142 | 12967 | 2068530 | 513875 |
| Shares redeemed | <u>(265206)</u> | <u>(69477)</u> | <u>(10375229)</u> | <u>(2717504)</u> |
| Net increase (decrease) | <u>221663</u> | <u>481343</u> | <u>$8970893</u> | <u>$17880044</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 4087238 | 6283661 | $170842182 | $229347123 |
| Reinvestment of distributions  | 4525453 | 2345050 | 178223636 | 85007084 |
| Shares redeemed | <u>(6913791)</u> | <u>(5879954)</u> | <u>(271761533)</u> | <u>(213675980)</u> |
| Net increase (decrease) | <u>1698900</u> | <u>2748757</u> | <u>$77304285</u> | <u>$100678227</u> |

---

**10. Other.**

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

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

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| VIP Technology Portfolio  | 90 |

---

**11. Risk and Uncertainties.**

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

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, 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, 2025, 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, 2025 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***

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, 2025 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 11, 2026

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

**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, 2025, $264,028,567, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class designates 0% and 18%; Service Class 2 designates 0% and 20%; and Investor Class designates 0% and 19%; of the dividends distributed in February and December, respectively, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123118_4.jpg)<br>

1.817385.120 VTECIC-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Real Estate Portfolio**

**Annual Report**

**December 31, 2025**

![](img123121_1.jpg)

![](img123121_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPRE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Real Estate Portfolio](#Sub_Sec_Fund_1155_VIPRE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1155_VIPRE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPRE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPRE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPRE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPRE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPRE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPRE-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Real Estate Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.9%** | &nbsp;&nbsp;**Common Stocks - 96.9%** | &nbsp;&nbsp;**Common Stocks - 96.9%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 96.9%  |  |  |
| Real Estate - 96.9% |  |  |
| Health Care REITs - 13.7% |  |  |
| Ventas Inc  | 352410 | 27269486 |
| Welltower Inc  | 95400 | 17707194 |
|  |  | 44976680 |
| Hotel & Resort REITs - 1.7% |  |  |
| Ryman Hospitality Properties Inc  | 58200 | 5506884 |
| Industrial REITs - 13.4% |  |  |
| Americold Realty Trust Inc  | 279900 | 3599514 |
| EastGroup Properties Inc  | 19000 | 3384660 |
| Prologis Inc  | 234129 | 29888908 |
| Terreno Realty Corp  | 124000 | 7280040 |
|  |  | 44153122 |
| Real Estate Management & Development - 11.1% |  |  |
| CoStar Group Inc (a) | 38400 | 2582016 |
| Jones Lang LaSalle Inc (a) | 76400 | 25706308 |
| Zillow Group Inc Class C (a) | 121400 | 8281908 |
|  |  | 36570232 |
| Residential REITs - 13.4% |  |  |
| AvalonBay Communities Inc  | 72500 | 13144975 |
| Camden Property Trust  | 99200 | 10919936 |
| Invitation Homes Inc  | 333600 | 9270744 |
| Sun Communities Inc  | 60200 | 7459382 |
| UDR Inc  | 88900 | 3260852 |
|  |  | 44055889 |
| Retail REITs - 14.2% |  |  |
| Acadia Realty Trust  | 162500 | 3337750 |
| Curbline Properties Corp  | 102400 | 2376704 |
| Federal Realty Investment Trust  | 61800 | 6229440 |
| Macerich Co/The  | 434700 | 8024562 |
| NNN REIT Inc  | 196200 | 7775406 |
| Tanger Inc  | 351200 | 11719544 |
| Urban Edge Properties  | 377800 | 7249982 |
|  |  | 46713388 |
| Specialized REITs - 29.4% |  |  |
| American Tower Corp  | 193600 | 33990352 |
| CubeSmart  | 176300 | 6355615 |
| Digital Realty Trust Inc  | 15100 | 2336121 |
| Equinix Inc  | 37200 | 28501152 |
| Extra Space Storage Inc  | 10000 | 1302200 |
| Four Corners Property Trust Inc  | 304600 | 7024076 |
| Iron Mountain Inc  | 142200 | 11795490 |
| Public Storage  | 20813 | 5400974 |
|  |  | 96705980 |
| TOTAL UNITED STATES |  | 318682175 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $265,707,786) |  | <br> **318682175** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $8,263,816)<br>| 3.79 | 8261676 | **8263328** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $273,971,602)<br>| <br>**326945503** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **1896631** |
| **NET ASSETS - 100.0%** | **328842134** |

---

**Legend**

(a) Non-income producing.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2032064 | 50570465 | 44338731 | 69864 | 18 | (488) | 8263328 | 8261676 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 10821949 | 10821949 | 169 | - | - | - | - | 0.0% |
| Total | 2032064 | 61392414 | 55160680 | 70033 | 18 | (488) | 8263328 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Real Estate | 318682175 | 318682175 | - | - |
|  **Money Market Funds** | 8263328 | 8263328 | - | - |
| **Total Investments in Securities:** | 326945503 | 326945503 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $265,707,786) | $318682175 |  |
| Fidelity Central Funds (cost $8,263,816) | 8263328 |  |
| Total Investment in Securities (cost $273,971,602) |  | $326945503 |
| Receivable for investments sold |  | 546127 |
| Receivable for fund shares sold |  | 598605 |
| Dividends receivable |  | 1423447 |
| Distributions receivable from Fidelity Central Funds |  | 11402 |
| Prepaid expenses |  | 282 |
| **Total assets** |  | 329525366 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $438094 |  |
| Accrued management fee | 168821 |  |
| Distribution and service plan fees payable | 26658 |  |
| Audit fee payable | 45862 |  |
| Other payables and accrued expenses | 3797 |  |
| **Total liabilities** |  | 683232 |
| **Net Assets**  |  | $328842134 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $255270824 |
| Total accumulated earnings (loss) |  | 73571310 |
| **Net Assets** |  | $328842134 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($50,362,131 ÷ 2,822,447 shares) |  | $17.84 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($14,508,284 ÷ 818,539 shares) |  | $17.72 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($122,563,517 ÷ 7,035,933 shares) |  | $17.42 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($141,408,202 ÷ 7,992,905 shares) |  | $17.69 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $9833661 |
| Income from Fidelity Central Funds (including $169 from security lending)  |  | 70033 |
| **Total income** |  | 9903694 |
| **Expenses** |  |  |
| Management fee | $2113696 |  |
| Distribution and service plan fees | 331066 |  |
| Custodian fees and expenses | 10723 |  |
| Independent trustees' fees and expenses | 1383 |  |
| Audit fees | 52922 |  |
| Legal | 374 |  |
| Miscellaneous | 1206 |  |
| **Total expenses** |  | 2511370 |
| **Net Investment income (loss)** |  | 7392324 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 22278379 |  |
| Fidelity Central Funds | 18 |  |
| Total net realized gain (loss) |  | 22278397 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (19482378) |  |
| Fidelity Central Funds  | (488) |  |
| Total change in net unrealized appreciation (depreciation) |  | (19482866) |
| **Net gain (loss)** |  | 2795531 |
| **Net increase (decrease) in net assets resulting from operations** |  | $10187855 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7392324 | $7033158 |
| &nbsp;&nbsp;Net realized gain (loss) | 22278397<br>| 11042400<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (19482866) | 4538195<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10187855<br>| 22613753<br>|
| Distributions to shareholders | (6740112)<br>| (8654082)<br>|
| Distributions to shareholders from tax return of capital | -<br>| (5865047)<br>|
| **Total Distributions** | (6740112)<br>| (14519129)<br>|
| Share transactions - net increase (decrease) | (31904359)<br>| (29015741)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (28456616)<br>| (20921117)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 357298750 | 378219867<br>|
| &nbsp;&nbsp;End of period | $328842134 | $357298750 |

---

**Financial Highlights** 

**VIP Real Estate Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.67 | $17.25 | $16.54 | $23.81 | $17.43 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .36  | .40  | .34  | .23  |
| Net realized and unrealized gain (loss)  | .14  | .80  | 1.41  | (6.76)  | 6.52  |
| Total from investment operations  | .55  | 1.16  | 1.81  | (6.42)  | 6.75  |
| Distributions from net investment income  | (.37)  | (.42) C | (.40)  | (.25)  | (.22) C |
| Distributions from net realized gain  | (.01)  | (.02) C | (.70)  | (.59)  | (.15) C |
| Distributions from tax return of capital  | - | (.30) | - | - | - |
| Total distributions  | (.38)  | (.74)  | (1.10)  | (.85) D | (.37)  |
| Net asset value, end of period  | $17.84 | $17.67 | $17.25 | $16.54 | $23.81 |
| **Total Return** E,F | 3.10% <br>| 6.52%  | 11.19%  | (27.51)%  | 38.99%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .60%  | .61%  | .64%  | .64%  | .64%  |
| Expenses net of fee waivers, if any  | .60% <br>| .61%  | .64%  | .64%  | .64%  |
| Expenses net of all reductions, if any  | .60%  | .61%  | .64%  | .64%  | .64%  |
| Net investment income (loss)  | 2.28%  | 2.06%  | 2.49%  | 1.80%  | 1.11%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $50362 | $60617 | $66471 | $66060 | $95219 |
| Portfolio turnover rate I | 35% <br>| 37%  | 33%  | 53%  | 31%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Real Estate Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.56 | $17.16 | $16.46 | $23.70 | $17.35 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .34  | .39  | .32  | .21  |
| Net realized and unrealized gain (loss)  | .14  | .79  | 1.40  | (6.73)  | 6.48  |
| Total from investment operations  | .53  | 1.13  | 1.79  | (6.41)  | 6.69  |
| Distributions from net investment income  | (.37)  | (.41) C | (.39)  | (.24)  | (.19) C |
| Distributions from net realized gain  | (.01)  | (.02) C | (.70)  | (.59)  | (.15) C |
| Distributions from tax return of capital  | - | (.29) | - | - | - |
| Total distributions  | (.37) D | (.73) D | (1.09)  | (.83)  | (.34)  |
| Net asset value, end of period  | $17.72 | $17.56 | $17.16 | $16.46 | $23.70 |
| **Total Return** E,F | 3.04% <br>| 6.38%  | 11.09%  | (27.59)%  | 38.80%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .70%  | .72%  | .74%  | .74%  | .74%  |
| Expenses net of fee waivers, if any  | .70% <br>| .72%  | .74%  | .74%  | .74%  |
| Expenses net of all reductions, if any  | .70%  | .72%  | .74%  | .74%  | .74%  |
| Net investment income (loss)  | 2.18%  | 1.95%  | 2.39%  | 1.70%  | 1.01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14508 | $14040 | $12625 | $12149 | $15071 |
| Portfolio turnover rate I | 35% <br>| 37%  | 33%  | 53%  | 31%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Real Estate Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.27 | $16.88 | $16.22 | $23.36 | $17.11 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .31  | .35  | .29  | .17  |
| Net realized and unrealized gain (loss)  | .14  | .78  | 1.38  | (6.63)  | 6.40  |
| Total from investment operations  | .50  | 1.09  | 1.73  | (6.34)  | 6.57  |
| Distributions from net investment income  | (.34)  | (.39) C | (.37)  | (.21)  | (.17) C |
| Distributions from net realized gain  | (.01)  | (.02) C | (.70)  | (.58)  | (.15) C |
| Distributions from tax return of capital  | - | (.28) | - | - | - |
| Total distributions  | (.35)  | (.70) D | (1.07)  | (.80) D | (.32)  |
| Net asset value, end of period  | $17.42 | $17.27 | $16.88 | $16.22 | $23.36 |
| **Total Return** E,F | 2.90% <br>| 6.25%  | 10.89%  | (27.69)%  | 38.64%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .85%  | .87%  | .89%  | .89%  | .89%  |
| Expenses net of fee waivers, if any  | .85% <br>| .86%  | .89%  | .89%  | .89%  |
| Expenses net of all reductions, if any  | .85%  | .86%  | .89%  | .89%  | .89%  |
| Net investment income (loss)  | 2.03%  | 1.81%  | 2.24%  | 1.55%  | .86%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $122564 | $132894 | $146734 | $97994 | $158332 |
| Portfolio turnover rate I | 35% <br>| 37%  | 33%  | 53%  | 31%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Real Estate Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.53 | $17.13 | $16.43 | $23.66 | $17.32 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .35  | .39  | .33  | .21  |
| Net realized and unrealized gain (loss)  | .15  | .78  | 1.40  | (6.73)  | 6.49  |
| Total from investment operations  | .54  | 1.13  | 1.79  | (6.40)  | 6.70  |
| Distributions from net investment income  | (.37)  | (.41) C | (.39)  | (.24)  | (.21) C |
| Distributions from net realized gain  | (.01)  | (.02) C | (.70)  | (.59)  | (.15) C |
| Distributions from tax return of capital  | - | (.29) | - | - | - |
| Total distributions  | (.38)  | (.73) D | (1.09)  | (.83)  | (.36)  |
| Net asset value, end of period  | $17.69 | $17.53 | $17.13 | $16.43 | $23.66 |
| **Total Return** E,F | 3.06% <br>| 6.40%  | 11.12%  | (27.58)%  | 38.92%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .68%  | .70%  | .72%  | .72%  | .72%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .71%  | .72%  | .71%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .71%  | .72%  | .71%  |
| Net investment income (loss)  | 2.20%  | 1.98%  | 2.42%  | 1.72%  | 1.03%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $141408 | $149748 | $152390 | $155995 | $245326 |
| Portfolio turnover rate I | 35% <br>| 37%  | 33%  | 53%  | 31%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 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. 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.

**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, 2025, 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.

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 certain corporate actions 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**  | $69598002 |
| **Gross unrealized depreciation**  | <u>(17640130)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$51957872</u> |
| **Tax Cost**  | <u>$274987631</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$694815</u> |
| **Undistributed long-term capital gain**  | <u>$20918624</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$51957872</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $6740112 | $8164725 |
| **Long-term Capital Gains**  | - | 489357 |
| **Tax Return of Capital**  | <u>-</u> | <u>5865047</u> |
| **Total**  | <u>$6740112</u> | <u>$14519129</u> |

---

**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** | 119624548 | 155336256 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

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

---

| | |
|:---|:---|
| **Service Class** | $14683 |
| **Service Class 2** | <u>316383</u> |
|  | <u>$331066</u> |

---

**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 Real Estate Portfolio** | 1912 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Real Estate Portfolio** | 4444811 | 6720658 | 70951 |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Real Estate Portfolio** | 491 |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Real Estate Portfolio** | 16 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Real Estate Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $1055902 | $1470307 |
| Service Class | 296836 | 330209 |
| Service Class 2 | 2410493 | 3230643 |
| Investor Class | <u>2976881</u> | <u>3622922</u> |
| Total  | <u>$6740112</u> | <u>$8654081</u> |
| **Tax Return of Capital** |  |  |
| Initial Class | $- | $996456 |
| Service Class | - | 223790 |
| Service Class 2 | - | 2189472 |
| Investor Class | <u>-</u> | <u>2455329</u> |
| Total  | <u>$</u> <u>-</u> | <u>$5865047</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Real Estate Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 276479 | 286432 | $4945652 | $4939915 |
| Reinvestment of distributions  | 59221 | 133196 | 1055902 | 2466763 |
| Shares redeemed | <u>(944453)</u> | <u>(841742)</u> | <u>(16901064)</u> | <u>(14914743)</u> |
| Net increase (decrease) | <u>(608753)</u> | <u>(422114)</u> | <u>$(10899510)</u> | <u>$(7508065)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 291144 | 246992 | $5227001 | $4144348 |
| Reinvestment of distributions  | 16752 | 30011 | 296836 | 553999 |
| Shares redeemed | <u>(288734)</u> | <u>(213285)</u> | <u>(5192619)</u> | <u>(3726005)</u> |
| Net increase (decrease) | <u>19162</u> | <u>63718</u> | <u>$331218</u> | <u>$972342</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 739252 | 1207599 | $12988826 | $21224802 |
| Reinvestment of distributions  | 138455 | 298828 | 2410493 | 5420115 |
| Shares redeemed | <u>(1536226)</u> | <u>(2502450)</u> | <u>(26957251)</u> | <u>(43505342)</u> |
| Net increase (decrease) | <u>(658519)</u> | <u>(996023)</u> | <u>$(11557932)</u> | <u>$(16860425)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 614606 | 734192 | $10982690 | $13136039 |
| Reinvestment of distributions  | 168376 | 330319 | 2976881 | 6078252 |
| Shares redeemed | <u>(1331841)</u> | <u>(1419360)</u> | <u>(23737706)</u> | <u>(24833884)</u> |
| Net increase (decrease) | <u>(548859)</u> | <u>(354849)</u> | <u>$(9778135)</u> | <u>$(5619593)</u> |

---

**10. Other.**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Real Estate Portfolio | 49 | 1 | 17 |

---

**11. Risk and Uncertainties.**

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

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

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

**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, 2025, $21,065,773, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $53,239 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123121_4.jpg)<br>

1.781992.123 VIPRE-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Materials Portfolio**

**Annual Report**

**December 31, 2025**

![](img123124_1.jpg)

![](img123124_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VMATP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Materials Portfolio](#Sub_Sec_Fund_1841_VMATP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1841_VMATP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VMATP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VMATP-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VMATP-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VMATP-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VMATP-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VMATP-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Materials Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.2%  |  |  |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| Wheaton Precious Metals Corp  | 6700 | 787667 |
| CANADA - 5.2%  |  |  |
| Materials - 5.2% |  |  |
| Metals & Mining - 5.2% |  |  |
| Agnico Eagle Mines Ltd/CA  | 3900 | 661370 |
| Alamos Gold Inc Class A  | 8800 | 339805 |
| Altius Minerals Corp  | 39600 | 1178292 |
| Capstone Copper Corp (b) | 38100 | 382513 |
| McEwen Inc (a)(b) | 13500 | 249885 |
| Metalla Royalty & Streaming Ltd (a)(b) | 76000 | 591280 |
| TOTAL CANADA |  | 3403145 |
| CHILE - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Lundin Mining Corp  | 15800 | 339586 |
| UNITED STATES - 87.2%  |  |  |
| Materials - 87.2% |  |  |
| Chemicals - 49.7% |  |  |
| Air Products and Chemicals Inc  | 9388 | 2319024 |
| Balchem Corp  | 8800 | 1349568 |
| Chemours Co/The  | 36200 | 426798 |
| Corteva Inc  | 40200 | 2694606 |
| Dow Inc  | 38300 | 895454 |
| DuPont de Nemours Inc  | 8000 | 321600 |
| Ecolab Inc  | 19400 | 5092888 |
| Ecovyst Inc (b) | 20700 | 201411 |
| Element Solutions Inc  | 16500 | 412335 |
| HB Fuller Co  | 3700 | 220002 |
| Huntsman Corp  | 20500 | 205000 |
| Innospec Inc  | 2900 | 221966 |
| Linde PLC  | 23100 | 9849609 |
| LyondellBasell Industries NV Class A1  | 39100 | 1693030 |
| Mosaic Co/The  | 104400 | 2514996 |
| Olin Corp  | 22200 | 462426 |
| Quaker Chemical Corp  | 1600 | 219696 |
| Sherwin-Williams Co/The  | 5000 | 1620150 |
| Solstice Advanced Materials Inc  | 38100 | 1850898 |
| Tronox Holdings PLC (a) | 43800 | 182646 |
|  |  | 32754103 |
| Construction Materials - 11.8% |  |  |
| Amrize Ltd (United States) (a) | 4100 | 221728 |
| CRH PLC  | 28000 | 3494400 |
| Martin Marietta Materials Inc  | 3326 | 2070967 |
| Vulcan Materials Co  | 6900 | 1968018 |
|  |  | 7755113 |
| Containers & Packaging - 6.0% |  |  |
| Avery Dennison Corp  | 4500 | 818460 |
| Crown Holdings Inc (a) | 7400 | 761978 |
| Graphic Packaging Holding CO  | 18900 | 284634 |
| Greif Inc Class A (a) | 3800 | 257260 |
| International Paper Co  | 31900 | 1256541 |
| Smurfit WestRock PLC  | 16700 | 645789 |
|  |  | 4024662 |
| Metals & Mining - 19.7% |  |  |
| Alcoa Corp  | 26600 | 1413524 |
| Cleveland-Cliffs Inc (a)(b) | 49200 | 653376 |
| Commercial Metals Co  | 9400 | 650668 |
| Freeport-McMoRan Inc  | 30540 | 1551127 |
| Hecla Mining Co  | 41700 | 800223 |
| Newmont Corp  | 39600 | 3954060 |
| Nucor Corp  | 15000 | 2446650 |
| Steel Dynamics Inc  | 8900 | 1508105 |
|  |  | 12977733 |
| TOTAL UNITED STATES |  | 57511611 |
| ZAMBIA - 4.2%  |  |  |
| Materials - 4.2% |  |  |
| Metals & Mining - 4.2% |  |  |
| First Quantum Minerals Ltd (b) | 102520 | 2748706 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $50,017,762) |  | <br> **64790715** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.0%** | &nbsp;&nbsp;**Money Market Funds - 3.0%** | &nbsp;&nbsp;**Money Market Funds - 3.0%** | &nbsp;&nbsp;**Money Market Funds - 3.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.79 | 703771 | 703911 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.77 | 1274007 | 1274135 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,978,096) |  |  | **1978046** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%**<br> (Cost $51,995,858)<br>| <br>**66768761** |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(802398)** |
| **NET ASSETS - 100.0%** | **65966363** |

---

**Legend**

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

(b) Non-income producing.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 341485 | 19572673 | 19210262 | 20633 | 65 | (50) | 703911 | 703771 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 29974453 | 28700289 | 1437 | (29) | - | 1274135 | 1274007 | 0.0% |
| Total | 341485 | 49547126 | 47910551 | 22070 | 36 | (50) | 1978046 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Materials | 64790715 | 64790715 | - | - |
|  **Money Market Funds** | 1978046 | 1978046 | - | - |
| **Total Investments in Securities:** | 66768761 | 66768761 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,227,216) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $50,017,762) | $64790715 |  |
| Fidelity Central Funds (cost $1,978,096) | 1978046 |  |
| Total Investment in Securities (cost $51,995,858) |  | $66768761 |
| Receivable for fund shares sold |  | 491809 |
| Dividends receivable |  | 58233 |
| Distributions receivable from Fidelity Central Funds |  | 2857 |
| Prepaid expenses |  | 51 |
| **Total assets** |  | 67321711 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $187 |  |
| Accrued management fee | 34539 |  |
| Distribution and service plan fees payable | 23 |  |
| Other payables and accrued expenses | 46435 |  |
| Collateral on securities loaned | 1274164 |  |
| **Total liabilities** |  | 1355348 |
| **Net Assets**  |  | $65966363 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $52493935 |
| Total accumulated earnings (loss) |  | 13472428 |
| **Net Assets** |  | $65966363 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,419,706 ÷ 482,581 shares) |  | $15.38 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($110,780 ÷ 7,225 shares) |  | $15.33 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($58,435,877 ÷ 3,805,772 shares) |  | $15.35 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $949981 |
| Income from Fidelity Central Funds (including $1,437 from security lending)  |  | 22070 |
| **Total income** |  | 972051 |
| **Expenses** |  |  |
| Management fee | $403243 |  |
| Distribution and service plan fees | 185 |  |
| Custodian fees and expenses | 15405 |  |
| Independent trustees' fees and expenses | 248 |  |
| Audit fees | 45324 |  |
| Legal | 66 |  |
| Miscellaneous | 301 |  |
| **Total expenses** |  | 464772 |
| **Net Investment income (loss)** |  | 507279 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1050392) |  |
| Fidelity Central Funds | 36 |  |
| Foreign currency transactions | (398) |  |
| Total net realized gain (loss) |  | (1050754) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 7178849 |  |
| Fidelity Central Funds  | (50) |  |
| Assets and liabilities in foreign currencies | 2010 |  |
| Total change in net unrealized appreciation (depreciation) |  | 7180809 |
| **Net gain (loss)** |  | 6130055 |
| **Net increase (decrease) in net assets resulting from operations** |  | $6637334 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $507279 | $664754 |
| &nbsp;&nbsp;Net realized gain (loss) | (1050754)<br>| 9930201<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7180809 | (11839720)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6637334<br>| (1244765)<br>|
| Distributions to shareholders | (10747391)<br>| (1076801)<br>|
| Share transactions - net increase (decrease) | 7939128<br>| (17522483)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3829071<br>| (19844049)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 62137292 | 81981341<br>|
| &nbsp;&nbsp;End of period | $65966363 | $62137292 |

---

**Financial Highlights** 

**VIP Materials Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.53 | $17.20 | $16.24 | $18.76 | $14.17 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .17  | .23  | .18  | .14  |
| Net realized and unrealized gain (loss)  | 1.58  | (.57)  | .99  | (2.00)  | 4.58  |
| Total from investment operations  | 1.71  | (.40)  | 1.22  | (1.82)  | 4.72  |
| Distributions from net investment income  | (.18)  | (.21)  | (.24)  | (.19)  | (.13)  |
| Distributions from net realized gain  | (2.69)  | (.06)  | (.03)  | (.51)  | -  |
| Total distributions  | (2.86) C | (.27)  | (.26) C | (.70)  | (.13)  |
| Net asset value, end of period  | $15.38 | $16.53 | $17.20 | $16.24 | $18.76 |
| **Total Return** D,E | 11.40% <br>| (2.44)%  | 7.60%  | (9.79)%  | 33.42%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .68%  | .67%  | .69%  | .69%  | .68%  |
| Expenses net of fee waivers, if any  | .68% <br>| .67%  | .68%  | .68%  | .68%  |
| Expenses net of all reductions, if any  | .68%  | .67%  | .68%  | .68%  | .68%  |
| Net investment income (loss)  | .88%  | .94%  | 1.36%  | 1.09%  | .84%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7420 | $8252 | $12416 | $14941 | $19714 |
| Portfolio turnover rate H | 64% <br>| 84%  | 60%  | 63%  | 99%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Materials Portfolio Service Class 2**<br>

---

| | |
|:---|:---|
| **Years ended December 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $13.84 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .08  |
| Net realized and unrealized gain (loss)  | 1.56  |
| Total from investment operations  | 1.64  |
| Distributions from net investment income  | (.15)  |
| Total distributions  | (.15)  |
| Net asset value, end of period  | $15.33 |
| **Total Return** D,E | 11.91% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .91% H,I |
| Expenses net of fee waivers, if any  | .91% H,I<br>|
| Expenses net of all reductions, if any  | .91% H,I |
| Net investment income (loss)  | .80% H,I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $111 |
| Portfolio turnover rate J | 64% <br>|

---

A*For the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

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

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

F*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*Audit fees are not annualized.*

I*Annualized.*

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

**VIP Materials Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.52 | $17.20 | $16.23 | $18.76 | $14.16 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .12  | .15  | .22  | .17  | .13  |
| Net realized and unrealized gain (loss)  | 1.57  | (.57)  | 1.00  | (2.01)  | 4.59  |
| Total from investment operations  | 1.69  | (.42)  | 1.22  | (1.84)  | 4.72  |
| Distributions from net investment income  | (.17)  | (.20)  | (.22)  | (.18)  | (.12)  |
| Distributions from net realized gain  | (2.69)  | (.06)  | (.03)  | (.51)  | -  |
| Total distributions  | (2.86)  | (.26)  | (.25)  | (.69)  | (.12)  |
| Net asset value, end of period  | $15.35 | $16.52 | $17.20 | $16.23 | $18.76 |
| **Total Return** C,D | 11.24% <br>| (2.54)%  | 7.58%  | (9.91)%  | 33.40%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .76%  | .76%  | .76%  | .76%  | .76%  |
| Expenses net of fee waivers, if any  | .76% <br>| .75%  | .76%  | .76%  | .76%  |
| Expenses net of all reductions, if any  | .76%  | .75%  | .76%  | .76%  | .76%  |
| Net investment income (loss)  | .81%  | .86%  | 1.29%  | 1.01%  | .77%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $58436 | $53885 | $69566 | $82473 | $94673 |
| Portfolio turnover rate G | 64% <br>| 84%  | 60%  | 63%  | 99%  |

---

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*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), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Materials Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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, 2025, 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, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $16125268 |
| **Gross unrealized depreciation**  | <u>(1947449)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$14177819</u> |
| **Tax Cost**  | <u>$52590942</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$235079</u> |
| **Capital loss carryforward**  | <u>$(940273)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$14177621</u> |

---

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 | $(940273) |
| Long-term | - |
| **Total capital loss carryforward** | <u>$(940273)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $710781 | $818339 |
| **Long-term Capital Gains**  | <u>10036610</u> | <u>258462</u> |
| **Total**  | <u>$10747391</u> | <u>$1076801</u> |

---

**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** | 39721957 | 42864763 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

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

---

| | |
|:---|:---|
| **Service Class 2** | $185 |

---

**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 Materials Portfolio** | 1341 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Materials Portfolio** | 1272995 | 936436 | 52000 |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Materials Portfolio** | 88 |

---

**7. Security Lending.**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Materials Portfolio** | 133 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025A** | **Year ended**<br> **December 31, 2024** |
| **VIP Materials Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $1374986 | $162276 |
| Service Class 2 | 1098 | - |
| Investor Class | <u>9371307</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>914525</u> |
| Total  | <u>$10747391</u> | <u>$1076801</u> |

---

*A Distributions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025A**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025A**  | **Year ended**<br> **December 31, 2024** |
| **VIP Materials Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 30304 | 36161 | $460132 | $657825 |
| Reinvestment of distributions  | 93865 | 9322 | 1374986 | 162276 |
| Shares redeemed | <u>(140857)</u> | <u>(267977)</u> | <u>(2106585)</u> | <u>(4764984)</u> |
| Net increase (decrease) | <u>(16688)</u> | <u>(222494)</u> | <u>$(271467)</u> | <u>$(3944883)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | <u>7225</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| Net increase (decrease) | <u>7225</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 663404 | 408405 | $9967967 | $7471639 |
| Reinvestment of distributions  | 640161 | 52444 | 9371306 | 914525 |
| Shares redeemed | <u>(759987)</u> | <u>(1244180)</u> | <u>(11228678)</u> | <u>(21963764)</u> |
| Net increase (decrease) | <u>543578</u> | <u>(783331)</u> | <u>$8110595</u> | <u>$(13577600)</u> |

---

*A Share transactions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

**10. Other.**

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

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

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| **VIP Materials Portfolio** | 100 |

---

**11. Risk and Uncertainties.**

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

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, 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, 2025, 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, 2025 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***

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, 2025 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 11, 2026

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

**Distributions** **(Unaudited)**

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

The fund designates $12,717 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Initial class designates 100% and 97%; Investor Class designates 100% and 98%; and Service Class 2 designates 0%, and 88%; of the dividends distributed in February and December 2025, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123124_4.jpg)<br>

1.850999.118 VMATP-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Industrials Portfolio**

**Annual Report**

**December 31, 2025**

![](img123128_1.jpg)

![](img123128_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VCYLIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Industrials Portfolio](#Sub_Sec_Fund_766_VCYLIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements766_VCYLIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VCYLIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VCYLIC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VCYLIC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VCYLIC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VCYLIC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VCYLIC-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Industrials Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.2%  |  |  |
| Industrials - 99.2% |  |  |
| Aerospace & Defense - 29.9% |  |  |
| Axon Enterprise Inc (a) | 8600 | 4884198 |
| Beta Technologies Inc Class A (a) | 1700 | 47957 |
| Boeing Co (a) | 92939 | 20178916 |
| GE Aerospace  | 90356 | 27832359 |
| General Dynamics Corp  | 16800 | 5655888 |
| HEICO Corp Class A  | 15800 | 3988394 |
| Howmet Aerospace Inc  | 81088 | 16624662 |
| RTX Corp  | 32600 | 5978840 |
| StandardAero Inc (a) | 119009 | 3413178 |
| Textron Inc  | 19000 | 1656230 |
| TransDigm Group Inc  | 5600 | 7447160 |
|  |  | 97707782 |
| Air Freight & Logistics - 1.1% |  |  |
| CH Robinson Worldwide Inc  | 23500 | 3777860 |
| Building Products - 8.1% |  |  |
| Carlisle Cos Inc  | 6996 | 2237740 |
| Johnson Controls International plc  | 43864 | 5252714 |
| Simpson Manufacturing Co Inc  | 19130 | 3088921 |
| Trane Technologies PLC  | 40524 | 15771941 |
|  |  | 26351316 |
| Commercial Services & Supplies - 3.9% |  |  |
| Cintas Corp  | 37200 | 6996204 |
| Waste Connections Inc (United States)  | 33500 | 5874560 |
|  |  | 12870764 |
| Construction & Engineering - 3.7% |  |  |
| Comfort Systems USA Inc  | 5100 | 4759779 |
| Quanta Services Inc  | 17300 | 7301638 |
|  |  | 12061417 |
| Electrical Equipment - 12.1% |  |  |
| Acuity Inc  | 9700 | 3492388 |
| AMETEK Inc  | 28600 | 5871866 |
| Eaton Corp PLC  | 33724 | 10741431 |
| GE Vernova Inc  | 29789 | 19469197 |
|  |  | 39574882 |
| Ground Transportation - 6.2% |  |  |
| CSX Corp  | 27036 | 980055 |
| Knight-Swift Transportation Holdings Inc  | 88400 | 4621552 |
| Old Dominion Freight Line Inc  | 32100 | 5033280 |
| Uber Technologies Inc (a) | 87550 | 7153711 |
| XPO Inc (a) | 18800 | 2555108 |
|  |  | 20343706 |
| Industrial Conglomerates - 1.9% |  |  |
| 3M Co  | 40400 | 6468040 |
| Machinery - 25.4% |  |  |
| Caterpillar Inc  | 13000 | 7447310 |
| Cummins Inc  | 30000 | 15313500 |
| Deere & Co  | 13900 | 6471423 |
| Dover Corp  | 42140 | 8227414 |
| Ingersoll Rand Inc  | 132832 | 10522951 |
| ITT Inc  | 53800 | 9334838 |
| Parker-Hannifin Corp  | 17580 | 15452117 |
| RBC Bearings Inc (a) | 6200 | 2780265 |
| Westinghouse Air Brake Technologies Corp  | 34900 | 7449405 |
|  |  | 82999223 |
| Professional Services - 2.4% |  |  |
| CACI International Inc (a) | 5900 | 3143579 |
| KBR Inc  | 52200 | 2098440 |
| Leidos Holdings Inc  | 13928 | 2512611 |
|  |  | 7754630 |
| Trading Companies & Distributors - 4.5% |  |  |
| Core & Main Inc Class A (a) | 65900 | 3424823 |
| United Rentals Inc  | 9700 | 7850404 |
| WW Grainger Inc  | 3564 | 3596254 |
|  |  | 14871481 |
| TOTAL UNITED STATES |  | 324781101 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $213,225,242) |  | <br> **324781101** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b) | 3.79 | 2624808 | 2625333 |
| Fidelity Securities Lending Cash Central Fund (b)(c) | 3.77 | 93 | 93 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,625,527) |  |  | **2625426** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $215,850,769)<br>| <br>**327406527** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(155374)** |
| **NET ASSETS - 100.0%** | **327251153** |

---

**Legend**

(a) Non-income producing.

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

(c) 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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2376385 | 94265580 | 94016442 | 77004 | (89) | (101) | 2625333 | 2624808 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 33599 | 84120805 | 84154305 | 2476 | (6) | - | 93 | 93 | 0.0% |
| Total | 2409984 | 178386385 | 178170747 | 79480 | (95) | (101) | 2625426 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Industrials | 324781101 | 324781101 | - | - |
|  **Money Market Funds** | 2625426 | 2625426 | - | - |
| **Total Investments in Securities:** | 327406527 | 327406527 | - | - |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | 69979 | 69979 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $213,225,242) | $324781101 |  |
| Fidelity Central Funds (cost $2,625,527) | 2625426 |  |
| Total Investment in Securities (cost $215,850,769) |  | $327406527 |
| Cash |  | 37809 |
| Unrealized appreciation on unfunded commitments |  | 69979 |
| Receivable for fund shares sold |  | 174875 |
| Dividends receivable |  | 96200 |
| Distributions receivable from Fidelity Central Funds |  | 7577 |
| Prepaid expenses |  | 250 |
| **Total assets** |  | 327793217 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $318802 |  |
| Accrued management fee | 176423 |  |
| Distribution and service plan fees payable | 26 |  |
| Audit fee payable | 37174 |  |
| Other payables and accrued expenses | 9639 |  |
| **Total liabilities** |  | 542064 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $327251153 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $204683770 |
| Total accumulated earnings (loss) |  | 122567383 |
| **Net Assets** |  | $327251153 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($42,182,816 ÷ 1,381,861 shares) |  | $30.53 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($126,345 ÷ 4,148 shares) |  | $30.46 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($284,941,992 ÷ 9,460,781 shares) |  | $30.12 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $2102578 |
| Income from Fidelity Central Funds (including $2,476 from security lending)  |  | 79480 |
| **Total income** |  | 2182058 |
| **Expenses** |  |  |
| Management fee | $1863015 |  |
| Distribution and service plan fees | 205 |  |
| Custodian fees and expenses | 16402 |  |
| Independent trustees' fees and expenses | 1091 |  |
| Audit fees | 42904 |  |
| Legal | 971 |  |
| Interest | 783 |  |
| Miscellaneous | 5275 |  |
| Total expenses before reductions | 1930646 |  |
| Expense reductions | (256) |  |
| Total expenses after reductions |  | 1930390 |
| **Net Investment income (loss)** |  | 251668 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12241687 |  |
| Fidelity Central Funds | (95) |  |
| Total net realized gain (loss) |  | 12241592 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 46431365 |  |
| Fidelity Central Funds  | (101) |  |
| Unfunded commitments | 69979 |  |
| Total change in net unrealized appreciation (depreciation) |  | 46501243 |
| **Net gain (loss)** |  | 58742835 |
| **Net increase (decrease) in net assets resulting from operations** |  | $58994503 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $251668 | $535784 |
| &nbsp;&nbsp;Net realized gain (loss) | 12241592<br>| 9536964<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 46501243 | 30970420<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 58994503<br>| 41043168<br>|
| Distributions to shareholders | (8438999)<br>| (17067778)<br>|
| Share transactions - net increase (decrease) | 37402576<br>| 31543101<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 87958080<br>| 55518491<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 239293073 | 183774582<br>|
| &nbsp;&nbsp;End of period | $327251153 | $239293073 |

---

**Financial Highlights** 

**VIP Industrials Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.35 | $22.40 | $18.23 | $23.44 | $23.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .08 C | .06 D | .05 E | (.02)  |
| Net realized and unrealized gain (loss)  | 6.02  | 4.94  | 4.17  | (2.43)  | 3.57  |
| Total from investment operations  | 6.06  | 5.02  | 4.23  | (2.38)  | 3.55  |
| Distributions from net investment income  | (.03)  | (.17)  | (.06)  | (.03)  | -  |
| Distributions from net realized gain  | (.86)  | (1.90)  | -  | (2.79)  | (3.40)  |
| Total distributions  | (.88) F | (2.07)  | (.06)  | (2.83) F | (3.40)  |
| Net asset value, end of period  | $30.53 | $25.35 | $22.40 | $18.23 | $23.44 |
| **Total Return** G,H | 24.52% <br>| 23.64%  | 23.25%  | (10.30)%  | 17.09%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |
| Expenses before reductions  | .60%  | .61%  | .66%  | .66%  | .66%  |
| Expenses net of fee waivers, if any  | .60% <br>| .61%  | .66%  | .66%  | .66%  |
| Expenses net of all reductions, if any  | .60%  | .61%  | .66%  | .66%  | .66%  |
| Net investment income (loss)  | .14%  | .32% C | .33% D | .28% E | (.08)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $42183 | $34211 | $28377 | $25557 | $31026 |
| Portfolio turnover rate K | 45% <br>| 33%  | 162%  | 83%  | 197%  |

---

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 $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .18%.*

E*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%.*

F*Total distributions per share do not sum due to rounding.*

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

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

I*Fees and expenses of any underlying 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.*

J*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.*

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

**VIP Industrials Portfolio Service Class 2**<br>

---

| | |
|:---|:---|
| **Years ended December 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $24.11 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | - D |
| Net realized and unrealized gain (loss)  | 6.38  |
| Total from investment operations  | 6.38  |
| Distributions from net investment income  | (.03)  |
| Total distributions  | (.03)  |
| Net asset value, end of period  | $30.46 |
| **Total Return** E,F,G | 26.45% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | .85% J,K |
| Expenses net of fee waivers, if any  | .85% J,K<br>|
| Expenses net of all reductions, if any  | .85% J,K |
| Net investment income (loss)  | (.03)% J,K |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $126 |
| Portfolio turnover rate L | 45% <br>|

---

A*For the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

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*Audit fees are not annualized.*

K*Annualized.*

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

**VIP Industrials Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.03 | $22.15 | $18.02 | $23.22 | $23.10 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | .06 C | .05 D | .04 E | (.04)  |
| Net realized and unrealized gain (loss)  | 5.94  | 4.88  | 4.13  | (2.43)  | 3.55  |
| Total from investment operations  | 5.96  | 4.94  | 4.18  | (2.39)  | 3.51  |
| Distributions from net investment income  | (.01)  | (.16)  | (.05)  | (.02)  | -  |
| Distributions from net realized gain  | (.86)  | (1.90)  | -  | (2.79)  | (3.39)  |
| Total distributions  | (.87)  | (2.06)  | (.05)  | (2.81)  | (3.39)  |
| Net asset value, end of period  | $30.12 | $25.03 | $22.15 | $18.02 | $23.22 |
| **Total Return** F,G | 24.42% <br>| 23.54%  | 23.21%  | (10.42)%  | 17.03%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .74%  | .74%  | .74%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .73%  | .73%  | .74%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .73%  | .73%  | .74%  |
| Net investment income (loss)  | .08%  | .24% C | .26% D | .20% E | (.16)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $284942 | $205082 | $155397 | $128115 | $146886 |
| Portfolio turnover rate J | 45% <br>| 33%  | 162%  | 83%  | 197%  |

---

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 $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .14%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .11%.*

E*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 .08%.*

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

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Industrials Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund commenced sale of Service Class 2 shares on April 25,

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 is included at the end of the Fund's Schedule of Investments.

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

**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, 2025, 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.

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 passive foreign investment companies (PFIC) and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $115702916 |
| **Gross unrealized depreciation**  | <u>(4569368)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$111133548</u> |
| **Tax Cost**  | <u>$216342958</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$148522</u> |
| **Undistributed long-term capital gain**  | <u>$11285313</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$111133548</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $160586 | $3009800 |
| **Long-term Capital Gains**  | <u>8278413</u> | <u>14057978</u> |
| **Total**  | <u>$8438999</u> | <u>$17067778</u> |

---

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| **VIP Industrials Portfolio** | CompoSecure, Inc. Class A | 1659765 | 69979 |

---

**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** | 158351606 | 128527455 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

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

---

| | |
|:---|:---|
| **Service Class 2** | $205 |

---

**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 Industrials Portfolio** | 1399 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Industrials Portfolio** | Borrower | 6455000 | 4.37% | 783 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Industrials Portfolio** | 7955988 | 3736656 | 486455 |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Industrials Portfolio** | 357 |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Industrials Portfolio** | 260 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $256.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025A** | **Year ended**<br> **December 31, 2024** |
| **VIP Industrials Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | 1166620 | 2588088 |
| Service Class 2 | 112 | - |
| Investor Class | <u>7272267</u> | <u>14479690</u> |
| Total  | <u>$8438999</u> | <u>$17067778</u> |

---

*A Distributions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025A**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025A**  | **Year ended**<br> **December 31, 2024** |
| **VIP Industrials Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 268647 | 205460 | $7542669 | $5105951 |
| Reinvestment of distributions  | 44843 | 114210 | 1166620 | 2588088 |
| Shares redeemed | <u>(281383)</u> | <u>(236572)</u> | <u>(7784928)</u> | <u>(5571825)</u> |
| Net increase (decrease) | <u>32107</u> | <u>83098</u> | <u>$924361</u> | <u>$2122214</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | <u>4148</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| Net increase (decrease) | <u>4148</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 2854602 | 1964464 | $80179662 | $48519896 |
| Reinvestment of distributions  | 283761 | 645517 | 7272267 | 14479690 |
| Shares redeemed | <u>(1871659)</u> | <u>(1430375)</u> | <u>(51073714)</u> | <u>(33578699)</u> |
| Net increase (decrease) | <u>1266704</u> | <u>1179606</u> | <u>$36378215</u> | <u>$29420887</u> |

---

*A Share transactions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

**11. Other.**

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

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

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| **VIP Industrials Portfolio** | 100 |

---

**12. Risk and Uncertainties.**

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

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, 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, 2025, 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, 2025 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***

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, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2026

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

**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, 2025, $11,296,725, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class designates 3% and 100%; Investor Class designates 3% and 100%; and Service Class 2 designates 0% and 100% of the dividends distributed in February and December 2025, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123128_4.jpg)<br>

1.817361.120 VCYLIC-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Health Care Portfolio**

**Annual Report**

**December 31, 2025**

![](img123132_1.jpg)

![](img123132_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_VHCIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Health Care Portfolio](#Sub_Sec_Fund_156_VHCIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements156_VHCIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VHCIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VHCIC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VHCIC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VHCIC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VHCIC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VHCIC-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Health Care Portfolio**

**Consolidated Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 2.7%  |  |  |
| Health Care - 2.7% |  |  |
| Pharmaceuticals - 2.7% |  |  |
| UCB SA  | 104500 | 29302084 |
| CANADA - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.9% |  |  |
| Xenon Pharmaceuticals Inc (e) | 230000 | 10308600 |
| DENMARK - 2.2%  |  |  |
| Health Care - 2.2% |  |  |
| Biotechnology - 2.2% |  |  |
| Ascendis Pharma A/S ADR (e) | 110000 | 23456400 |
| Galecto Inc (e)(f) | 28878 | 664483 |
| TOTAL DENMARK |  | 24120883 |
| FRANCE - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Life Sciences Tools & Services - 0.6% |  |  |
| Sartorius Stedim Biotech  | 25000 | 6169800 |
| GERMANY - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.7% |  |  |
| BioNTech SE ADR (e) | 74000 | 7044800 |
| Tubulis GmbH (b)(c)(d) | 2100 | 749754 |
| TOTAL GERMANY |  | 7794554 |
| JAPAN - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Eisai Co Ltd  | 95000 | 2820632 |
| NETHERLANDS - 4.1%  |  |  |
| Health Care - 4.1% |  |  |
| Biotechnology - 3.8% |  |  |
| Argenx SE ADR (e) | 40800 | 34310760 |
| Newamsterdam Pharma Co NV (e)(f) | 115000 | 4034200 |
| uniQure NV (e) | 150000 | 3589500 |
|  |  | 41934460 |
| Pharmaceuticals - 0.3% |  |  |
| Pharvaris NV (e) | 123996 | 3440889 |
| TOTAL NETHERLANDS |  | 45375349 |
| UNITED KINGDOM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Immunocore Holdings PLC ADR (e)(f) | 84000 | 2915640 |
| UNITED STATES - 86.1%  |  |  |
| Health Care - 86.1% |  |  |
| Biotechnology - 26.8% |  |  |
| AbbVie Inc  | 146000 | 33359540 |
| Acumen Pharmaceuticals Inc (e) | 180000 | 379800 |
| Alnylam Pharmaceuticals Inc (e) | 69000 | 27437850 |
| Annexon Inc (e)(f) | 200000 | 1004000 |
| Apogee Therapeutics Inc (e) | 16377 | 1236136 |
| BeOne Medicines Ltd ADR (e) | 15000 | 4557150 |
| Biogen Inc (e) | 42500 | 7479575 |
| Caris Life Sciences Inc (e) | 385000 | 10387300 |
| Centessa Pharmaceuticals PLC ADR (e) | 280000 | 7002800 |
| CG oncology Inc (e)(f) | 140000 | 5812800 |
| Cogent Biosciences Inc (e) | 450000 | 15984000 |
| Cytokinetics Inc (e)(f) | 140000 | 8895600 |
| CytomX Therapeutics Inc (e) | 600000 | 2556000 |
| Disc Medicine Inc (e) | 118000 | 9370380 |
| Gilead Sciences Inc  | 128000 | 15710720 |
| Immunome Inc (e) | 6900 | 148212 |
| Insmed Inc (e) | 43500 | 7570740 |
| Jade Biosciences Inc  | 60000 | 925800 |
| Kiniksa Pharmaceuticals International Plc Class A (e) | 60000 | 2475000 |
| Kymera Therapeutics Inc (e) | 13800 | 1073778 |
| Legend Biotech Corp ADR (e) | 500000 | 10870000 |
| Mineralys Therapeutics Inc (e) | 175000 | 6350750 |
| Moderna Inc (e) | 350000 | 10321500 |
| Nuvalent Inc Class A (e) | 122335 | 12305678 |
| Olema Pharmaceuticals Inc (e) | 160000 | 4000000 |
| Oruka Therapeutics Inc (e) | 160059 | 4851388 |
| Oruka Therapeutics Inc (e) | 17500 | 530425 |
| Praxis Precision Medicines Inc (e) | 25000 | 7368500 |
| Revolution Medicines Inc (e) | 90800 | 7232220 |
| Scholar Rock Holding Corp (e) | 26600 | 1171730 |
| Soleno Therapeutics Inc (e)(f) | 67000 | 3102100 |
| Spyre Therapeutics Inc (e)(f) | 137500 | 4504500 |
| Stoke Therapeutics Inc (e) | 150000 | 4761000 |
| Summit Therapeutics Inc (e) | 180000 | 3148200 |
| Travere Therapeutics Inc (e) | 100000 | 3821000 |
| Ultragenyx Pharmaceutical Inc (e) | 11589 | 266547 |
| Upstream Bio Inc (e) | 168000 | 4561200 |
| Vaxcyte Inc (e) | 176000 | 8120640 |
| Veracyte Inc (e) | 169000 | 7114900 |
| Viking Therapeutics Inc (e)(f) | 118000 | 4151240 |
| Viridian Therapeutics Inc (e) | 485606 | 15112059 |
| Zenas Biopharma Inc (e) | 165000 | 5991150 |
| Zenas Biopharma Inc (c) | 38208 | 1387332 |
|  |  | 294411240 |
| Health Care Equipment & Supplies - 19.6% |  |  |
| Boston Scientific Corp (e) | 675000 | 64361250 |
| Edwards Lifesciences Corp (e) | 280000 | 23870000 |
| Insulet Corp (e) | 70000 | 19896800 |
| Intuitive Surgical Inc (e) | 16400 | 9288304 |
| Kestra Medical Technologies Ltd  | 160000 | 4243200 |
| Masimo Corp (e) | 215000 | 27962900 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (c)(d)(e) | 2363 | 28569 |
| Medline Inc Class A  | 141500 | 5943000 |
| Outset Medical Inc (e) | 280000 | 1038800 |
| Penumbra Inc (e) | 140000 | 43527400 |
| PROCEPT BioRobotics Corp (e)(f) | 15000 | 471900 |
| Saluda Medical Inc (c)(g) | 50407 | 479357 |
| Saluda Medical Inc depository receipt  | 300000 | 285292 |
| Shoulder Innovations Inc (c)(g) | 73451 | 1050349 |
| Shoulder Innovations Inc  | 16100 | 230230 |
| Stryker Corp  | 37500 | 13180125 |
|  |  | 215857476 |
| Health Care Providers & Services - 9.1% |  |  |
| Alignment Healthcare Inc (e) | 360000 | 7110000 |
| Astrana Health Inc (e) | 90000 | 2232900 |
| BrightSpring Health Services Inc (e)(f) | 350000 | 13107500 |
| Cigna Group/The  | 28000 | 7706440 |
| CVS Health Corp  | 360000 | 28569600 |
| LifeStance Health Group Inc (e) | 680000 | 4787200 |
| Omada Health Inc  | 150000 | 2367000 |
| Privia Health Group Inc (e) | 400000 | 9484000 |
| Surgery Partners Inc (e) | 168000 | 2595600 |
| UnitedHealth Group Inc  | 66500 | 21952315 |
|  |  | 99912555 |
| Health Care Technology - 3.3% |  |  |
| HeartFlow Inc (g) | 101072 | 2946249 |
| Veeva Systems Inc Class A (e) | 100000 | 22323000 |
| Waystar Holding Corp (e) | 375000 | 12281250 |
|  |  | 37550499 |
| Life Sciences Tools & Services - 11.3% |  |  |
| 10X Genomics Inc Class A (e) | 365000 | 5953150 |
| Danaher Corp  | 305000 | 69820600 |
| IQVIA Holdings Inc (e) | 72800 | 16409848 |
| Repligen Corp (e) | 69000 | 11306340 |
| Thermo Fisher Scientific Inc  | 36800 | 21323760 |
|  |  | 124813698 |
| Pharmaceuticals - 16.0% |  |  |
| Amylyx Pharmaceuticals Inc (e) | 260000 | 3140800 |
| Axsome Therapeutics Inc (e) | 18000 | 3287520 |
| Contineum Therapeutics Inc Class A (e) | 80000 | 914400 |
| Crinetics Pharmaceuticals Inc (e) | 218000 | 10147900 |
| Eli Lilly & Co  | 69000 | 74152920 |
| Enliven Therapeutics Inc (e)(f) | 220000 | 3388000 |
| Johnson & Johnson  | 108000 | 22350600 |
| Merck & Co Inc  | 154000 | 16210040 |
| Ocular Therapeutix Inc (e) | 67340 | 817508 |
| Rapport Therapeutics Inc (e) | 50000 | 1517000 |
| Roche Holding AG non-voting shares  | 25000 | 10324257 |
| Royalty Pharma PLC Class A  | 260000 | 10046400 |
| Structure Therapeutics Inc ADR (e) | 128000 | 8902400 |
| Trevi Therapeutics Inc (e) | 150000 | 1878000 |
| WaVe Life Sciences Ltd (e) | 500000 | 8500000 |
|  |  | 175577745 |
| TOTAL UNITED STATES |  | 948123213 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $674,122,717) |  | <br> **1076930755** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Kardium Inc/US 10% 12/31/2026 (c)(d) | 598968 | 692167 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 0% 12/31/2199 (c)(d)(h) | 353945 | 375040 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 10% 2/28/2027 (c)(d) | 261532 | 334160 |
| TOTAL UNITED STATES |  | 1401367 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,360,702) |  | <br> **1401367** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.4%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (c)(d)(e) | 39228 | 313038 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Galecto Inc Series C  | 100 | 2301000 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| InSightec Ltd Series G (c)(d)(e) | 1824838 | 1368629 |
| UNITED STATES - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Biotechnology - 0.5% |  |  |
| Asimov Inc Series B (c)(d)(e) | 13047 | 359445 |
| Cleerly Inc Series C (c)(d)(e) | 179891 | 2252236 |
| Element Biosciences Inc Series C (c)(d)(e) | 72178 | 544944 |
| Element Biosciences Inc Series D (c)(d)(e) | 73131 | 340059 |
| Element Biosciences Inc Series D1 (c)(d)(e) | 73131 | 340059 |
| ElevateBio LLC Series C (c)(d)(e) | 31200 | 59592 |
| Endeavor BioMedicines Inc Series C (c)(d)(e) | 208016 | 1356265 |
|  |  | 5252600 |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Kardium Inc/US Series D-7 (d) | 2440148 | 1390884 |
| Kardium Inc/US Series D-7 (c)(d) | 534070 | 304420 |
| Kardium Inc/US Series D-7 (d) | 111115 | 63336 |
| Medical Microinstruments Inc/Italy Series C (c)(d)(e) | 47257 | 1598704 |
|  |  | 3357344 |
| Health Care Technology - 0.2% |  |  |
| Aledade Inc Series B1 (c)(d)(e) | 24966 | 836611 |
| Aledade Inc Series E1 (c)(d)(e) | 10776 | 361103 |
| Candid Therapeutics Series B (c)(d)(e) | 491360 | 569978 |
| Wugen Inc Series B (c)(d)(e) | 57585 | 91560 |
|  |  | 1859252 |
| Pharmaceuticals - 0.1% |  |  |
| Galvanize Therapeutics Series B (c)(d)(e) | 505495 | 363956 |
| Galvanize Therapeutics Series C-1 (c)(d) | 870897 | 383195 |
|  |  | 747151 |
| TOTAL HEALTH CARE |  | 11216347 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Manus Bio Inc Series One-6 (c)(d) | 132642 | 440371 |
| TOTAL UNITED STATES |  | 11656718 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $18,472,905) |  | <br> **15639385** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 3.79 | 5556540 | 5557651 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 3.77 | 21923143 | 21925335 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $27,483,406) |  |  | **27482986** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $721,439,730)<br>| <br>**1121454493** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(20870356)** |
| **NET ASSETS - 100.0%** | **1100584137** |

---

**Legend**

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

(b) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(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 $16,980,893 or 1.5% of net assets.

(d) Level 3 security.

(e) Non-income producing.

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

(g) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $4,475,955 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(i) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Aledade Inc Series B1 | 5/7/2021 | 955966 |
| Aledade Inc Series E1 | 5/20/2022 | 536800 |
| Asimov Inc Series B | 10/29/2021 | 1209205 |
| Candid Therapeutics Series B | 8/27/2024 | 589632 |
| Cleerly Inc Series C | 7/8/2022 | 2119224 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 557161 |
| Element Biosciences Inc Series C | 6/21/2021 | 1483742 |
| Element Biosciences Inc Series D | 6/28/2024 | 573588 |
| Element Biosciences Inc Series D1 | 6/28/2024 | 573588 |
| ElevateBio LLC Series C | 3/9/2021 | 130884 |
| Endeavor BioMedicines Inc Series C | 4/22/2024 | 1357221 |
| Galvanize Therapeutics 10% 2/28/2027 | 7/7/2025 | 334160 |
| Galvanize Therapeutics Series B | 3/29/2022 | 875156 |
| Galvanize Therapeutics Series C-1 | 7/7/2025 | 383195 |
| InSightec Ltd Series G | 6/17/2024 | 1620091 |
| Kardium Inc/US 10% 12/31/2026 | 5/31/2024 - 10/1/2025 | 672597 |
| Kardium Inc/US Series D-7 | 8/6/2024 | 259254 |
| Manus Bio Inc Series One-6 | 3/30/2021 | 1391325 |
| Medical Microinstruments Inc/Italy Series C | 2/16/2024 | 1575251 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/2024 | 0 |
| Saluda Medical Inc | 3/12/2023 - 10/30/2025 | 1865350 |
| Shoulder Innovations Inc | 7/18/2025 | 1047600 |
| Tubulis GmbH | 12/11/2025 | 749020 |
| Wugen Inc 0% 12/31/2199 | 6/14/2024 | 353945 |
| Wugen Inc Series B | 7/9/2021 | 446566 |
| Zenas Biopharma Inc | 10/8/2025 | 725952 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| HeartFlow Inc | 2/4/2026 |
| Saluda Medical Inc | 3/31/2027 |
| Shoulder Innovations Inc | 1/27/2026 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5376143 | 228842208 | 228660281 | 424269 | 1 | (420) | 5557651 | 5556540 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 23220676 | 274747976 | 276044170 | 294879 | 853 | - | 21925335 | 21923143 | 0.1% |
| Total | 28596819 | 503590184 | 504704451 | 719148 | 854 | (420) | 27482986 |  |  |

---

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 Consolidated Statement of Operations, if applicable.

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Health Care | 1076930755 | 1063007543 | 13144889 | 778323 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 1401367 | - | - | 1401367 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 15199014 | 2301000 | - | 12898014 |
| Materials | 440371 | - | - | 440371 |
|  **Money Market Funds** | 27482986 | 27482986 | - | - |
| **Total Investments in Securities:** | 1121454493 | 1092791529 | 13144889 | 15518075 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2025 ($)** |
| **Common Stocks** | 761776 | - | 692335 | 749020 | (1424808) | - | - | - | 778323 | 749305 |
| **Convertible Preferred Stocks** | 15610999 | (13978) | 2287422 | 3150140 | (7696198) | - | - | - | 13338385 | (1398912) |
| **Convertible Corporate Bonds** | 920429 | 222955 | (31419) | 1006757 | (717355) | - | - | - | 1401367 | 21729 |
| **Preferred Securities** | 1870708 | - | 58697 | 108434 | (2037839) | - | - | - | - | - |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $21,652,509) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $693,956,324) | $1093971507 |  |
| Fidelity Central Funds (cost $27,483,406) | 27482986 |  |
| Total Investment in Securities (cost $721,439,730) |  | $1121454493 |
| Foreign currency held at value (cost $102) |  | 102 |
| Receivable for investments sold |  | 2504536 |
| Receivable for fund shares sold |  | 186280 |
| Dividends receivable |  | 454375 |
| Interest receivable |  | 69980 |
| Distributions receivable from Fidelity Central Funds |  | 87446 |
| Prepaid expenses |  | 779 |
| Other receivables |  | 2409 |
| **Total assets** |  | 1124760400 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1092182 |  |
| Payable for fund shares redeemed | 448681 |  |
| Accrued management fee | 580341 |  |
| Distribution and service plan fees payable | 74047 |  |
| Other payables and accrued expenses | 62229 |  |
| Collateral on securities loaned | 21918783 |  |
| **Total liabilities** |  | 24176263 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $1100584137 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $616516195 |
| Total accumulated earnings (loss) |  | 484067942 |
| **Net Assets** |  | $1100584137 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($111,971,261 ÷ 2,923,098 shares) |  | $38.31 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($346,500,401 ÷ 9,164,426 shares) |  | $37.81 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($642,112,475 ÷ 17,005,236 shares) |  | $37.76 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $5084923 |
| Interest  |  | 38133 |
| Income from Fidelity Central Funds (including $294,879 from security lending)  |  | 719148 |
| **Total income** |  | 5842204 |
| **Expenses** |  |  |
| Management fee | $6410425 |  |
| Distribution and service plan fees | 805703 |  |
| Custodian fees and expenses | 69002 |  |
| Independent trustees' fees and expenses | 4056 |  |
| Audit fees | 46594 |  |
| Legal | 2294 |  |
| Miscellaneous | 16954 |  |
| **Total expenses** |  | 7355028 |
| **Net Investment income (loss)** |  | (1512824) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 92175166 |  |
| Fidelity Central Funds | 854 |  |
| Foreign currency transactions | 450 |  |
| Total net realized gain (loss) |  | 92176470 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 47507588 |  |
| Fidelity Central Funds  | (420) |  |
| Unfunded commitments | 18795 |  |
| Assets and liabilities in foreign currencies | 26428 |  |
| Total change in net unrealized appreciation (depreciation) |  | 47552391 |
| **Net gain (loss)** |  | 139728861 |
| **Net increase (decrease) in net assets resulting from operations** |  | $138216037 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(1512824) | $(1257562) |
| &nbsp;&nbsp;Net realized gain (loss) | 92176470<br>| 101818224<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 47552391 | (39798223)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 138216037<br>| 60762439<br>|
| Distributions to shareholders | (76371813)<br>| -<br>|
| Share transactions - net increase (decrease) | (26258918)<br>| (141342473)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 35585306<br>| (80580034)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1064998831 | 1145578865<br>|
| &nbsp;&nbsp;End of period | $1100584137 | $1064998831 |

---

**Consolidated Financial Highlights** 

**VIP Health Care Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.03 | $34.27 | $32.87 | $40.05 | $38.41 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | - C | - C | (.02)  | (.01)  |
| Net realized and unrealized gain (loss)  | 4.94  | 1.76  | 1.40  | (4.96)  | 4.39  |
| Total from investment operations  | 4.93  | 1.76  | 1.40  | (4.98)  | 4.38  |
| Distributions from net investment income  | (.14)  | -  | -  | -  | (.04)  |
| Distributions from net realized gain  | (2.51)  | -  | -  | (2.20)  | (2.71)  |
| Total distributions  | (2.65)  | -  | -  | (2.20)  | (2.74) D |
| Net asset value, end of period  | $38.31 | $36.03 | $34.27 | $32.87 | $40.05 |
| **Total Return** E,F | 14.39% <br>| 5.14%  | 4.26%  | (12.41)%  | 11.73%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .59%  | .60%  | .63%  | .63%  | .63%  |
| Expenses net of fee waivers, if any  | .59% <br>| .59%  | .62%  | .63%  | .63%  |
| Expenses net of all reductions, if any  | .59%  | .59%  | .62%  | .63%  | .63%  |
| Net investment income (loss)  | (.02)%  | .01%  | (.01)%  | (.06)%  | (.04)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $111971 | $110555 | $121129 | $132871 | $172092 |
| Portfolio turnover rate I | 65% <br>| 44%  | 49%  | 43%  | 32%  |

---

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*Amount represents less than $.005 per share.*

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 Consolidated 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), derivatives or securities that mature within one year from acquisition.*

**VIP Health Care Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.61 | $33.96 | $32.65 | $39.89 | $38.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.09)  | (.09)  | (.08)  | (.10)  | (.11)  |
| Net realized and unrealized gain (loss)  | 4.86  | 1.74  | 1.39  | (4.94)  | 4.38  |
| Total from investment operations  | 4.77  | 1.65  | 1.31  | (5.04)  | 4.27  |
| Distributions from net investment income  | (.06)  | -  | -  | -  | (.02)  |
| Distributions from net realized gain  | (2.51)  | -  | -  | (2.20)  | (2.65)  |
| Total distributions  | (2.57)  | -  | -  | (2.20)  | (2.67)  |
| Net asset value, end of period  | $37.81 | $35.61 | $33.96 | $32.65 | $39.89 |
| **Total Return** C,D | 14.10% <br>| 4.86%  | 4.01%  | (12.62)%  | 11.45%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .84%  | .85%  | .88%  | .88%  | .88%  |
| Expenses net of fee waivers, if any  | .84% <br>| .85%  | .87%  | .88%  | .87%  |
| Expenses net of all reductions, if any  | .84%  | .85%  | .87%  | .88%  | .87%  |
| Net investment income (loss)  | (.27)%  | (.25)%  | (.26)%  | (.31)%  | (.28)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $346500 | $309393 | $292411 | $246472 | $275392 |
| Portfolio turnover rate G | 65% <br>| 44%  | 49%  | 43%  | 32%  |

---

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*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 Consolidated 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), derivatives or securities that mature within one year from acquisition.*

**VIP Health Care Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.56 | $33.85 | $32.48 | $39.64 | $38.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.03)  | (.03)  | (.04)  | (.04)  |
| Net realized and unrealized gain (loss)  | 4.85  | 1.74  | 1.40  | (4.92)  | 4.35  |
| Total from investment operations  | 4.82  | 1.71  | 1.37  | (4.96)  | 4.31  |
| Distributions from net investment income  | (.11)  | -  | -  | -  | (.03)  |
| Distributions from net realized gain  | (2.51)  | -  | -  | (2.20)  | (2.68)  |
| Total distributions  | (2.62)  | -  | -  | (2.20)  | (2.71)  |
| Net asset value, end of period  | $37.76 | $35.56 | $33.85 | $32.48 | $39.64 |
| **Total Return** C,D | 14.27% <br>| 5.05%  | 4.22%  | (12.49)%  | 11.66%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .67%  | .67%  | .70%  | .70%  | .70%  |
| Expenses net of fee waivers, if any  | .67% <br>| .67%  | .70%  | .70%  | .70%  |
| Expenses net of all reductions, if any  | .67%  | .67%  | .70%  | .70%  | .70%  |
| Net investment income (loss)  | (.10)%  | (.07)%  | (.08)%  | (.14)%  | (.11)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $642112 | $645051 | $732038 | $814240 | $975143 |
| Portfolio turnover rate G | 65% <br>| 44%  | 49%  | 43%  | 32%  |

---

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*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 Consolidated 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), derivatives or securities that mature within one year from acquisition.*

**Notes to Consolidated Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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 Consolidated 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.

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

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*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 consolidated 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 consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $778323 | Market approach  | Transaction price  | $33.33 - $357.03 / $345.14 | Increase |
|  |  | Black scholes  | Discount rate  | 3.4% - 3.7% / 3.4% | Increase |
|  |  |  | Term  | 2.0 - 5.0 / 2.1 | Increase |
|  |  |  | Volatility  | 70.0% - 90.0% / 89.3% | Increase |
| Convertible Corporate Bonds | $1401367 | Market approach  | Transaction price  | $100.00  | Increase |
|  |  |  | Probability rate  | 100.0% | Increase |
|  |  | Black scholes  | Discount rate | 3.6% - 3.7% / 3.6% | Increase |
|  |  |  | Term | 1.0 - 3.0 / 2.5 | Increase |
|  |  |  | Volatility | 60.0% - 110.0% / 74.6% | Increase |
| Convertible Preferred Stocks | $13338385 | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 2.5 - 12.0 / 5.1 | Increase |
|  |  | Market approach  | Transaction price  | $0.65 - $33.33 / $11.17 | Increase |
|  |  |  | Discount rate  | 5.0% - 40.0% / 26.1% | Decrease |
|  |  |  | Premium rate  | 10.0% - 20.0% / 11.6% | Increase |
|  |  | Black scholes  | Discount rate | 3.4% - 3.7% / 3.6% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.1 | Increase |
|  |  |  | Volatility | 45.0% - 110.0% / 66.2% | Increase |

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*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, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated 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 Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated 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, 2025, 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, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales and excise tax regulations.

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

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| | |
|:---|:---|
| **Gross unrealized appreciation**  | $431246263 |
| **Gross unrealized depreciation**  | <u>(35832040)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$395414223</u> |
| **Tax Cost**  | <u>$726040270</u> |

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

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| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$90155395</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$395436240</u> |

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The Fund intends to elect to defer to its next fiscal year $1,523,692 of ordinary losses recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $2821906 | $- |
| **Long-term Capital Gains**  | <u>73549907</u> | <u>-</u> |
| **Total**  | <u>$76371813</u> | <u>$-</u> |

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**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.

**Special Purpose Acquisition Companies.** Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via reorganization, business combination, acquisition or other similar transactions within a designated time frame.

**Private Investment in Public Equity.** Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable. The total amount of commitments outstanding at period end is presented in the table below.

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| | | | |
|:---|:---|:---|:---|
| **Investment to be Acquired** | **Shares** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| Freenome Holdings, Inc. | 54857 | 548570 | - |

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&nbsp;&nbsp;&nbsp;&nbsp;

**Consolidated Subsidiary.** The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

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| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Total Assets** |
| **VIP Health Care Portfolio** | 749754 | .07 |

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The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.

**4. Purchases and Sales of Investments.**

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Health Care Portfolio** | 670735552 | 775346424 |

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**5. Fees and Other Transactions with Affiliates.**

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

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

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

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

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| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

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

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

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| | |
|:---|:---|
| **Service Class 2** | <u>$805703</u> |

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**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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Health Care Portfolio** | 24383 |

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

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Health Care Portfolio** | 64703236 | 54472007 | 5342232 |

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**6. Committed Line of Credit.**

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

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

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

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

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| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Health Care Portfolio** | 1429 |

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**7. Security Lending.** 

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

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| | | | |
|:---|:---|:---|:---|
|  | **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** | 31253 | 6036 | - |

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**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Health Care Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $7757404 | $- |
| Service Class 2 | 22592372 | - |
| Investor Class | <u>46022037</u> | <u>-</u> |
| Total  | <u>$76371813</u> | <u>$</u> <u>-</u> |

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**9. Share Transactions.**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Health Care Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 340586 | 244009 | $11850110 | $8778536 |
| Reinvestment of distributions  | 221336 | - | 7757404 | - |
| Shares redeemed | <u>(706895)</u> | <u>(710335)</u> | <u>(24291416)</u> | <u>(25950391)</u> |
| Net increase (decrease) | <u>(144973)</u> | <u>(466326)</u> | <u>$(4683902)</u> | <u>$(17171855)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1611091 | 1439718 | $53085439 | $51897828 |
| Reinvestment of distributions  | 654935 | - | 22592372 | - |
| Shares redeemed | <u>(1789222)</u> | <u>(1363684)</u> | <u>(62440745)</u> | <u>(49794229)</u> |
| Net increase (decrease) | <u>476804</u> | <u>76034</u> | <u>$13237066</u> | <u>$2103599</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 904324 | 350420 | $31583922 | $12633468 |
| Reinvestment of distributions  | 1333805 | - | 46022037 | - |
| Shares redeemed | <u>(3373461)</u> | <u>(3838419)</u> | <u>(112418041)</u> | <u>(138907685)</u> |
| Net increase (decrease) | <u>(1135332)</u> | <u>(3487999)</u> | <u>$(34812082)</u> | <u>$(126274217)</u> |

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**10. Other.**

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

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %**  | **Number ofUnaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Health Care Portfolio | 66% | 1 | 29% |

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**11. Risk and Uncertainties.**

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

**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 consolidated statement of assets and liabilities, including the consolidated schedule of investments, of VIP Health Care Portfolio and its subsidiary (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the " consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 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 11, 2026

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

**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, 2025, $90,207,873, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class, Service Class 2, and Investor Class designate 100% of the dividend distributed in December 2025, as qualifying for the dividends-received deduction for corporate shareholders.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123132_4.jpg)<br>

1.817373.120 VHCIC-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Financials Portfolio**

**Annual Report**

**December 31, 2025**

![](img123141_1.jpg)

![](img123141_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VFSIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Financials Portfolio](#Sub_Sec_Fund_765_VFSIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements765_VFSIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VFSIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VFSIC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VFSIC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VFSIC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VFSIC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VFSIC-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Financials Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Insurance - 0.8% |  |  |
| AUB Group Ltd  | 122220 | 2512156 |
| FRANCE - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Capital Markets - 1.2% |  |  |
| Amundi SA (c)(d) | 47200 | 3916142 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Patria Investments Ltd Class A (a) | 187200 | 2974608 |
| MEXICO - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| Bolsa Mexicana de Valores SAB de CV  | 693600 | 1425910 |
| PUERTO RICO - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Popular Inc  | 26300 | 3274876 |
| UNITED KINGDOM - 2.0%  |  |  |
| Financials - 2.0% |  |  |
| Insurance - 2.0% |  |  |
| Hiscox Ltd  | 218000 | 4181530 |
| Lancashire Holdings Ltd  | 272547 | 2354904 |
| TOTAL UNITED KINGDOM |  | 6536434 |
| UNITED STATES - 93.0%  |  |  |
| Financials - 92.2% |  |  |
| Banks - 34.9% |  |  |
| Associated Banc-Corp  | 102800 | 2648128 |
| Bank of America Corp  | 378900 | 20839500 |
| BOK Financial Corp  | 32945 | 3902665 |
| Citigroup Inc  | 101800 | 11879042 |
| East West Bancorp Inc  | 20900 | 2348951 |
| Eastern Bankshares Inc  | 159200 | 2934056 |
| First Hawaiian Inc  | 69900 | 1768470 |
| First Interstate BancSystem Inc Class A (a) | 98169 | 3396647 |
| Huntington Bancshares Inc/OH  | 670 | 11625 |
| KeyCorp  | 141900 | 2928816 |
| M&T Bank Corp  | 25230 | 5083340 |
| Old National Bancorp/IN  | 184400 | 4113964 |
| TriCo Bancshares  | 51100 | 2420607 |
| Truist Financial Corp  | 130000 | 6397300 |
| UMB Financial Corp  | 30795 | 3542657 |
| United Community Bank/SC  | 55400 | 1729588 |
| US Bancorp  | 109100 | 5821576 |
| Wells Fargo & Co  | 257477 | 23996857 |
| WesBanco Inc  | 55900 | 1858116 |
| Wintrust Financial Corp  | 18000 | 2516760 |
| Zions Bancorp NA  | 25700 | 1504478 |
|  |  | 111643143 |
| Capital Markets - 22.0% |  |  |
| AllianceBernstein Holding LP  | 61500 | 2366520 |
| Blue Owl Capital Inc Class A (a) | 276800 | 4135392 |
| Carlyle Group Inc/The  | 40200 | 2376222 |
| Charles Schwab Corp/The  | 98400 | 9831144 |
| Lazard Inc  | 77100 | 3743976 |
| MarketAxess Holdings Inc  | 20500 | 3715625 |
| Moody's Corp  | 9700 | 4955245 |
| Morgan Stanley  | 48000 | 8521440 |
| Nasdaq Inc  | 54000 | 5245020 |
| Northern Trust Corp  | 19500 | 2663505 |
| Perella Weinberg Partners Class A  | 63003 | 1089952 |
| Raymond James Financial Inc  | 18750 | 3011063 |
| State Street Corp  | 80000 | 10320800 |
| Stifel Financial Corp  | 29900 | 3744078 |
| Virtu Financial Inc Class A  | 128500 | 4281620 |
| Wealthfront Corp (b) | 35200 | 478367 |
|  |  | 70479969 |
| Consumer Finance - 4.3% |  |  |
| Capital One Financial Corp  | 28538 | 6916470 |
| FirstCash Holdings Inc  | 20338 | 3241470 |
| SLM Corp  | 136600 | 3696396 |
|  |  | 13854336 |
| Financial Services - 16.2% |  |  |
| Apollo Global Management Inc  | 57888 | 8379867 |
| Corpay Inc (b) | 15900 | 4784787 |
| Essent Group Ltd  | 54384 | 3535504 |
| Mastercard Inc Class A  | 53200 | 30370816 |
| PayPal Holdings Inc  | 300 | 17514 |
| Voya Financial Inc  | 63300 | 4715217 |
|  |  | 51803705 |
| Insurance - 14.8% |  |  |
| American Financial Group Inc/OH  | 28800 | 3936384 |
| Arthur J Gallagher & Co  | 16500 | 4270035 |
| Assurant Inc  | 21900 | 5274615 |
| Baldwin Insurance Group Inc/The Class A (a)(b) | 106480 | 2558714 |
| Brown & Brown Inc  | 50800 | 4048760 |
| Chubb Ltd  | 26300 | 8208756 |
| First American Financial Corp  | 59800 | 3674112 |
| Neptune Insurance Holdings Inc Class A  | 300 | 8748 |
| Reinsurance Group of America Inc  | 59202 | 12045240 |
| Selective Insurance Group Inc  | 42614 | 3565513 |
|  |  | 47590877 |
| TOTAL FINANCIALS |  | 295372030 |
| Industrials - 0.8% |  |  |
| Professional Services - 0.8% |  |  |
| TransUnion  | 28500 | 2443875 |
| TOTAL UNITED STATES |  | 297815905 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $216,775,958) |  | <br> **318456031** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 2552555 | 2553065 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.77 | 8941509 | 8942403 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $11,495,693) |  |  | **11495468** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.9%**<br> (Cost $228,271,651)<br>| <br>**329951499** |
| **NET OTHER ASSETS (LIABILITIES) - (2.9)%**  | **(9399277)** |
| **NET ASSETS - 100.0%** | **320552222** |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,916,142 or 1.2% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $3,916,142 or 1.2% of net assets.

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

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

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3680917 | 62338423 | 63465995 | 41861 | (54) | (226) | 2553065 | 2552555 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 5264250 | 102840322 | 99161772 | 36616 | (397) | - | 8942403 | 8941509 | 0.0% |
| Total | 8945167 | 165178745 | 162627767 | 78477 | (451) | (226) | 11495468 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Financials | 316012156 | 316012156 | - | - |
| Industrials | 2443875 | 2443875 | - | - |
|  **Money Market Funds** | 11495468 | 11495468 | - | - |
| **Total Investments in Securities:** | 329951499 | 329951499 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $8,613,876) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $216,775,958) | $318456031 |  |
| Fidelity Central Funds (cost $11,495,693) | 11495468 |  |
| Total Investment in Securities (cost $228,271,651) |  | $329951499 |
| Foreign currency held at value (cost $2) |  | 5 |
| Receivable for fund shares sold |  | 57 |
| Dividends receivable |  | 164408 |
| Distributions receivable from Fidelity Central Funds |  | 4045 |
| Prepaid expenses |  | 267 |
| Other receivables |  | 201 |
| **Total assets** |  | 330120482 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $403433 |  |
| Accrued management fee | 171757 |  |
| Distribution and service plan fees payable | 919 |  |
| Other payables and accrued expenses | 49351 |  |
| Collateral on securities loaned | 8942800 |  |
| **Total liabilities** |  | 9568260 |
| **Net Assets**  |  | $320552222 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $206075739 |
| Total accumulated earnings (loss) |  | 114476483 |
| **Net Assets** |  | $320552222 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($32,092,237 ÷ 1,565,196 shares) |  | $20.50 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,438,289 ÷ 217,882 shares) |  | $20.37 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($284,021,696 ÷ 13,958,965 shares) |  | $20.35 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $7008575 |
| Income from Fidelity Central Funds (including $36,616 from security lending)  |  | 78477 |
| **Total income** |  | 7087052 |
| **Expenses** |  |  |
| Management fee | $2036940 |  |
| Distribution and service plan fees | 9605 |  |
| Custodian fees and expenses | 28461 |  |
| Independent trustees' fees and expenses | 1227 |  |
| Audit fees | 44528 |  |
| Legal | 538 |  |
| Miscellaneous | 967 |  |
| **Total expenses** |  | 2122266 |
| **Net Investment income (loss)** |  | 4964786 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17065609 |  |
| Fidelity Central Funds | (451) |  |
| Foreign currency transactions | (10693) |  |
| Total net realized gain (loss) |  | 17054465 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19894360 |  |
| Fidelity Central Funds  | (226) |  |
| Assets and liabilities in foreign currencies | 669 |  |
| Total change in net unrealized appreciation (depreciation) |  | 19894803 |
| **Net gain (loss)** |  | 36949268 |
| **Net increase (decrease) in net assets resulting from operations** |  | $41914054 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4964786 | $4378602 |
| &nbsp;&nbsp;Net realized gain (loss) | 17054465<br>| 14441383<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 19894803 | 44400886<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 41914054<br>| 63220871<br>|
| Distributions to shareholders | (18401385)<br>| (13571578)<br>|
| Share transactions - net increase (decrease) | 1518306<br>| 43779566<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 25030975<br>| 93428859<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 295521247 | 202092388<br>|
| &nbsp;&nbsp;End of period | $320552222 | $295521247 |

---

**Financial Highlights** 

**VIP Financials Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.87 | $15.02 | $14.01 | $15.82 | $12.38 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .32  | .33  | .33  | .30  | .32  |
| Net realized and unrealized gain (loss)  | 2.48  | 4.47  | 1.68  | (1.57)  | 3.71  |
| Total from investment operations  | 2.80  | 4.80  | 2.01  | (1.27)  | 4.03  |
| Distributions from net investment income  | (.34)  | (.30)  | (.37)  | (.29)  | (.27)  |
| Distributions from net realized gain  | (.82)  | (.65)  | (.62)  | (.25)  | (.32)  |
| Total distributions  | (1.17) C | (.95)  | (1.00) C | (.54)  | (.59)  |
| Net asset value, end of period  | $20.50 | $18.87 | $15.02 | $14.01 | $15.82 |
| **Total Return** D,E | 15.18% <br>| 32.73%  | 14.73%  | (8.33)%  | 33.19%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .60%  | .62%  | .67%  | .65%  | .65%  |
| Expenses net of fee waivers, if any  | .60% <br>| .62%  | .66%  | .65%  | .65%  |
| Expenses net of all reductions, if any  | .60%  | .62%  | .66%  | .65%  | .65%  |
| Net investment income (loss)  | 1.66%  | 1.97%  | 2.44%  | 2.06%  | 2.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32092 | $33783 | $23853 | $29116 | $35491 |
| Portfolio turnover rate H | 46% <br>| 37%  | 56%  | 53%  | 40%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Financials Portfolio Service Class 2**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $18.79 | $15.00 | $13.36 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .27  | .30  | .12  |
| Net realized and unrealized gain (loss)  | 2.46  | 4.45  | 1.82  |
| Total from investment operations  | 2.73  | 4.75  | 1.94  |
| Distributions from net investment income  | (.33)  | (.32)  | (.30)  |
| Distributions from net realized gain  | (.82)  | (.65)  | -  |
| Total distributions  | (1.15)  | (.96) D | (.30)  |
| Net asset value, end of period  | $20.37 | $18.79 | $15.00 |
| **Total Return** E,F,G | 14.89% <br>| 32.46%  | 14.69%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |
| Expenses before reductions  | .85%  | .86%  | .92% J |
| Expenses net of fee waivers, if any  | .85% <br>| .86%  | .92% J |
| Expenses net of all reductions, if any  | .85%  | .86%  | .92% J |
| Net investment income (loss)  | 1.41%  | 1.73%  | 2.30% J |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $4438 | $2533 | $190 |
| Portfolio turnover rate K | 46% <br>| 37%  | 56%  |

---

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

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

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), derivatives or securities that mature within one year from acquisition.*

**VIP Financials Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.75 | $14.92 | $13.93 | $15.73 | $12.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .32  | .32  | .29  | .30  |
| Net realized and unrealized gain (loss)  | 2.46  | 4.45  | 1.65  | (1.56)  | 3.70  |
| Total from investment operations  | 2.76  | 4.77  | 1.97  | (1.27)  | 4.00  |
| Distributions from net investment income  | (.34)  | (.29)  | (.36)  | (.28)  | (.26)  |
| Distributions from net realized gain  | (.82)  | (.65)  | (.62)  | (.25)  | (.32)  |
| Total distributions  | (1.16)  | (.94)  | (.98)  | (.53)  | (.58)  |
| Net asset value, end of period  | $20.35 | $18.75 | $14.92 | $13.93 | $15.73 |
| **Total Return** C,D | 15.08% <br>| 32.74%  | 14.57%  | (8.37)%  | 33.14%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .68%  | .70%  | .75%  | .73%  | .72%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .74%  | .73%  | .72%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .74%  | .73%  | .72%  |
| Net investment income (loss)  | 1.58%  | 1.89%  | 2.37%  | 1.99%  | 2.01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $284022 | $259206 | $178049 | $197400 | $246455 |
| Portfolio turnover rate G | 46% <br>| 37%  | 56%  | 53%  | 40%  |

---

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*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), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

**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, 2025, 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, 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**  | $105721477 |
| **Gross unrealized depreciation**  | <u>(4991386)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$100730091</u> |
| **Tax Cost**  | <u>$229221408</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1015999</u> |
| **Undistributed long-term capital gain**  | <u>$12730598</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$100729889</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $9555416 | $8587933 |
| **Long-term Capital Gains**  | <u>8845969</u> | <u>4983645</u> |
| **Total**  | <u>$18401385</u> | <u>$13571578</u> |

---

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

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Financials Portfolio** | 144112423 | 157367879 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted 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 $9,605.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Financials Portfolio** | 2096 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Financials Portfolio** | 10953026 | 8488330 | 1323200 |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Financials Portfolio** | 414 |

---

**7. Security Lending.**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Financials Portfolio** | 3968 | 2 | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Financials Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $1960548 | $1569580 |
| Service Class 2 | 196187 | 72633 |
| Investor Class | <u>16244650</u> | <u>11929365</u> |
| Total  | <u>$18401385</u> | <u>$13571578</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Financials Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 313582 | 495180 | $5961594 | $9097500 |
| Reinvestment of distributions  | 99873 | 91573 | 1960547 | 1569580 |
| Shares redeemed | <u>(638216)</u> | <u>(385216)</u> | <u>(12054165)</u> | <u>(6268544)</u> |
| Net increase (decrease) | <u>(224761)</u> | <u>201537</u> | <u>$(4132024)</u> | <u>$4398536</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 188334 | 135005 | $3602949 | $2375510 |
| Reinvestment of distributions  | 9561 | 3449 | 187572 | 65417 |
| Shares redeemed | <u>(114821)</u> | <u>(16319)</u> | <u>(2227258)</u> | <u>(293265)</u> |
| Net increase (decrease) | <u>83074</u> | <u>122135</u> | <u>$1563263</u> | <u>$2147662</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 2821735 | 3159866 | $54382110 | $56895955 |
| Reinvestment of distributions  | 833071 | 699691 | 16244650 | 11929365 |
| Shares redeemed | <u>(3523498)</u> | <u>(1962486)</u> | <u>(66539693)</u> | <u>(31591952)</u> |
| Net increase (decrease) | <u>131308</u> | <u>1897071</u> | <u>$4087067</u> | <u>$37233368</u> |

---

**10. Other.**

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

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

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| **VIP Financials Portfolio** | 98 |

---

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Financials Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, 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, 2025, 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, 2025 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***

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, 2025 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, 2026

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

**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, 2025, $12,730,598, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $28,301 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Initial Class designates 67%, Service Class 2 designates 68%, and Investor Class designates 68%, of the dividends distributed in December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123141_4.jpg)<br>

1.817367.121 VFSIC-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Energy Portfolio**

**Annual Report**

**December 31, 2025**

![](img123143_1.jpg)

![](img123143_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VNRIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Energy Portfolio](#Sub_Sec_Fund_155_VNRIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements155_VNRIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VNRIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VNRIC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VNRIC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VNRIC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VNRIC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VNRIC-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Energy Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 9.5%  |  |  |
| Energy - 9.5% |  |  |
| Oil, Gas & Consumable Fuels - 9.5% |  |  |
| Canadian Natural Resources Ltd  | 604260 | 20467048 |
| Cenovus Energy Inc  | 1242600 | 21021582 |
| Imperial Oil Ltd  | 15900 | 1373664 |
| TOTAL CANADA |  | 42862294 |
| FRANCE - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Vallourec SACA  | 35300 | 650892 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Odfjell Drilling Ltd  | 170300 | 1478299 |
| UNITED KINGDOM - 3.8%  |  |  |
| Energy - 3.8% |  |  |
| Energy Equipment & Services - 3.8% |  |  |
| Subsea 7 SA  | 38300 | 772079 |
| TechnipFMC PLC  | 373326 | 16635407 |
| TOTAL UNITED KINGDOM |  | 17407486 |
| UNITED STATES - 86.0%  |  |  |
| Energy - 83.4% |  |  |
| Energy Equipment & Services - 10.0% |  |  |
| Baker Hughes Co Class A  | 274300 | 12491622 |
| National Energy Services Reunited Corp (a) | 1034955 | 16207395 |
| SLB Ltd  | 433549 | 16639611 |
|  |  | 45338628 |
| Oil, Gas & Consumable Fuels - 73.4% |  |  |
| Antero Resources Corp (a) | 202460 | 6976772 |
| California Resources Corp  | 32000 | 1430720 |
| Cheniere Energy Inc  | 91790 | 17843058 |
| Chevron Corp  | 269774 | 41116255 |
| Chord Energy Corp  | 22815 | 2114951 |
| ConocoPhillips  | 131409 | 12301196 |
| Diamondback Energy Inc  | 87900 | 13214007 |
| Energy Transfer LP  | 1189330 | 19612052 |
| Expand Energy Corp  | 54400 | 6003584 |
| Exxon Mobil Corp  | 937625 | 112833793 |
| Kinder Morgan Inc  | 81400 | 2237686 |
| Marathon Petroleum Corp  | 125476 | 20406162 |
| Northern Oil & Gas Inc  | 16450 | 353181 |
| Occidental Petroleum Corp  | 221970 | 9127406 |
| Ovintiv Inc  | 210460 | 8247927 |
| Permian Resources Corp Class A  | 338400 | 4747752 |
| Phillips 66  | 45332 | 5849641 |
| Range Resources Corp  | 175160 | 6176142 |
| Targa Resources Corp  | 66500 | 12269250 |
| Valero Energy Corp  | 116720 | 19000849 |
| Venture Global Inc Class A (b) | 252500 | 1722050 |
| Williams Cos Inc/The  | 138200 | 8307202 |
|  |  | 331891636 |
| TOTAL ENERGY |  | 377230264 |
| Utilities - 2.6% |  |  |
| Independent Power and Renewable Electricity Producers - 2.6% |  |  |
| Vistra Corp  | 71929 | 11604306 |
| TOTAL UNITED STATES |  | 388834570 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $249,421,556) |  | <br> **451233541** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.79 | 787916 | 788074 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.77 | 1783457 | 1783635 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,571,709) |  |  | **2571709** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $251,993,265)<br>| <br>**453805250** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(1205003)** |
| **NET ASSETS - 100.0%** | **452600247** |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1125259 | 64604298 | 64941488 | 59479 | 5 | - | 788074 | 787916 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 4665551 | 218321832 | 221204907 | 26301 | 1159 | - | 1783635 | 1783457 | 0.0% |
| Total | 5790810 | 282926130 | 286146395 | 85780 | 1164 | - | 2571709 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Energy | 439629235 | 439629235 | - | - |
| Utilities | 11604306 | 11604306 | - | - |
|  **Money Market Funds** | 2571709 | 2571709 | - | - |
| **Total Investments in Securities:** | 453805250 | 453805250 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,674,992) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $249,421,556) | $451233541 |  |
| Fidelity Central Funds (cost $2,571,709) | 2571709 |  |
| Total Investment in Securities (cost $251,993,265) |  | $453805250 |
| Cash |  | 4180 |
| Foreign currency held at value (cost $28,535) |  | 28536 |
| Receivable for investments sold |  | 4819144 |
| Receivable for fund shares sold |  | 331045 |
| Dividends receivable |  | 531344 |
| Distributions receivable from Fidelity Central Funds |  | 7770 |
| Prepaid expenses |  | 365 |
| Other receivables |  | 7843 |
| **Total assets** |  | 459535477 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4715274 |  |
| Payable for fund shares redeemed | 113553 |  |
| Accrued management fee | 232401 |  |
| Distribution and service plan fees payable | 47913 |  |
| Other payables and accrued expenses | 45489 |  |
| Collateral on securities loaned | 1780600 |  |
| **Total liabilities** |  | 6935230 |
| **Net Assets**  |  | $452600247 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $263601880 |
| Total accumulated earnings (loss) |  | 188998367 |
| **Net Assets** |  | $452600247 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($37,885,313 ÷ 1,388,734 shares) |  | $27.28 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($229,053,512 ÷ 8,452,946 shares) |  | $27.10 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($185,661,422 ÷ 6,819,706 shares) |  | $27.22 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $12200615 |
| Income from Fidelity Central Funds (including $26,301 from security lending)  |  | 85780 |
| **Total income** |  | 12286395 |
| **Expenses** |  |  |
| Management fee | $2772316 |  |
| Distribution and service plan fees | 552197 |  |
| Custodian fees and expenses | 26875 |  |
| Independent trustees' fees and expenses | 1794 |  |
| Audit fees | 43233 |  |
| Legal | 472 |  |
| Miscellaneous | 5795 |  |
| **Total expenses** |  | 3402682 |
| **Net Investment income (loss)** |  | 8883713 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17916990 |  |
| Fidelity Central Funds | 1164 |  |
| Foreign currency transactions | 2511 |  |
| Total net realized gain (loss) |  | 17920665 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 16771243 |  |
| Assets and liabilities in foreign currencies | 3374 |  |
| Total change in net unrealized appreciation (depreciation) |  | 16774617 |
| **Net gain (loss)** |  | 34695282 |
| **Net increase (decrease) in net assets resulting from operations** |  | $43578995 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8883713 | $9260856 |
| &nbsp;&nbsp;Net realized gain (loss) | 17920665<br>| 32904738<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 16774617 | (20897389)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 43578995<br>| 21268205<br>|
| Distributions to shareholders | (9079396)<br>| (10761828)<br>|
| Share transactions - net increase (decrease) | (38305493)<br>| (78705302)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (3805894)<br>| (68198925)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 456406141 | 524605066<br>|
| &nbsp;&nbsp;End of period | $452600247 | $456406141 |

---

**Financial Highlights** 

**VIP Energy Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.19 | $24.73 | $25.16 | $15.77 | $10.41 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .55  | .52  | .52  | .69  | .48 C |
| Net realized and unrealized gain (loss)  | 2.12  | .55  | (.27)  | 9.26  | 5.24  |
| Total from investment operations  | 2.67  | 1.07  | .25  | 9.95  | 5.72  |
| Distributions from net investment income  | (.58)  | (.61)  | (.68)  | (.56)  | (.36)  |
| Total distributions  | (.58)  | (.61)  | (.68)  | (.56)  | (.36)  |
| Net asset value, end of period  | $27.28 | $25.19 | $24.73 | $25.16 | $15.77 |
| **Total Return** D,E | 10.59% <br>| 4.30%  | .98%  | 63.18%  | 55.35%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .60%  | .60%  | .65%  | .64%  | .65%  |
| Expenses net of fee waivers, if any  | .60% <br>| .60%  | .64%  | .64%  | .65%  |
| Expenses net of all reductions, if any  | .60%  | .60%  | .64%  | .64%  | .65%  |
| Net investment income (loss)  | 2.13%  | 1.94%  | 2.09%  | 3.02%  | 3.35% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $37885 | $40600 | $50598 | $101150 | $30777 |
| Portfolio turnover rate H | 13% <br>| 17%  | 24%  | 50%  | 65%  |

---

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 $.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.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Energy Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.03 | $24.59 | $25.03 | $15.69 | $10.37 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .48  | .45  | .46  | .62  | .44 C |
| Net realized and unrealized gain (loss)  | 2.11  | .55  | (.29)  | 9.23  | 5.21  |
| Total from investment operations  | 2.59  | 1.00  | .17  | 9.85  | 5.65  |
| Distributions from net investment income  | (.52)  | (.56)  | (.61)  | (.51)  | (.33)  |
| Total distributions  | (.52)  | (.56)  | (.61)  | (.51)  | (.33)  |
| Net asset value, end of period  | $27.10 | $25.03 | $24.59 | $25.03 | $15.69 |
| **Total Return** D,E | 10.34% <br>| 4.02%  | .70%  | 62.87%  | 54.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .85%  | .86%  | .90%  | .89%  | .90%  |
| Expenses net of fee waivers, if any  | .85% <br>| .85%  | .89%  | .88%  | .90%  |
| Expenses net of all reductions, if any  | .85%  | .85%  | .89%  | .88%  | .90%  |
| Net investment income (loss)  | 1.88%  | 1.68%  | 1.84%  | 2.77%  | 3.10% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $229054 | $214946 | $214391 | $259298 | $120827 |
| Portfolio turnover rate H | 13% <br>| 17%  | 24%  | 50%  | 65%  |

---

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 $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.72%.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Energy Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.13 | $24.67 | $25.10 | $15.73 | $10.39 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .53  | .50  | .50  | .67  | .47 C |
| Net realized and unrealized gain (loss)  | 2.11  | .54  | (.27)  | 9.25  | 5.22  |
| Total from investment operations  | 2.64  | 1.04  | .23  | 9.92  | 5.69  |
| Distributions from net investment income  | (.55)  | (.58)  | (.66)  | (.55)  | (.35)  |
| Total distributions  | (.55)  | (.58)  | (.66)  | (.55)  | (.35)  |
| Net asset value, end of period  | $27.22 | $25.13 | $24.67 | $25.10 | $15.73 |
| **Total Return** D,E | 10.49% <br>| 4.20%  | .91%  | 63.13%  | 55.16%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .68%  | .68%  | .72%  | .71%  | .72%  |
| Expenses net of fee waivers, if any  | .68% <br>| .68%  | .72%  | .71%  | .72%  |
| Expenses net of all reductions, if any  | .68%  | .68%  | .72%  | .71%  | .72%  |
| Net investment income (loss)  | 2.05%  | 1.86%  | 2.01%  | 2.94%  | 3.28% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $185661 | $200860 | $259615 | $417415 | $162978 |
| Portfolio turnover rate H | 13% <br>| 17%  | 24%  | 50%  | 65%  |

---

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 $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.90%.*

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), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

**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, 2025, 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, 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**  | $204921306 |
| **Gross unrealized depreciation**  | <u>(5659602)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$199261704</u> |
| **Tax Cost**  | <u>$254543546</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2436181</u> |
| **Capital loss carryforward**  | <u>$(11586650)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$198148836</u> |

---

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 | $(11586650) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(11586650)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $9079396 | $10761828 |

---

**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** | 58716194 | 95442634 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted 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 $552,197.

**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 Energy Portfolio** | 2510 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Energy Portfolio** | 1352394 | 5710545 | 2445301 |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Energy Portfolio** | 630 |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Energy Portfolio** | 2837 | 298 | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Energy Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $827948 | $1052941 |
| Service Class 2 | 4375372 | 4693702 |
| Investor Class | <u>3876076</u> | <u>5015185</u> |
| Total  | <u>$9079396</u> | <u>$10761828</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Energy Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 181075 | 242182 | $4759799 | $6739312 |
| Reinvestment of distributions  | 30321 | 41148 | 827948 | 1052941 |
| Shares redeemed | <u>(434608)</u> | <u>(717682)</u> | <u>(11216108)</u> | <u>(18798653)</u> |
| Net increase (decrease) | <u>(223212)</u> | <u>(434352)</u> | <u>$(5628361)</u> | <u>$(11006400)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1983608 | 2122685 | $51039064 | $56304539 |
| Reinvestment of distributions  | 161035 | 184277 | 4375372 | 4693702 |
| Shares redeemed | <u>(2278704)</u> | <u>(2438807)</u> | <u>(58781771)</u> | <u>(64015182)</u> |
| Net increase (decrease) | <u>(134061)</u> | <u>(131845)</u> | <u>$(3367335)</u> | <u>$(3016941)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 738131 | 938328 | $19440690 | $26062099 |
| Reinvestment of distributions  | 142320 | 196659 | 3876076 | 5015185 |
| Shares redeemed | <u>(2053531)</u> | <u>(3666372)</u> | <u>(52626563)</u> | <u>(95759245)</u> |
| Net increase (decrease) | <u>(1173080)</u> | <u>(2531385)</u> | <u>$(29309797)</u> | <u>$(64681961)</u> |

---

**10. Other.**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Energy Portfolio | 49 | 1 | 27 |

---

**11. Risk and Uncertainties.**

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

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 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 11, 2026

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

**Distributions** **(Unaudited)**

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

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123143_4.jpg)<br>

1.817379.120 VNRIC-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Consumer Staples Portfolio**

**Annual Report**

**December 31, 2025**

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**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VCSP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Consumer Staples Portfolio](#Sub_Sec_Fund_1839_VCSP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1839_VCSP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VCSP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VCSP-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VCSP-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VCSP-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VCSP-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VCSP-ANN)** |

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Consumer Staples Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| UNITED KINGDOM - 4.7%  |  |  |
| Consumer Staples - 4.7% |  |  |
| Beverages - 1.8% |  |  |
| Diageo PLC  | 172200 | 3710551 |
| Food Products - 0.5% |  |  |
| Nomad Foods Ltd (d) | 87941 | 1100141 |
| Tobacco - 2.4% |  |  |
| British American Tobacco PLC ADR  | 85300 | 4829686 |
| TOTAL UNITED KINGDOM |  | 9640378 |
| UNITED STATES - 95.0%  |  |  |
| Consumer Staples - 95.0% |  |  |
| Beverages - 31.6% |  |  |
| Boston Beer Co Inc/The Class A (b)(d) | 22550 | 4400182 |
| Brown-Forman Corp Class B (d) | 20100 | 523805 |
| Coca-Cola Co/The  | 421038 | 29434767 |
| Constellation Brands Inc Class A  | 39316 | 5424035 |
| Keurig Dr Pepper Inc  | 605873 | 16970503 |
| Monster Beverage Corp (b) | 33578 | 2574425 |
| PepsiCo Inc  | 21302 | 3057263 |
| Primo Brands Corp Class A (d) | 150600 | 2462310 |
|  |  | 64847290 |
| Consumer Staples Distribution & Retail - 27.2% |  |  |
| Albertsons Cos Inc Class A (d) | 228900 | 3930213 |
| BJ's Wholesale Club Holdings Inc (b)(d) | 34100 | 3070023 |
| Costco Wholesale Corp  | 20100 | 17333034 |
| Grocery Outlet Holding Corp (b) | 54500 | 550450 |
| Kroger Co/The  | 53000 | 3311440 |
| Sprouts Farmers Market Inc (b) | 13000 | 1035710 |
| Target Corp  | 80913 | 7909246 |
| US Foods Holding Corp (b)(d) | 38600 | 2907352 |
| Walmart Inc  | 141527 | 15767523 |
|  |  | 55814991 |
| Food Products - 11.0% |  |  |
| Bunge Global SA  | 48207 | 4294280 |
| Darling Ingredients Inc (b) | 29300 | 1054800 |
| Freshpet Inc (b)(d) | 39000 | 2376270 |
| JM Smucker Co  | 30600 | 2992986 |
| Lamb Weston Holdings Inc  | 32452 | 1359414 |
| Mondelez International Inc  | 157361 | 8470743 |
| Simply Good Foods Co/The (b) | 16500 | 331320 |
| TreeHouse Foods Inc (b) | 70716 | 1668190 |
|  |  | 22548003 |
| Household Products - 15.4% |  |  |
| Colgate-Palmolive Co  | 2600 | 205452 |
| Energizer Holdings Inc (d) | 355187 | 7064669 |
| Kimberly-Clark Corp  | 17600 | 1775664 |
| Procter & Gamble Co/The  | 155475 | 22281123 |
| Reynolds Consumer Products Inc  | 11086 | 254091 |
|  |  | 31580999 |
| Personal Care Products - 6.4% |  |  |
| BellRing Brands Inc (b) | 12900 | 344817 |
| Edgewell Personal Care Co (d) | 23300 | 397265 |
| Estee Lauder Cos Inc/The Class A  | 25145 | 2633184 |
| Herbalife Ltd (b)(d) | 40800 | 525912 |
| Kenvue Inc  | 540386 | 9321659 |
|  |  | 13222837 |
| Tobacco - 3.4% |  |  |
| JUUL Labs Inc Class A (a)(b)(c) | 746394 | 1418149 |
| Philip Morris International Inc  | 34543 | 5540697 |
|  |  | 6958846 |
| TOTAL UNITED STATES |  | 194972966 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $172,348,336) |  | <br> **204613344** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.0%** | &nbsp;&nbsp;**Money Market Funds - 6.0%** | &nbsp;&nbsp;**Money Market Funds - 6.0%** | &nbsp;&nbsp;**Money Market Funds - 6.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 31928 | 31934 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.77 | 12228531 | 12229754 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $12,261,691) |  |  | **12261688** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.7%**<br> (Cost $184,610,027)<br>| <br>**216875032** |
| **NET OTHER ASSETS (LIABILITIES) - (5.7)%**  | **(11704248)** |
| **NET ASSETS - 100.0%** | **205170784** |

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**Legend**

(a) Level 3 security.

(b) Non-income producing.

(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 $1,418,149 or 0.7% of net assets.

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| JUUL Labs Inc Class A | 2/23/2024 | 757567 |

---

**Affiliated Central Funds**

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 27298539 | 27266586 | 18231 | (16) | (3) | 31934 | 31928 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1952345 | 139028151 | 128750372 | 7686 | (370) | - | 12229754 | 12228531 | 0.0% |
| Total | 1952345 | 166326690 | 156016958 | 25917 | (386) | (3) | 12261688 |  |  |

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Staples | 204613344 | 199484644 | 3710551 | 1418149 |
|  **Money Market Funds** | 12261688 | 12261688 | - | - |
| **Total Investments in Securities:** | 216875032 | 211746332 | 3710551 | 1418149 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $16,452,080) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $172,348,336) | $204613344 |  |
| Fidelity Central Funds (cost $12,261,691) | 12261688 |  |
| Total Investment in Securities (cost $184,610,027) |  | $216875032 |
| Cash |  | 105612 |
| Foreign currency held at value (cost $138) |  | 139 |
| Receivable for investments sold |  | 337565 |
| Receivable for fund shares sold |  | 264089 |
| Dividends receivable |  | 284955 |
| Distributions receivable from Fidelity Central Funds |  | 2586 |
| Prepaid expenses |  | 179 |
| **Total assets** |  | 217870157 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $306285 |  |
| Payable for fund shares redeemed | 962 |  |
| Accrued management fee | 112518 |  |
| Distribution and service plan fees payable | 270 |  |
| Other payables and accrued expenses | 49609 |  |
| Collateral on securities loaned | 12229729 |  |
| **Total liabilities** |  | 12699373 |
| **Net Assets**  |  | $205170784 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $167784860 |
| Total accumulated earnings (loss) |  | 37385924 |
| **Net Assets** |  | $205170784 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($20,805,383 ÷ 1,193,975 shares) |  | $17.43 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,292,580 ÷ 74,594 shares) |  | $17.33 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($183,072,821 ÷ 10,572,803 shares) |  | $17.32 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $5752324 |
| Income from Fidelity Central Funds (including $7,686 from security lending)  |  | 25917 |
| **Total income** |  | 5778241 |
| **Expenses** |  |  |
| Management fee | $1423766 |  |
| Distribution and service plan fees | 2582 |  |
| Custodian fees and expenses | 25582 |  |
| Independent trustees' fees and expenses | 882 |  |
| Audit fees | 45975 |  |
| Legal | 1304 |  |
| Miscellaneous | 807 |  |
| **Total expenses** |  | 1500898 |
| **Net Investment income (loss)** |  | 4277343 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6453126 |  |
| Fidelity Central Funds | (386) |  |
| Foreign currency transactions | 5259 |  |
| Total net realized gain (loss) |  | 6457999 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (17696018) |  |
| Fidelity Central Funds  | (3) |  |
| Assets and liabilities in foreign currencies | 26 |  |
| Total change in net unrealized appreciation (depreciation) |  | (17695995) |
| **Net gain (loss)** |  | (11237996) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(6960653) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4277343 | $4971955 |
| &nbsp;&nbsp;Net realized gain (loss) | 6457999<br>| 13439197<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (17695995) | (4892330)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (6960653)<br>| 13518822<br>|
| Distributions to shareholders | (17474606)<br>| (11776963)<br>|
| Share transactions - net increase (decrease) | (5473038)<br>| (28377714)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (29908297)<br>| (26635855)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 235079081 | 261714936<br>|
| &nbsp;&nbsp;End of period | $205170784 | $235079081 |

---

**Financial Highlights** 

**VIP Consumer Staples Portfolio Initial Class**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.52 | $19.40 | $19.46 | $21.13 | $19.84 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .41  | .38  | .35  | .38  |
| Net realized and unrealized gain (loss)  | (.96)  | .65  | .21  | (.48)  | 2.27  |
| Total from investment operations  | (.59)  | 1.06  | .59  | (.13)  | 2.65  |
| Distributions from net investment income  | (.36)  | (.48) C | (.39)  | (.35)  | (.40)  |
| Distributions from net realized gain  | (1.14)  | (.47) C | (.27)  | (1.19)  | (.96)  |
| Total distributions  | (1.50)  | (.94) D | (.65) D | (1.54)  | (1.36)  |
| Net asset value, end of period  | $17.43 | $19.52 | $19.40 | $19.46 | $21.13 |
| **Total Return** E,F | (2.98)% <br>| 5.57%  | 3.14%  | (.62)%  | 14.24%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .61%  | .62%  | .65%  | .65%  | .65%  |
| Expenses net of fee waivers, if any  | .61% <br>| .62%  | .65%  | .65%  | .65%  |
| Expenses net of all reductions, if any  | .61%  | .62%  | .65%  | .65%  | .65%  |
| Net investment income (loss)  | 2.03%  | 2.06%  | 1.94%  | 1.84%  | 1.89%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $20805 | $22401 | $23583 | $26707 | $22366 |
| Portfolio turnover rate I | 55% <br>| 46%  | 53%  | 46%  | 64%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Consumer Staples Portfolio Service Class 2**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $19.45 | $19.38 | $20.26 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .32  | .36  | .15  |
| Net realized and unrealized gain (loss)  | (.95)  | .65  | (.45)  |
| Total from investment operations  | (.63)  | 1.01  | (.30)  |
| Distributions from net investment income  | (.35)  | (.47) D | (.32)  |
| Distributions from net realized gain  | (1.14)  | (.47) D | (.27)  |
| Total distributions  | (1.49)  | (.94)  | (.58) E |
| Net asset value, end of period  | $17.33 | $19.45 | $19.38 |
| **Total Return** F,G,H | (3.23)% <br>| 5.29%  | (1.37)%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |
| Expenses before reductions  | .86%  | .88%  | .91% K |
| Expenses net of fee waivers, if any  | .86% <br>| .88%  | .91% K |
| Expenses net of all reductions, if any  | .86%  | .88%  | .91% K |
| Net investment income (loss)  | 1.78%  | 1.81%  | 2.11% K |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $1293 | $785 | $339 |
| Portfolio turnover rate L | 55% <br>| 46%  | 53%  |

---

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

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*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 distributions per share do not sum due to rounding.*

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

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

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

I*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*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.*

K*Annualized.*

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

**VIP Consumer Staples Portfolio Investor Class**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.40 | $19.29 | $19.35 | $21.02 | $19.75 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .39  | .36  | .34  | .37  |
| Net realized and unrealized gain (loss)  | (.94)  | .65  | .22  | (.48)  | 2.24  |
| Total from investment operations  | (.59)  | 1.04  | .58  | (.14)  | 2.61  |
| Distributions from net investment income  | (.34)  | (.46) C | (.37)  | (.34)  | (.38)  |
| Distributions from net realized gain  | (1.14)  | (.47) C | (.27)  | (1.19)  | (.96)  |
| Total distributions  | (1.49) D | (.93)  | (.64)  | (1.53)  | (1.34)  |
| Net asset value, end of period  | $17.32 | $19.40 | $19.29 | $19.35 | $21.02 |
| **Total Return** E,F | (3.04)% <br>| 5.45%  | 3.08%  | (.69)%  | 14.11%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .69%  | .70%  | .73%  | .73%  | .73%  |
| Expenses net of fee waivers, if any  | .69% <br>| .70%  | .72%  | .73%  | .73%  |
| Expenses net of all reductions, if any  | .69%  | .70%  | .72%  | .73%  | .73%  |
| Net investment income (loss)  | 1.95%  | 1.99%  | 1.86%  | 1.76%  | 1.81%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $183073 | $211893 | $237792 | $265098 | $237025 |
| Portfolio turnover rate I | 55% <br>| 46%  | 53%  | 46%  | 64%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, 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 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**  | $50370294 |
| **Gross unrealized depreciation**  | <u>(19016170)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$31354124</u> |
| **Tax Cost**  | <u>$185520908</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$700927</u> |
| **Undistributed long-term capital gain**  | <u>$5330937</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$31354061</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $4031249 | $5857949 |
| **Long-term Capital Gains**  | <u>13443357</u> | <u>5919014</u> |
| **Total**  | <u>$17474606</u> | <u>$11776963</u> |

---

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

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Consumer Staples Portfolio** | 120300731 | 139060103 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted 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 $2,582.

**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** | 3353 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Consumer Staples Portfolio** | 11633941 | 9816195 | 324034 |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Consumer Staples Portfolio** | 315 |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Consumer Staples Portfolio** | 813 | 2 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Consumer Staples Portfolio** | 4712099 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Consumer Staples Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $1717910 | $1098844 |
| Service Class 2 | 72273 | 31542 |
| Investor Class | <u>15684423</u> | <u>10646577</u> |
| Total  | <u>$17474606</u> | <u>$11776963</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Consumer Staples Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 297568 | 194171 | $5391627 | $3839736 |
| Reinvestment of distributions  | 97443 | 56616 | 1717910 | 1098844 |
| Shares redeemed | <u>(348798)</u> | <u>(318752)</u> | <u>(6306734)</u> | <u>(6279377)</u> |
| Net increase (decrease) | <u>46213</u> | <u>(67965)</u> | <u>$802803</u> | <u>$(1340797)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 60688 | 54570 | $1099584 | $1078918 |
| Reinvestment of distributions  | 3701 | 1382 | 64913 | 26903 |
| Shares redeemed | <u>(30170)</u> | <u>(33093)</u> | <u>(547605)</u> | <u>(640915)</u> |
| Net increase (decrease) | <u>34219</u> | <u>22859</u> | <u>$616892</u> | <u>$464906</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 573947 | 363998 | $10295958 | $7317181 |
| Reinvestment of distributions  | 895562 | 552601 | 15684423 | 10646577 |
| Shares redeemed | <u>(1818685)</u> | <u>(2323920)</u> | <u>(32873114)</u> | <u>(45465581)</u> |
| Net increase (decrease) | <u>(349176)</u> | <u>(1407321)</u> | <u>$(6892733)</u> | <u>$(27501823)</u> |

---

**10. Other.**

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

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

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| **VIP Consumer Staples Portfolio**  | 95 |

---

**11. Risk and Uncertainties.**

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

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, 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, 2025, 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, 2025 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***

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, 2025 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 11, 2026

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

**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, 2025, $5,336,841, or, if subsequently determined to be different, the net capital gain of such year.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123148_4.jpg)<br>

1.850994.118 VCSP-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Consumer Discretionary Portfolio**

**Annual Report**

**December 31, 2025**

![](img123149_1.jpg)

![](img123149_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VCONIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Consumer Discretionary Portfolio](#Sub_Sec_Fund_767_VCONIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements767_VCONIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VCONIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VCONIC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VCONIC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VCONIC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VCONIC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VCONIC-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Consumer Discretionary Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| MercadoLibre Inc (b) | 1073 | 2161301 |
| CANADA - 2.2%  |  |  |
| Consumer Discretionary - 2.2% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Restaurant Brands International Inc (a) | 32100 | 2190438 |
| Specialty Retail - 1.3% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 34250 | 2928300 |
| TOTAL CANADA |  | 5118738 |
| FRANCE - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 789 | 594698 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (b) | 11534 | 536099 |
| UNITED KINGDOM - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Flutter Entertainment PLC (b) | 5520 | 1187021 |
| UNITED STATES - 95.9%  |  |  |
| Consumer Discretionary - 94.0% |  |  |
| Automobile Components - 2.4% |  |  |
| American Axle & Manufacturing Holdings Inc (a)(b) | 176770 | 1133096 |
| Aptiv PLC (b) | 43700 | 3325133 |
| LCI Industries (a) | 10110 | 1226747 |
|  |  | 5684976 |
| Automobiles - 19.1% |  |  |
| General Motors Co  | 59950 | 4875134 |
| Tesla Inc (b) | 88159 | 39646865 |
|  |  | 44521999 |
| Broadline Retail - 24.2% |  |  |
| Amazon.com Inc (b) | 233487 | 53893470 |
| Etsy Inc (b) | 19360 | 1073318 |
| Ollie's Bargain Outlet Holdings Inc (b) | 10430 | 1143233 |
|  |  | 56110021 |
| Hotels, Restaurants & Leisure - 15.6% |  |  |
| Aramark  | 23615 | 870449 |
| Booking Holdings Inc  | 992 | 5312487 |
| Carnival Corp (b) | 73280 | 2237971 |
| Chipotle Mexican Grill Inc (b) | 55540 | 2054980 |
| Churchill Downs Inc  | 12158 | 1383337 |
| Domino's Pizza Inc  | 8531 | 3555891 |
| Hilton Worldwide Holdings Inc  | 21020 | 6037995 |
| Marriott International Inc/MD Class A1  | 5069 | 1572607 |
| McDonald's Corp  | 24528 | 7496493 |
| Red Rock Resorts Inc Class A  | 28190 | 1746371 |
| Royal Caribbean Cruises Ltd  | 4480 | 1249562 |
| Starbucks Corp  | 16020 | 1349044 |
| Wyndham Hotels & Resorts Inc  | 20470 | 1546713 |
|  |  | 36413900 |
| Household Durables - 5.5% |  |  |
| Cavco Industries Inc (b) | 2670 | 1577276 |
| Meritage Homes Corp  | 11400 | 750119 |
| PulteGroup Inc  | 23545 | 2760887 |
| Somnigroup International Inc  | 60523 | 5403493 |
| TopBuild Corp (b) | 5750 | 2398843 |
|  |  | 12890618 |
| Specialty Retail - 22.5% |  |  |
| Academy Sports & Outdoors Inc (a) | 54090 | 2702336 |
| Dick's Sporting Goods Inc  | 20473 | 4053040 |
| Floor & Decor Holdings Inc Class A (b) | 44891 | 2733413 |
| Gap Inc/The  | 36190 | 926464 |
| Group 1 Automotive Inc  | 3880 | 1526004 |
| Home Depot Inc/The  | 27961 | 9621380 |
| Lithia Motors Inc Class A  | 5350 | 1777966 |
| Lowe's Cos Inc  | 39338 | 9486752 |
| O'Reilly Automotive Inc (b) | 6305 | 575079 |
| RH (a)(b) | 5600 | 1003240 |
| Ross Stores Inc  | 26140 | 4708860 |
| Sally Beauty Holdings Inc (b) | 72703 | 1036745 |
| TJX Cos Inc/The  | 48858 | 7505077 |
| Ulta Beauty Inc (b) | 1515 | 916590 |
| Wayfair Inc Class A (b) | 10766 | 1081014 |
| Williams-Sonoma Inc  | 16260 | 2903873 |
|  |  | 52557833 |
| Textiles, Apparel & Luxury Goods - 4.7% |  |  |
| Capri Holdings Ltd (b) | 31550 | 769820 |
| Deckers Outdoor Corp (b) | 18164 | 1883062 |
| NIKE Inc Class B  | 56316 | 3587893 |
| PVH Corp  | 17765 | 1190610 |
| Tapestry Inc  | 27899 | 3564655 |
|  |  | 10996040 |
| TOTAL CONSUMER DISCRETIONARY |  | 219175387 |
| Consumer Staples - 1.4% |  |  |
| Consumer Staples Distribution & Retail - 1.4% |  |  |
| Dollar Tree Inc (b) | 24359 | 2996401 |
| Performance Food Group Co (b) | 4171 | 375056 |
| TOTAL CONSUMER STAPLES |  | 3371457 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| James Hardie Industries PLC depository receipt (b) | 57237 | 1179527 |
| TOTAL UNITED STATES |  | 223726371 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $99,848,881) |  | <br> **233324228** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.79 | 236214 | 236261 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.77 | 4853592 | 4854078 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $5,090,371) |  |  | **5090339** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.2%**<br> (Cost $104,939,252)<br>| <br>**238414567** |
| **NET OTHER ASSETS (LIABILITIES) - (2.2)%**  | **(5174596)** |
| **NET ASSETS - 100.0%** | **233239971** |

---

**Legend**

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

(b) Non-income producing.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2254193 | 43013671 | 45031663 | 25947 | 60 | - | 236261 | 236214 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3980814 | 76911340 | 76037965 | 6257 | (79) | (32) | 4854078 | 4853592 | 0.0% |
| Total | 6235007 | 119925011 | 121069628 | 32204 | (19) | (32) | 5090339 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 228773244 | 228178546 | 594698 | - |
| Consumer Staples | 3371457 | 3371457 | - | - |
| Materials | 1179527 | 1179527 | - | - |
|  **Money Market Funds** | 5090339 | 5090339 | - | - |
| **Total Investments in Securities:** | 238414567 | 237819869 | 594698 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,998,120) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $99,848,881) | $233324228 |  |
| Fidelity Central Funds (cost $5,090,371) | 5090339 |  |
| Total Investment in Securities (cost $104,939,252) |  | $238414567 |
| Receivable for fund shares sold |  | 2 |
| Dividends receivable |  | 67359 |
| Distributions receivable from Fidelity Central Funds |  | 2483 |
| Prepaid expenses |  | 188 |
| Other receivables |  | 1747 |
| **Total assets** |  | 238486346 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $215767 |  |
| Accrued management fee | 129011 |  |
| Distribution and service plan fees payable | 423 |  |
| Other payables and accrued expenses | 47149 |  |
| Collateral on securities loaned | 4854025 |  |
| **Total liabilities** |  | 5246375 |
| **Net Assets**  |  | $233239971 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $81053971 |
| Total accumulated earnings (loss) |  | 152186000 |
| **Net Assets** |  | $233239971 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($17,465,288 ÷ 440,962 shares) |  | $39.61 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,932,535 ÷ 49,087 shares) |  | $39.37 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($213,842,148 ÷ 5,440,231 shares) |  | $39.31 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $1648659 |
| Income from Fidelity Central Funds (including $6,257 from security lending)  |  | 32204 |
| **Total income** |  | 1680863 |
| **Expenses** |  |  |
| Management fee | $1522726 |  |
| Distribution and service plan fees | 4671 |  |
| Custodian fees and expenses | 16658 |  |
| Independent trustees' fees and expenses | 932 |  |
| Audit fees | 51147 |  |
| Legal | 1554 |  |
| Miscellaneous | 791 |  |
| **Total expenses** |  | 1598479 |
| **Net Investment income (loss)** |  | 82384 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19044250 |  |
| Fidelity Central Funds | (19) |  |
| Foreign currency transactions | 7291 |  |
| Total net realized gain (loss) |  | 19051522 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6160100) |  |
| Fidelity Central Funds  | (32) |  |
| Assets and liabilities in foreign currencies | 421 |  |
| Total change in net unrealized appreciation (depreciation) |  | (6159711) |
| **Net gain (loss)** |  | 12891811 |
| **Net increase (decrease) in net assets resulting from operations** |  | $12974195 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $82384 | $167763 |
| &nbsp;&nbsp;Net realized gain (loss) | 19051522<br>| 28490560<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (6159711) | 22713019<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 12974195<br>| 51371342<br>|
| Distributions to shareholders | (28101672)<br>| (798577)<br>|
| Share transactions - net increase (decrease) | (10822190)<br>| (46004568)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (25949667)<br>| 4568197<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 259189638 | 254621441<br>|
| &nbsp;&nbsp;End of period | $233239971 | $259189638 |

---

**Financial Highlights** 

**VIP Consumer Discretionary Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.52 | $33.40 | $23.54 | $39.33 | $34.37 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .05  | .04  | .01  | (.04)  |
| Net realized and unrealized gain (loss)  | 2.52  | 8.19  | 9.84  | (12.80)  | 6.56  |
| Total from investment operations  | 2.56  | 8.24  | 9.88  | (12.79)  | 6.52  |
| Distributions from net investment income  | (.03)  | (.02)  | (.02)  | -  | -  |
| Distributions from net realized gain  | (4.44)  | (.11)  | -  | (3.00)  | (1.56)  |
| Total distributions  | (4.47)  | (.12) C | (.02)  | (3.00)  | (1.56)  |
| Net asset value, end of period  | $39.61 | $41.52 | $33.40 | $23.54 | $39.33 |
| **Total Return** D,E | 6.80% <br>| 24.71%  | 41.99%  | (34.63)%  | 19.41%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .61%  | .62%  | .65%  | .66%  | .65%  |
| Expenses net of fee waivers, if any  | .61% <br>| .62%  | .65%  | .66%  | .65%  |
| Expenses net of all reductions, if any  | .61%  | .62%  | .65%  | .66%  | .65%  |
| Net investment income (loss)  | .11%  | .14%  | .13%  | .04%  | (.11)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $17465 | $21578 | $22709 | $16567 | $32788 |
| Portfolio turnover rate H | 19% <br>| 25%  | 35%  | 34%  | 39%  |

---

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*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.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Consumer Discretionary Portfolio Service Class 2**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $41.38 | $33.37 | $30.31 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | (.05)  | (.04)  | (.01)  |
| Net realized and unrealized gain (loss)  | 2.50  | 8.17  | 3.09  |
| Total from investment operations  | 2.45  | 8.13  | 3.08  |
| Distributions from net investment income  | (.02)  | (.01)  | (.02)  |
| Distributions from net realized gain  | (4.44)  | (.11)  | -  |
| Total distributions  | (4.46)  | (.12)  | (.02)  |
| Net asset value, end of period  | $39.37 | $41.38 | $33.37 |
| **Total Return** D,E,F | 6.54% <br>| 24.38%  | 10.18%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | .86%  | .86%  | .91% I |
| Expenses net of fee waivers, if any  | .86% <br>| .86%  | .90% I |
| Expenses net of all reductions, if any  | .86%  | .86%  | .90% I |
| Net investment income (loss)  | (.14)%  | (.10)%  | (.09)% I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $1933 | $932 | $266 |
| Portfolio turnover rate J | 19% <br>| 25%  | 35%  |

---

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

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

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

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

G*Fees and expenses of any underlying 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*Annualized.*

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

**VIP Consumer Discretionary Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.26 | $33.22 | $23.41 | $39.17 | $34.24 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .02  | .02  | (.01)  | (.07)  |
| Net realized and unrealized gain (loss)  | 2.51  | 8.14  | 9.79  | (12.75)  | 6.54  |
| Total from investment operations  | 2.52  | 8.16  | 9.81  | (12.76)  | 6.47  |
| Distributions from net investment income  | (.03)  | (.01)  | - C | -  | -  |
| Distributions from net realized gain  | (4.44)  | (.11)  | -  | (3.00)  | (1.54)  |
| Total distributions  | (4.47)  | (.12)  | - C | (3.00)  | (1.54)  |
| Net asset value, end of period  | $39.31 | $41.26 | $33.22 | $23.41 | $39.17 |
| **Total Return** D,E | 6.73% <br>| 24.59%  | 41.92%  | (34.70)%  | 19.32%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .69%  | .70%  | .73%  | .74%  | .72%  |
| Expenses net of fee waivers, if any  | .69% <br>| .70%  | .72%  | .73%  | .72%  |
| Expenses net of all reductions, if any  | .69%  | .70%  | .72%  | .73%  | .72%  |
| Net investment income (loss)  | .03%  | .06%  | .06%  | (.03)%  | (.18)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $213842 | $236680 | $231646 | $158200 | $295060 |
| Portfolio turnover rate H | 19% <br>| 25%  | 35%  | 34%  | 39%  |

---

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*Amount represents less than $.005 per share.*

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

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

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), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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, 2025, 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 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**  | $135678464 |
| **Gross unrealized depreciation**  | <u>(2462386)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$133216078</u> |
| **Tax Cost**  | <u>$105198489</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$82513</u> |
| **Undistributed long-term capital gain**  | <u>$18887952</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$133215536</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $459797 | $520284 |
| **Long-term Capital Gains**  | <u>27641875</u> | <u>278293</u> |
| **Total**  | <u>$28101672</u> | <u>$798577</u> |

---

**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** | 44942089 | 81517262 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted 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 $4,671.

**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 Discretionary Portfolio** | 800 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Consumer Discretionary Portfolio** | 2574376 | 6195803 | 2428258 |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Consumer Discretionary Portfolio** | 321 |

---

**7. Security Lending.**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Consumer Discretionary Portfolio** | 675 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Consumer Discretionary Portfolio** | 2402753 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Consumer Discretionary Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $2242603 | $70801 |
| Service Class 2 | 107125 | 1607 |
| Investor Class | <u>25751944</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>726169</u> |
| Total  | <u>$28101672</u> | <u>$798577</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Consumer Discretionary Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 44140 | 35554 | $1586919 | $1299888 |
| Reinvestment of distributions  | 60011 | 1862 | 2242603 | 70801 |
| Shares redeemed | <u>(182942)</u> | <u>(197605)</u> | <u>(6725455)</u> | <u>(6926663)</u> |
| Net increase (decrease) | <u>(78791)</u> | <u>(160189)</u> | <u>$(2895933)</u> | <u>$(5555974)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 62605 | 24921 | $2270287 | $905683 |
| Reinvestment of distributions  | 2482 | 30 | 92413 | 1221 |
| Shares redeemed | <u>(38523)</u> | <u>(10402)</u> | <u>(1431286)</u> | <u>(361296)</u> |
| Net increase (decrease) | <u>26564</u> | <u>14549</u> | <u>$931414</u> | <u>$545608</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 414128 | 368781 | $15612947 | $14282903 |
| Reinvestment of distributions  | 693748 | 19093 | 25751944 | 726169 |
| Shares redeemed | <u>(1403377)</u> | <u>(1625147)</u> | <u>(50222562)</u> | <u>(56003274)</u> |
| Net increase (decrease) | <u>(295501)</u> | <u>(1237273)</u> | <u>$(8857671)</u> | <u>$(40994202)</u> |

---

**10. Other.**

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

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

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| **VIP Consumer Discretionary Portfolio**  | 99 |

---

**11. Risk and Uncertainties.**

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

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, 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, 2025, 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, 2025 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***

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, 2025 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 11, 2026

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

**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, 2025, $18,892,766, or, if subsequently determined to be different, the net capital gain of such year.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123149_4.jpg)<br>

1.817355.120 VCONIC-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Communication Services Portfolio**

**Annual Report**

**December 31, 2025**

![](img123150_1.jpg)

![](img123150_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VTELP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Communication Services Portfolio](#Sub_Sec_Fund_1843_VTELP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1843_VTELP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VTELP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VTELP-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VTELP-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VTELP-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VTELP-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VTELP-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**VIP Communication Services Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| Tencent Holdings Ltd  | 43900 | 3369041 |
| KOREA (SOUTH) - 1.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Webtoon Entertainment Inc (a) | 71200 | 927736 |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| SK Hynix Inc  | 8060 | 3648476 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Samsung Electronics Co Ltd  | 36040 | 3019264 |
| TOTAL INFORMATION TECHNOLOGY |  | 6667740 |
| TOTAL KOREA (SOUTH) |  | 7595476 |
| TAIWAN - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 22900 | 6959081 |
| UNITED STATES - 93.8%  |  |  |
| Communication Services - 84.7% |  |  |
| Diversified Telecommunication Services - 6.4% |  |  |
| AST SpaceMobile Inc Class A (a)(c) | 66700 | 4844421 |
| AT&T Inc  | 782200 | 19429848 |
| GCI Liberty Inc/DEL Class A (a)(b) | 21982 | 0 |
| Lumen Technologies Inc (a) | 296400 | 2303028 |
|  |  | 26577297 |
| Entertainment - 18.5% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (a) | 65300 | 6432703 |
| Lionsgate Studios Corp  | 338800 | 3093244 |
| Live Nation Entertainment Inc (a) | 46800 | 6669000 |
| Netflix Inc (a) | 19100 | 1790816 |
| ROBLOX Corp Class A (a) | 90500 | 7333215 |
| Roku Inc Class A (a) | 57700 | 6259873 |
| Spotify Technology SA (a) | 4700 | 2729337 |
| Take-Two Interactive Software Inc (a) | 48900 | 12519867 |
| TKO Group Holdings Inc Class A  | 27700 | 5789300 |
| Walt Disney Co/The  | 103223 | 11743681 |
| Warner Bros Discovery Inc (a) | 436400 | 12577048 |
|  |  | 76938084 |
| Interactive Media & Services - 52.4% |  |  |
| Alphabet Inc Class A  | 329785 | 103222705 |
| Meta Platforms Inc Class A  | 154000 | 101653860 |
| Pinterest Inc Class A (a) | 183000 | 4737870 |
| Reddit Inc Class A (a) | 27200 | 6252464 |
| Snap Inc Class A (a) | 119500 | 964365 |
|  |  | 216831264 |
| Media - 4.0% |  |  |
| EchoStar Corp Class A (a)(c) | 36400 | 3956680 |
| Fox Corp Class A  | 37700 | 2754739 |
| Fox Corp Class B  | 3801 | 246799 |
| Magnite Inc (a) | 304150 | 4936355 |
| Omnicom Group Inc  | 51300 | 4142475 |
| Paramount Skydance Corp Class B  | 56900 | 762459 |
|  |  | 16799507 |
| Wireless Telecommunication Services - 3.4% |  |  |
| T-Mobile US Inc  | 69200 | 14050368 |
| TOTAL COMMUNICATION SERVICES |  | 351196520 |
| Consumer Discretionary - 3.7% |  |  |
| Broadline Retail - 3.1% |  |  |
| Amazon.com Inc (a) | 55100 | 12718182 |
| Specialty Retail - 0.6% |  |  |
| Warby Parker Inc Class A (a) | 115306 | 2512518 |
| TOTAL CONSUMER DISCRETIONARY |  | 15230700 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Space Exploration Technologies Corp (a)(b)(d) | 207 | 82891 |
| Space Exploration Technologies Corp Class C (a)(b)(d) | 393 | 157373 |
| TOTAL INDUSTRIALS |  | 240264 |
| Information Technology - 5.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| Micron Technology Inc  | 18000 | 5137380 |
| Technology Hardware, Storage & Peripherals - 4.2% |  |  |
| Apple Inc  | 37000 | 10058820 |
| Seagate Technology Holdings PLC  | 8000 | 2203120 |
| Western Digital Corp  | 28400 | 4892468 |
|  |  | 17154408 |
| TOTAL INFORMATION TECHNOLOGY |  | 22291788 |
| TOTAL UNITED STATES |  | 388959272 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $265,763,526) |  | <br> **406882870** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series C2 (a)(b)(d) | 2833 | 248567 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| Zipline International Inc Series H (b)(d) | 7100 | 399476 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Databricks Inc Series L (b)(d) | 1071 | 203490 |
| OpenAI Group Pbc Series A-3 (b)(d) | 168 | 80217 |
| TOTAL INFORMATION TECHNOLOGY |  | 283707 |
| TOTAL UNITED STATES |  | 931750 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $876,111) |  | <br> **931750** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 6909093 | 6910475 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.77 | 7463887 | 7464634 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,375,253) |  |  | **14375109** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $281,014,890)<br>| <br>**422189729** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(7340833)** |
| **NET ASSETS - 100.0%** | **414848896** |

---

**Legend**

(a) Non-income producing.

(b) Level 3 security.

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

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,172,014 or 0.3% of net assets.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Databricks Inc Series L | 12/18/2025 | 203490 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 51600 |
| Space Exploration Technologies Corp | 7/14/2025 | 43884 |
| Space Exploration Technologies Corp Class C | 7/14/2025 | 83316 |
| Waymo LLC Series C2 | 10/18/2024 | 221544 |
| Zipline International Inc Series H | 12/3/2025 | 399477 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1965483 | 196314648 | 191369936 | 121793 | 425 | (145) | 6910475 | 6909093 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1178955 | 75958363 | 69672712 | 16683 | 28 | - | 7464634 | 7463887 | 0.0% |
| Total | 3144438 | 272273011 | 261042648 | 138476 | 453 | (145) | 14375109 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 355493297 | 352124256 | 3369041 | - |
| Consumer Discretionary | 15230700 | 15230700 | - | - |
| Industrials | 240264 | - | - | 240264 |
| Information Technology | 35918609 | 29250869 | 6667740 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 248567 | - | - | 248567 |
| Industrials | 399476 | - | - | 399476 |
| Information Technology | 283707 | - | - | 283707 |
|  **Money Market Funds** | 14375109 | 14375109 | - | - |
| **Total Investments in Securities:** | 422189729 | 410980934 | 10036781 | 1172014 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $7,196,419) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $266,639,637) | $407814620 |  |
| Fidelity Central Funds (cost $14,375,253) | 14375109 |  |
| Total Investment in Securities (cost $281,014,890) |  | $422189729 |
| Foreign currency held at value (cost $166) |  | 181 |
| Receivable for investments sold |  | 5391760 |
| Receivable for fund shares sold |  | 818155 |
| Dividends receivable |  | 167286 |
| Distributions receivable from Fidelity Central Funds |  | 8204 |
| Prepaid expenses |  | 236 |
| Other receivables |  | 503 |
| **Total assets** |  | 428576054 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5988624 |  |
| Payable for fund shares redeemed | 151 |  |
| Accrued management fee | 220732 |  |
| Distribution and service plan fees payable | 29 |  |
| Other payables and accrued expenses | 53097 |  |
| Collateral on securities loaned | 7464525 |  |
| **Total liabilities** |  | 13727158 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $414848896 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $247083803 |
| Total accumulated earnings (loss) |  | 167765093 |
| **Net Assets** |  | $414848896 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($37,242,247 ÷ 1,284,177 shares) |  | $29.00 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($140,988 ÷ 4,869 shares) |  | $28.96 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($377,465,661 ÷ 13,191,644 shares) |  | $28.61 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $1810189 |
| Income from Fidelity Central Funds (including $16,683 from security lending)  |  | 138476 |
| **Total income** |  | 1948665 |
| **Expenses** |  |  |
| Management fee | $2007598 |  |
| Distribution and service plan fees | 219 |  |
| Custodian fees and expenses | 27340 |  |
| Independent trustees' fees and expenses | 1131 |  |
| Audit fees | 43703 |  |
| Legal | 2229 |  |
| Interest | 2706 |  |
| Miscellaneous | 1120 |  |
| **Total expenses** |  | 2086046 |
| **Net Investment income (loss)** |  | (137381) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 32401986 |  |
| Fidelity Central Funds | 453 |  |
| Foreign currency transactions | (41251) |  |
| Total net realized gain (loss) |  | 32361188 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 52312482 |  |
| Fidelity Central Funds  | (145) |  |
| Assets and liabilities in foreign currencies | (48) |  |
| Total change in net unrealized appreciation (depreciation) |  | 52312289 |
| **Net gain (loss)** |  | 84673477 |
| **Net increase (decrease) in net assets resulting from operations** |  | $84536096 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(137381) | $(17417) |
| &nbsp;&nbsp;Net realized gain (loss) | 32361188<br>| 25661008<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 52312289 | 36186571<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 84536096<br>| 61830162<br>|
| Distributions to shareholders | (24773852)<br>| (4642835)<br>|
| Share transactions - net increase (decrease) | 117725338<br>| (16654338)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 177487582<br>| 40532989<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 237361314 | 196828325<br>|
| &nbsp;&nbsp;End of period | $414848896 | $237361314 |

---

**Financial Highlights** 

**VIP Communication Services Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.49 | $17.88 | $11.36 | $19.25 | $17.39 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .01  | (.04) C | (.04)  | (.07)  |
| Net realized and unrealized gain (loss)  | 7.65  | 6.05  | 6.56  | (7.05)  | 2.74  |
| Total from investment operations  | 7.66  | 6.06  | 6.52  | (7.09)  | 2.67  |
| Distributions from net realized gain  | (2.15)  | (.45)  | -  | (.80)  | (.81)  |
| Total distributions  | (2.15)  | (.45)  | -  | (.80)  | (.81)  |
| Net asset value, end of period  | $29.00 | $23.49 | $17.88 | $11.36 | $19.25 |
| **Total Return** D,E | 34.39% <br>| 34.04%  | 57.39%  | (38.14)%  | 15.65%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .60%  | .61%  | .66%  | .68%  | .66%  |
| Expenses net of fee waivers, if any  | .60% <br>| .61%  | .66%  | .68%  | .66%  |
| Expenses net of all reductions, if any  | .60%  | .61%  | .66%  | .68%  | .66%  |
| Net investment income (loss)  | .03%  | .07%  | (.24)% C | (.29)%  | (.34)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $37242 | $24655 | $23566 | $8116 | $18332 |
| Portfolio turnover rate H | 140% <br>| 73%  | 41%  | 37%  | 66%  |

---

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 $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.31)%.*

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), derivatives or securities that mature within one year from acquisition.*

**VIP Communications Services Portfolio Service Class 2**<br>

---

| | |
|:---|:---|
| **Years ended December 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $20.54 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.07)  |
| Net realized and unrealized gain (loss)  | 8.81  |
| Total from investment operations  | 8.74  |
| Distributions from net realized gain  | (.32)  |
| Total distributions  | (.32)  |
| Net asset value, end of period  | $28.96 |
| **Total Return** D,E | 42.57% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .85% H,I |
| Expenses net of fee waivers, if any  | .85% H,I<br>|
| Expenses net of all reductions, if any  | .85% H,I |
| Net investment income (loss)  | (.37)% H,I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $141 |
| Portfolio turnover rate J | 140% <br>|

---

A*For the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

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

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

F*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*Annualized.*

I*Audit fees are not annualized.*

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

**VIP Communication Services Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.21 | $17.69 | $11.25 | $19.08 | $17.23 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | - C | (.05) D | (.05)  | (.08)  |
| Net realized and unrealized gain (loss)  | 7.55  | 5.97  | 6.49  | (6.98)  | 2.72  |
| Total from investment operations  | 7.54  | 5.97  | 6.44  | (7.03)  | 2.64  |
| Distributions from net realized gain  | (2.14)  | (.45)  | -  | (.80)  | (.79)  |
| Total distributions  | (2.14)  | (.45)  | -  | (.80)  | (.79)  |
| Net asset value, end of period  | $28.61 | $23.21 | $17.69 | $11.25 | $19.08 |
| **Total Return** E,F | 34.29% <br>| 33.89%  | 57.24%  | (38.17)%  | 15.60%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .74%  | .76%  | .73%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .73%  | .75%  | .73%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .73%  | .75%  | .73%  |
| Net investment income (loss)  | (.05)%  | (.02)%  | (.32)% D | (.36)%  | (.41)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $377466 | $212706 | $173263 | $67439 | $135821 |
| Portfolio turnover rate I | 140% <br>| 73%  | 41%  | 37%  | 66%  |

---

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*Amount represents less than $.005 per share.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.38)%.*

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), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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, 2025, 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, net operating losses 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**  | $146778198 |
| **Gross unrealized depreciation**  | <u>(9737756)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$137040442</u> |
| **Tax Cost**  | <u>$285149287</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$30725376</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$137039717</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $5191126 | $3006161 |
| **Long-term Capital Gains**  | <u>19582726</u> | <u>1636674</u> |
| **Total**  | <u>$24773852</u> | <u>$4642835</u> |

---

**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.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| **VIP Communication Services Portfolio** | Space Exploration Technologies Corp Class A | 30733 | - |
| **VIP Communication Services Portfolio** | Space Exploration Technologies Corp Class C | 53467 | - |

---

**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** | 520140250 | 431226533 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

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

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

---

| | |
|:---|:---|
| **Service Class 2** | $219 |

---

**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 Communication Services Portfolio** | 12199 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Communication Services Portfolio**  | Borrower | 7364333 | 4.41% | 2706 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Communication Services Portfolio** | 27917014 | 30615209 | (308039) |

---

**6. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Communication Services Portfolio** | 355 |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Communication Services Portfolio** | 1767 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025A** | **Year ended**<br> **December 31, 2024** |
| **VIP Communication Services Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | 2377581 | 511233 |
| Service Class 2 | 1577 | - |
| Investor Class | <u>22394694</u> | <u>4131602</u> |
| Total  | <u>$24773852</u> | <u>$4642835</u> |

---

*A Distributions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025A**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025A**  | **Year ended**<br> **December 31, 2024** |
| **VIP Communication Services Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 553014 | 194670 | $14448830 | $4045746 |
| Reinvestment of distributions  | 96655 | 23120 | 2377581 | 511233 |
| Shares redeemed | <u>(415101)</u> | <u>(485894)</u> | <u>(9933514)</u> | <u>(10020408)</u> |
| Net increase (decrease) | <u>234568</u> | <u>(268104)</u> | <u>$6892897</u> | <u>$(5463429)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | <u>4869</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| Net increase (decrease) | <u>4869</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 5833742 | 1810384 | $151896137 | $37925862 |
| Reinvestment of distributions  | 920195 | 187872 | 22394694 | 4131602 |
| Shares redeemed | <u>(2725292)</u> | <u>(2628644)</u> | <u>(63558390)</u> | <u>(53248373)</u> |
| Net increase (decrease) | <u>4028645</u> | <u>(630388)</u> | <u>$110732441</u> | <u>$(11190909)</u> |

---

*A Share transactions for Service Class 2 are for the period April 25, 2025 (commencement of sale of shares) through December 31, 2025.*

**10. Other.**

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

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

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| **VIP Communication Services Portfolio**  | 100 |

---

**11. Risk and Uncertainties.**

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

**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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, 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, 2025, 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, 2025 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***

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, 2025 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 12, 2026

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

**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, 2025, $30,830,408, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class designates 0% and 30%; Service Class 2 designates 0% and 31%; and Investor Class designates 0% and 31% of the dividend distributed in February and December, respectively, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img123150_4.jpg)<br>

1.851004.118 VTELP-ANN-0226

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(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 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99cert.htm)

(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.](ex99906cert.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Variable Insurance Products Fund IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp; Stacie M. Smith |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Variable Insurance Products Fund IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Variable Insurance Products Fund IV (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp; Stacie M. Smith |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

Dated: February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>