FIDELITY ADVISOR SERIES III
NSAR-A, 1997-07-29
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<PAGE>      PAGE  1
000 A000000 05/31/97
000 C000000 0000702533
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FIDELITY ADVISOR SERIES III
001 B000000 811-3466
001 C000000 6175631413
002 A000000 82 DEVONSHIRE STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C020100 FIDELITY ADVISOR EQUITY INCOME FUND
007 C030100 N
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
018  00AA00 Y
019 A00AA00 Y
019 B00AA00  237
019 C00AA00 FIDELITYZZ
020 A000001 FIDELITY BROKERAGE SERVICES, INC.
020 B000001 04-2653569
020 C000001    274
020 A000002 SCHRODER WERTHEIM & CO., INC.
020 B000002 13-2697272
020 C000002     93
020 A000003 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000003 13-2741729
020 C000003     63
020 A000004 DILLON, READ & CO., INC.
020 B000004 13-1939216
020 C000004     53
020 A000005 GOLDMAN, SACHS & CO.
<PAGE>      PAGE  2
020 B000005 13-5108880
020 C000005     53
020 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000006 13-5674085
020 C000006     48
020 A000007 CREDIT SUISSE FIRST BOSTON CORP.
020 B000007 13-5659485
020 C000007     42
020 A000008 MORGAN (J.P.) SECURITIES, INC.
020 B000008 13-3224016
020 C000008     36
020 A000009 DUNLEVY & CO., INC.
020 B000009 13-2919975
020 C000009     35
020 A000010 BROWN (ALEX) & SONS, INC.
020 B000010 52-1319768
020 C000010     35
021  000000     1277
022 A000001 TAXABLE CENTRAL CASH FUND
022 B000001 04-3331103
022 C000001    472288
022 D000001    454131
022 A000002 CREDIT SUISSE FIRST BOSTON CORP.
022 B000002 13-5659485
022 C000002     10211
022 D000002      4701
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003      7598
022 D000003      5152
022 A000004 MORGAN (J.P.) SECURITIES, INC.
022 B000004 13-3224016
022 C000004      7193
022 D000004      5167
022 A000005 FIDELITY CONTRAFUND
022 B000005 04-6056833
022 C000005     10379
022 D000005      1827
022 A000006 FIDELITY EQUITY-INCOME II FUND
022 B000006 04-3095387
022 C000006      4051
022 D000006      6597
022 A000007 PAINEWEBBER, INC.     .
022 B000007 13-2638166
022 C000007      7493
022 D000007      1432
022 A000008 KNIGHT SECURITIES, L.P.
022 B000008 00-0000000
022 C000008         0
022 D000008      7598
022 A000009 HERZOG, HEINE, GEDULD, INC.
<PAGE>      PAGE  3
022 B000009 13-1988436
022 C000009      6601
022 D000009       697
022 A000010 UBS SECURITIES LLC
022 B000010 13-3873456
022 C000010      6889
022 D000010         0
023 C000000     572146
023 D000000     527583
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008 B000101 A
008 C000101 801-7884
008 D010101 BOSTON
008 D020101 MA
008 D030101 02109
008 A000102 FIDELITY MANAGEMENT & RESEARCH (U.K.) INC.
008 B000102 S
008 C000102 801-28773
008 D010102 LONDON
008 D050102 ENGLAND
008 A000103 FIDELITY MANAGEMENT & RESEARCH (FAR EAST) INC
008 B000103 S
008 C000103 801-28774
008 D010103 TOKYO
008 D050103 JAPAN
011 A000101 FIDELITY DISTRIBUTORS CORPORATION
011 B000101 8-8775
<PAGE>      PAGE  4
011 C010101 BOSTON
011 C020101 MA
011 C030101 02109
012 A000101 FIDELITY INVESTMENTS INST'L OPERATIONS CO,INC
012 B000101 84-00216
012 C010101 BOSTON
012 C020101 MA
012 C030101 02109
012 A000102 DELETE
013 A000101 COOPERS & LYBRAND L.L.P.
013 B010101 BOSTON
013 B020101 MA
013 B030101 02109
014 A000101 FIDELITY BROKERAGE SERVICES, INC.
014 B000101 8-23292
014 A000102 FIDELITY DISTRIBUTORS CORPORATION
014 B000102 8-8775
014 A000103 FIDELITY BROKERAGE SERVICES
014 B000103 8-0000
015 A000101 THE CHASE MANHATTAN BANK, N.A.
015 B000101 C
015 C010101 NEW YORK
015 C020101 NY
015 C030101 10081
015 E010101 X
024  000100 Y
025 A000101 TAXABLE CENTRAL CASH FUND
025 B000101 04-3331103
025 C000101 D
025 D000101  256497
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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055 B000100 N
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<PAGE>      PAGE  7
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066 A000100 Y
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066 C000100 N
066 D000100 N
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066 F000100 N
066 G000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
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070 B010100 Y
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070 D010100 Y
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070 E020100 N
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070 L010100 Y
070 L020100 Y
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<PAGE>      PAGE  8
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070 N010100 Y
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070 Q020100 N
070 R010100 Y
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<PAGE>      PAGE  9
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SIGNATURE   JOHN H. COSTELLO                             
TITLE       ASST. TREASURER     
 


<TABLE> <S> <C>

<ARTICLE> 6
 

<CIK>     0000702533


<NAME>      Fidelity Advisor Series III


<SERIES>

        <NUMBER>        14

        <NAME>      Fidelity Advisor Equity Income Fund
 - Class A

<MULTIPLIER>    1,000


       

<S>

<C>

<PERIOD-TYPE>

6-mos


<FISCAL-YEAR-END>

Nov-30-1997


<PERIOD-END>

May-31-1997


<INVESTMENTS-AT-COST>

2,368,328


<INVESTMENTS-AT-VALUE>

2,980,503


<RECEIVABLES>

25,923


<ASSETS-OTHER>

5


<OTHER-ITEMS-ASSETS>

0


<TOTAL-ASSETS>

3,006,431


<PAYABLE-FOR-SECURITIES>

48,274


<SENIOR-LONG-TERM-DEBT>

0


<OTHER-ITEMS-LIABILITIES>

8,698


<TOTAL-LIABILITIES>

56,972


<SENIOR-EQUITY>

0


<PAID-IN-CAPITAL-COMMON>

2,286,634


<SHARES-COMMON-STOCK>

472


<SHARES-COMMON-PRIOR>

145


<ACCUMULATED-NII-CURRENT>

6,083


<OVERDISTRIBUTION-NII>

0


<ACCUMULATED-NET-GAINS>

37,961


<OVERDISTRIBUTION-GAINS>

0


<ACCUM-APPREC-OR-DEPREC>

618,781


<NET-ASSETS>

2,949,459


<DIVIDEND-INCOME>

23,703


<INTEREST-INCOME>

10,505


<OTHER-INCOME>

0


<EXPENSES-NET>

16,798


<NET-INVESTMENT-INCOME>

17,410


<REALIZED-GAINS-CURRENT>

47,084


<APPREC-INCREASE-CURRENT>

184,661


<NET-CHANGE-FROM-OPS>

249,155


<EQUALIZATION>

0


<DISTRIBUTIONS-OF-INCOME>

45


<DISTRIBUTIONS-OF-GAINS>

99


<DISTRIBUTIONS-OTHER>

0


<NUMBER-OF-SHARES-SOLD>

354


<NUMBER-OF-SHARES-REDEEMED>

33


<SHARES-REINVESTED>

6


<NET-CHANGE-IN-ASSETS>

428,845


<ACCUMULATED-NII-PRIOR>

4,640


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71,425


<OVERDISTRIB-NII-PRIOR>

0


<OVERDIST-NET-GAINS-PRIOR>

0


<GROSS-ADVISORY-FEES>

6,770


<INTEREST-EXPENSE>

0


<GROSS-EXPENSE>

17,014


<AVERAGE-NET-ASSETS>

6,501


<PER-SHARE-NAV-BEGIN>

22.780


<PER-SHARE-NII>

 .130


<PER-SHARE-GAIN-APPREC>

1.850


<PER-SHARE-DIVIDEND>

 .200


<PER-SHARE-DISTRIBUTIONS>

 .590


<RETURNS-OF-CAPITAL>

0


<PER-SHARE-NAV-END>

23.970


<EXPENSE-RATIO>

144


<AVG-DEBT-OUTSTANDING>

0


<AVG-DEBT-PER-SHARE>

0



        



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
 

<CIK>     0000702533


<NAME>      Fidelity Advisor Series III


<SERIES>

        <NUMBER>        12

        <NAME>      Fidelity Advisor Equity Income Fund
 - Class B

<MULTIPLIER>    1,000


       

<S>

<C>

<PERIOD-TYPE>

6-mos


<FISCAL-YEAR-END>

Nov-30-1997


<PERIOD-END>

May-31-1997


<INVESTMENTS-AT-COST>

2,368,328


<INVESTMENTS-AT-VALUE>

2,980,503


<RECEIVABLES>

25,923


<ASSETS-OTHER>

5


<OTHER-ITEMS-ASSETS>

0


<TOTAL-ASSETS>

3,006,431


<PAYABLE-FOR-SECURITIES>

48,274


<SENIOR-LONG-TERM-DEBT>

0


<OTHER-ITEMS-LIABILITIES>

8,698


<TOTAL-LIABILITIES>

56,972


<SENIOR-EQUITY>

0


<PAID-IN-CAPITAL-COMMON>

2,286,634


<SHARES-COMMON-STOCK>

23,897


<SHARES-COMMON-PRIOR>

22,016


<ACCUMULATED-NII-CURRENT>

6,083


<OVERDISTRIBUTION-NII>

0


<ACCUMULATED-NET-GAINS>

37,961


<OVERDISTRIBUTION-GAINS>

0


<ACCUM-APPREC-OR-DEPREC>

618,781


<NET-ASSETS>

2,949,459


<DIVIDEND-INCOME>

23,703


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10,505


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0


<EXPENSES-NET>

16,798


<NET-INVESTMENT-INCOME>

17,410


<REALIZED-GAINS-CURRENT>

47,084


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184,661


<NET-CHANGE-FROM-OPS>

249,155


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0


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1,806


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13,038


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0


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2,763


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1,525


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643


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428,845


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4,640


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71,425


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0


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0


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6,770


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0


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17,014


<AVERAGE-NET-ASSETS>

523,279


<PER-SHARE-NAV-BEGIN>

22.730


<PER-SHARE-NII>

 .090


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1.870


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 .080


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 .590


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0


<PER-SHARE-NAV-END>

24.020


<EXPENSE-RATIO>

178


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0


<AVG-DEBT-PER-SHARE>

0



        



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
 

<CIK>     0000702533


<NAME>      Fidelity Advisor Series III


<SERIES>

        <NUMBER>        13

        <NAME>      Fidelity Advisor Equity Income Fund
 - Institutional Class

<MULTIPLIER>    1,000


       

<S>

<C>

<PERIOD-TYPE>

6-mos


<FISCAL-YEAR-END>

Nov-30-1997


<PERIOD-END>

May-31-1997


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2,368,328


<INVESTMENTS-AT-VALUE>

2,980,503


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25,923


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5


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0


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3,006,431


<PAYABLE-FOR-SECURITIES>

48,274


<SENIOR-LONG-TERM-DEBT>

0


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8,698


<TOTAL-LIABILITIES>

56,972


<SENIOR-EQUITY>

0


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2,286,634


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19,117


<SHARES-COMMON-PRIOR>

14,951


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6,083


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0


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37,961


<OVERDISTRIBUTION-GAINS>

0


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618,781


<NET-ASSETS>

2,949,459


<DIVIDEND-INCOME>

23,703


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10,505


<OTHER-INCOME>

0


<EXPENSES-NET>

16,798


<NET-INVESTMENT-INCOME>

17,410


<REALIZED-GAINS-CURRENT>

47,084


<APPREC-INCREASE-CURRENT>

184,661


<NET-CHANGE-FROM-OPS>

249,155


<EQUALIZATION>

0


<DISTRIBUTIONS-OF-INCOME>

3,632


<DISTRIBUTIONS-OF-GAINS>

8,661


<DISTRIBUTIONS-OTHER>

0


<NUMBER-OF-SHARES-SOLD>

9,546


<NUMBER-OF-SHARES-REDEEMED>

5,798


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418


<NET-CHANGE-IN-ASSETS>

428,845


<ACCUMULATED-NII-PRIOR>

4,640


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71,425


<OVERDISTRIB-NII-PRIOR>

0


<OVERDIST-NET-GAINS-PRIOR>

0


<GROSS-ADVISORY-FEES>

6,770


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0


<GROSS-EXPENSE>

17,014


<AVERAGE-NET-ASSETS>

435,534


<PER-SHARE-NAV-BEGIN>

23.000


<PER-SHARE-NII>

 .210


<PER-SHARE-GAIN-APPREC>

1.890


<PER-SHARE-DIVIDEND>

 .210


<PER-SHARE-DISTRIBUTIONS>

 .590


<RETURNS-OF-CAPITAL>

0


<PER-SHARE-NAV-END>

24.300


<EXPENSE-RATIO>

71


<AVG-DEBT-OUTSTANDING>

0


<AVG-DEBT-PER-SHARE>

0



        



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
 

<CIK>     0000702533


<NAME>      Fidelity Advisor Series III


<SERIES>

        <NUMBER>        11


        <NAME>      Fidelity Advisor Equity Income Fund
 - Class T

<MULTIPLIER>    1,000


       

<S>

<C>

<PERIOD-TYPE>

6-mos


<FISCAL-YEAR-END>

Nov-30-1997


<PERIOD-END>

May-31-1997


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2,368,328


<INVESTMENTS-AT-VALUE>

2,980,503


<RECEIVABLES>

25,923


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5


<OTHER-ITEMS-ASSETS>

0


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3,006,431


<PAYABLE-FOR-SECURITIES>

48,274


<SENIOR-LONG-TERM-DEBT>

0


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8,698


<TOTAL-LIABILITIES>

56,972


<SENIOR-EQUITY>

0


<PAID-IN-CAPITAL-COMMON>

2,286,634


<SHARES-COMMON-STOCK>

78,773


<SHARES-COMMON-PRIOR>

73,296


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6,083


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0


<ACCUMULATED-NET-GAINS>

37,961


<OVERDISTRIBUTION-GAINS>

0


<ACCUM-APPREC-OR-DEPREC>

618,781


<NET-ASSETS>

2,949,459


<DIVIDEND-INCOME>

23,703


<INTEREST-INCOME>

10,505


<OTHER-INCOME>

0


<EXPENSES-NET>

16,798


<NET-INVESTMENT-INCOME>

17,410


<REALIZED-GAINS-CURRENT>

47,084


<APPREC-INCREASE-CURRENT>

184,661


<NET-CHANGE-FROM-OPS>

249,155


<EQUALIZATION>

0


<DISTRIBUTIONS-OF-INCOME>

10,484


<DISTRIBUTIONS-OF-GAINS>

43,070


<DISTRIBUTIONS-OTHER>

0


<NUMBER-OF-SHARES-SOLD>

16,249


<NUMBER-OF-SHARES-REDEEMED>

13,075


<SHARES-REINVESTED>

2,303


<NET-CHANGE-IN-ASSETS>

428,845


<ACCUMULATED-NII-PRIOR>

4,640


<ACCUMULATED-GAINS-PRIOR>

71,425


<OVERDISTRIB-NII-PRIOR>

0


<OVERDIST-NET-GAINS-PRIOR>

0


<GROSS-ADVISORY-FEES>

6,770


<INTEREST-EXPENSE>

0


<GROSS-EXPENSE>

17,014


<AVERAGE-NET-ASSETS>

1,740,982


<PER-SHARE-NAV-BEGIN>

22.83


<PER-SHARE-NII>

 .150


<PER-SHARE-GAIN-APPREC>

1.860


<PER-SHARE-DIVIDEND>

 .140


<PER-SHARE-DISTRIBUTIONS>

 .590


<RETURNS-OF-CAPITAL>

0


<PER-SHARE-NAV-END>

24.11


<EXPENSE-RATIO>

125


<AVG-DEBT-OUTSTANDING>

0


<AVG-DEBT-PER-SHARE>

0



        



</TABLE>


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