FIDELITY ADVISOR SERIES III
NSAR-B, 1998-01-29
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<PAGE>      PAGE  1
000 B000000 11/30/97
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 6175631952
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  228
019 C00AA00 FIDELITYZZ
020 A000001 FIDELITY BROKERAGE SERVICES, INC.
020 B000001 04-2653569
020 C000001    472
020 A000002 BROWN (ALEX) & SONS, INC.
020 B000002 52-1319768
020 C000002    139
020 A000003 SCHRODER, WERTHEIM & CO., INC.
020 B000003 13-2697272
020 C000003    136
020 A000004 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000004 13-2741729
020 C000004    107
020 A000005 MORGAN (J.P.) SECURITIES, INC.
<PAGE>      PAGE  2
020 B000005 13-3224016
020 C000005    102
020 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000006 13-5674085
020 C000006    102
020 A000007 GOLDMAN, SACHS & CO.
020 B000007 13-5108880
020 C000007     92
020 A000008 DUNLEVY & CO., INC.
020 B000008 13-2919975
020 C000008     90
020 A000009 CREDIT SUISSE FIRST BOSTON CORP.
020 B000009 13-5659485
020 C000009     73
020 A000010 DILLON READ & CO., INC.
020 B000010 13-1939216
020 C000010     71
021  000000     2827
022 A000001 TAXABLE CENTRAL CASH FUND
022 B000001 04-3331103
022 C000001    872778
022 D000001    912011
022 A000002 PAINEWEBBER, INC.
022 B000002 13-2638166
022 C000002     16852
022 D000002     14281
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 13-2518466
022 C000003      1504
022 D000003     32284
022 A000004 FIDELITY CONTRAFUND
022 B000004 04-6056833
022 C000004     14190
022 D000004     14257
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005      2361
022 D000005     22109
022 A000006 GOLDMAN, SACHS & CO.
022 B000006 13-5108880
022 C000006     14950
022 D000006      9515
022 A000007 CREDIT SUISSE FIRST BOSTON CORP.
022 B000007 13-5659485
022 C000007     10211
022 D000007     10110
022 A000008 FIDELITY GROWTH COMPANY FUND
022 B000008 22-2693858
022 C000008      6464
022 D000008     10312
022 A000009 FIDELITY EQUITY-INCOME II FUND
<PAGE>      PAGE  3
022 B000009 04-3095387
022 C000009      5488
022 D000009      9283
022 A000010 HERZOG, HEINE, GEDULD, INC.
022 B000010 13-1988436
022 C000010      6601
022 D000010      5304
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023 D000000    1149663
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<PAGE>      PAGE  4
008 A000101 FIDELITY MANAGEMENT & RESEARCH CO.
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
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
014 A000104 NATIONAL FINANCIAL SERVICES CORPORATION
014 B000104 8-26740
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  199107
025 A000102 LEHMAN BROTHERS HOLDINGS, INC.
<PAGE>      PAGE  5
025 B000102 13-2518466
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
074 W000100   0.0000
074 X000100   105810
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076  000100     0.00
080 A000100 AMERICAN INTERNATIONAL SPECIALTY INSURANCE
080 B000100 FEDERAL INSURANCE CO.
080 C000100   220000
081 A000100 Y
081 B000100 227
082 A000100 N
082 B000100        0
083 A000100 N
083 B000100        0
084 A000100 N
084 B000100        0
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085 B000100 N
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>

YEAR


<FISCAL-YEAR-END>

NOV-30-1997


<PERIOD-END>

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2,611,298


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3,372,177


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25,534


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14


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0


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3,397,725


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27,530


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0


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7,443


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34,973


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0


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2,363,921


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961


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145


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234,373


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0


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15,362


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0


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30,780


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243,508


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326,758


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601,046


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98


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0


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919


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842,138


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71,424


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0


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0


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12,861


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22.780


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126


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0


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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>

YEAR


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NOV-30-1997


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NOV-30-1997


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2,611,298


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3,372,177


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25,534


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14


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0


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3,397,725


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27,530


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0


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7,443


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34,973


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0


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81,556


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73,296


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3,579


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0


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234,373


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3,362,752


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601,046


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43,072


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0


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842,138


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71,424


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0


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0


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0


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1,928,342


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22.830


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 .260


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0


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26.850


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123


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0


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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>

YEAR


<FISCAL-YEAR-END>

NOV-30-1997


<PERIOD-END>

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2,611,298


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3,372,177


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25,534


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14


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3,397,725


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27,530


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7,443


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34,973


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25,522


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22,016


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3,579


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0


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234,373


<OVERDISTRIBUTION-GAINS>

0


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760,879


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3,362,752


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52,216


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15,362


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0


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36,798


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30,780


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243,508


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326,758


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601,046


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0


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3,503


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13,038


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0


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71,424


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0


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0


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14,928


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0


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37,231


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586,442


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22.730


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 .130


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4.610


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 .150


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 .590


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174


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0


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0



        



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
 

<CIK>     0000702533


<NAME>      Fidelity Advisor Series III


<SERIES>

        <NUMBER>        15

        <NAME>      Fidelity Advisor Equity Income Fund
 Class C

<MULTIPLIER>    1,000


       

<S>

<C>

<PERIOD-TYPE>

YEAR


<FISCAL-YEAR-END>

NOV-30-1997


<PERIOD-END>

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2,611,298


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3,372,177


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25,534


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14


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0


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3,397,725


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27,530


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<ACCUM-APPREC-OR-DEPREC>

760,879


<NET-ASSETS>

3,362,752


<DIVIDEND-INCOME>

52,216


<INTEREST-INCOME>

15,362


<OTHER-INCOME>

0


<EXPENSES-NET>

36,798


<NET-INVESTMENT-INCOME>

30,780


<REALIZED-GAINS-CURRENT>

243,508


<APPREC-INCREASE-CURRENT>

326,758


<NET-CHANGE-FROM-OPS>

601,046


<EQUALIZATION>

0


<DISTRIBUTIONS-OF-INCOME>

0


<DISTRIBUTIONS-OF-GAINS>

0


<DISTRIBUTIONS-OTHER>

0


<NUMBER-OF-SHARES-SOLD>

25


<NUMBER-OF-SHARES-REDEEMED>

0


<SHARES-REINVESTED>

0


<NET-CHANGE-IN-ASSETS>

842,138


<ACCUMULATED-NII-PRIOR>

4,640


<ACCUMULATED-GAINS-PRIOR>

71,424


<OVERDISTRIB-NII-PRIOR>

0


<OVERDIST-NET-GAINS-PRIOR>

0


<GROSS-ADVISORY-FEES>

14,928


<INTEREST-EXPENSE>

0


<GROSS-EXPENSE>

37,231


<AVERAGE-NET-ASSETS>

324


<PER-SHARE-NAV-BEGIN>

26.65


<PER-SHARE-NII>

 .020


<PER-SHARE-GAIN-APPREC>

 .170


<PER-SHARE-DIVIDEND>

0


<PER-SHARE-DISTRIBUTIONS>

0


<RETURNS-OF-CAPITAL>

0


<PER-SHARE-NAV-END>

26.840


<EXPENSE-RATIO>

185


<AVG-DEBT-OUTSTANDING>

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>

YEAR


<FISCAL-YEAR-END>

NOV-30-1997


<PERIOD-END>

NOV-30-1997


<INVESTMENTS-AT-COST>

2,611,298


<INVESTMENTS-AT-VALUE>

3,372,177


<RECEIVABLES>

25,534


<ASSETS-OTHER>

14


<OTHER-ITEMS-ASSETS>

0


<TOTAL-ASSETS>

3,397,725


<PAYABLE-FOR-SECURITIES>

27,530


<SENIOR-LONG-TERM-DEBT>

0


<OTHER-ITEMS-LIABILITIES>

7,443


<TOTAL-LIABILITIES>

34,973


<SENIOR-EQUITY>

0


<PAID-IN-CAPITAL-COMMON>

2,363,921


<SHARES-COMMON-STOCK>

17,143


<SHARES-COMMON-PRIOR>

14,951


<ACCUMULATED-NII-CURRENT>

3,579


<OVERDISTRIBUTION-NII>

0


<ACCUMULATED-NET-GAINS>

234,373


<OVERDISTRIBUTION-GAINS>

0


<ACCUM-APPREC-OR-DEPREC>

760,879


<NET-ASSETS>

3,362,752


<DIVIDEND-INCOME>

52,216


<INTEREST-INCOME>

15,362


<OTHER-INCOME>

0


<EXPENSES-NET>

36,798


<NET-INVESTMENT-INCOME>

30,780


<REALIZED-GAINS-CURRENT>

243,508


<APPREC-INCREASE-CURRENT>

326,758


<NET-CHANGE-FROM-OPS>

601,046


<EQUALIZATION>

0


<DISTRIBUTIONS-OF-INCOME>

7,382


<DISTRIBUTIONS-OF-GAINS>

8,661


<DISTRIBUTIONS-OTHER>

0


<NUMBER-OF-SHARES-SOLD>

11,368


<NUMBER-OF-SHARES-REDEEMED>

9,691


<SHARES-REINVESTED>

515


<NET-CHANGE-IN-ASSETS>

842,138


<ACCUMULATED-NII-PRIOR>

4,640


<ACCUMULATED-GAINS-PRIOR>

71,424


<OVERDISTRIB-NII-PRIOR>

0


<OVERDIST-NET-GAINS-PRIOR>

0


<GROSS-ADVISORY-FEES>

14,928


<INTEREST-EXPENSE>

0


<GROSS-EXPENSE>

37,231


<AVERAGE-NET-ASSETS>

459,444


<PER-SHARE-NAV-BEGIN>

23.000


<PER-SHARE-NII>

 .390


<PER-SHARE-GAIN-APPREC>

4.680


<PER-SHARE-DIVIDEND>

 .410


<PER-SHARE-DISTRIBUTIONS>

 .590


<RETURNS-OF-CAPITAL>

0


<PER-SHARE-NAV-END>

27.070


<EXPENSE-RATIO>

69


<AVG-DEBT-OUTSTANDING>

0


<AVG-DEBT-PER-SHARE>

0



        



</TABLE>


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