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      <regLei>Q4ATLOQB94VR31F8C557</regLei>
      <regStreet1>245 Summer Street</regStreet1>
      <regCity>Boston</regCity>
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      <regZipOrPostalCode>02210</regZipOrPostalCode>
      <regPhone>1-800-FIDELITY</regPhone>
      <seriesName>VIP Real Estate Portfolio</seriesName>
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      <repPdEnd>2019-12-31</repPdEnd>
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      <isFinalFiling>N</isFinalFiling>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>URBAN EDGE PROPERTIES</name>
        <lei>N/A</lei>
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        <cusip>91704F104</cusip>
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          <isin value="US91704F1049"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIMON PPTY GROUP INC NEW</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>SIMON PPTY GROUP INC - REIT</title>
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          <isin value="US8288061091"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DUKE REALTY CORP</name>
        <lei>N/A</lei>
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        <cusip>264411505</cusip>
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          <isin value="US2644115055"/>
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        <balance>328400.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EXTRA SPACE STORAGE INC</name>
        <lei>N/A</lei>
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          <isin value="US30225T1025"/>
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        <balance>97700.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EQUITY RESIDENTIAL</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>EQUITY RESIDENTIAL REIT</title>
        <cusip>29476L107</cusip>
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          <isin value="US29476L1070"/>
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        <balance>212570.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CUBESMART</name>
        <lei>N/A</lei>
        <title>CUBESMART</title>
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          <isin value="US2296631094"/>
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        <balance>460500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EQUITY LIFESTYLE PPTYS INC</name>
        <lei>529900PEQG66LENB6798</lei>
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        <cusip>29472R108</cusip>
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          <isin value="US29472R1086"/>
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        <balance>238920.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLIPPER REALTY INC</name>
        <lei>N/A</lei>
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        <cusip>18885T306</cusip>
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          <isin value="US18885T3068"/>
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        <balance>224700.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
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        <cusip>74460D109</cusip>
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          <isin value="US74460D1090"/>
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        <balance>45655.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DIGITAL RLTY TR INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL REALTY TRUST INC</title>
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          <isin value="US2538681030"/>
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        <balance>190600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TERRENO RLTY CORP</name>
        <lei>N/A</lei>
        <title>TERRENO REALTY CORP</title>
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          <isin value="US88146M1018"/>
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        <balance>83900.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WELLTOWER INC</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BOSTON PROPERTIES INC</name>
        <lei>549300OF70FSEUQBT254</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HIGHWOODS PROPERTIES INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MARRIOTT INTERNATIONAL INC NEW</name>
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        <title>MARRIOTT INTERNATIONAL INC A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ESSEX PROPERTY TRUST INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ACADIA RLTY TR</name>
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        <name>TAUBMAN CENTERS-REIT</name>
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        <name>ALEXANDRIA REAL EST EQUITS INC</name>
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        <name>SUNSTONE HOTEL INVS INC NEW</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WEYERHAEUSER CO</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>WEYERHAEUSER CO</title>
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        <name>CROWN CASTLE INTL CORP</name>
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        <name>BRAEMAR HOTELS and RESORTS INC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>UDR INC</name>
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        <title>UDR INC</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>CEDAR RLTY TR INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AVALONBAY COMMUNITIES INC</name>
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      <invstOrSec>
        <name>MACK-CALI REALTY CORP</name>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>LEXINGTON CORP PPTYS TR REIT</name>
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        <title>LEXINGTON REALTY TRUST REIT</title>
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          <isin value="US5290431015"/>
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        <valUSD>4532616.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>SITE CENTERS CORP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>HEALTHCARE REALTY TRUST INC</name>
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        <title>HEALTHCARE REALTY TRUST INC</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
