<PAGE> PAGE 1
000 B000000 05/31/98
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 6175638466
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 304
020 A000002 MORGAN STANLEY CO, INC.
020 B000002 13-2655998
020 C000002 138
020 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000003 13-5674085
020 C000003 97
020 A000004 SCHROEDER, WERTHHEIM & CO. INC.
020 B000004 13-2697272
020 C000004 85
020 A000005 MORGAN (J.P.) SECURITIES, INC.
<PAGE> PAGE 2
020 B000005 13-3224016
020 C000005 81
020 A000006 CS FIRST BOSTON CORP.
020 B000006 13-5659485
020 C000006 70
020 A000007 GOLDMAN, SACHS & CO.
020 B000007 13-5108880
020 C000007 66
020 A000008 FURMAN SELZ LCC
020 B000008 13-3856626
020 C000008 48
020 A000009 DONALDSON, LUFKIN & JENRETTE SEC. CORP.
020 B000009 13-2741729
020 C000009 47
020 A000010 BROWN (ALEX) & SONS, INC.
020 B000010 52-1319768
020 C000010 45
021 000000 1888
022 A000001 TAXABLE CENTRAL CASH FUND
022 B000001 04-3331103
022 C000001 423357
022 D000001 448592
022 A000002 SMITH BARNEY SHEARSON, INC.
022 B000002 13-1912900
022 C000002 12725
022 D000002 14110
022 A000003 FIDELITY DESTINY II FUND
022 B000003 04-2270522
022 C000003 5941
022 D000003 19145
022 A000004 FID ASSET MANAGER FUND
022 B000004 04-3037078
022 C000004 1683
022 D000004 19764
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 8968
022 D000005 9120
022 A000006 FID DIVIDEND GROWTH FUND
022 B000006 04-3188220
022 C000006 0
022 D000006 13167
022 A000007 FID ASSET MANAGER - GROWTH
022 B000007 04-3105658
022 C000007 8729
022 D000007 1350
022 A000008 JEFFERIES & CO. INC.
022 B000008 95-2622900
022 C000008 6763
022 D000008 2471
022 A000009 GOLDMAN, SACHS & CO.
<PAGE> PAGE 3
022 B000009 13-5108880
022 C000009 828
022 D000009 7853
022 A000010 FA GROWTH OPPORTUNITIES FUND
022 B000010 04-2983450
022 C000010 8556
022 D000010 0
023 C000000 588449
023 D000000 589842
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
077 A000000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
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
<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
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 173871
025 A000102 DELETE
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 93901
028 A020100 185535
028 A030100 0
028 A040100 70021
028 B010100 123219
028 B020100 22233
028 B030100 0
028 B040100 64348
028 C010100 87464
028 C020100 0
028 C030100 0
<PAGE> PAGE 5
028 C040100 58785
028 D010100 124955
028 D020100 6044
028 D030100 0
028 D040100 89211
028 E010100 125681
028 E020100 0
028 E030100 0
028 E040100 65674
028 F010100 109476
028 F020100 0
028 F030100 0
028 F040100 67290
028 G010100 664696
028 G020100 213812
028 G030100 0
028 G040100 415329
028 H000100 30238
029 000100 Y
030 A000100 1252
030 B000100 5.75
030 C000100 0.00
031 A000100 385
031 B000100 0
032 000100 867
033 000100 0
034 000100 Y
035 000100 514
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 10048
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.500
048 A010100 0
048 A020100 0.000
<PAGE> PAGE 6
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 2500
<PAGE> PAGE 7
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 Y
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
<PAGE> PAGE 8
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 1237519
071 B000100 953983
071 C000100 3583505
071 D000100 27
072 A000100 6
072 B000100 4500
072 C000100 32616
072 D000100 0
072 E000100 0
072 F000100 9362
072 G000100 0
072 H000100 0
072 I000100 3276
072 J000100 29
072 K000100 0
072 L000100 0
072 M000100 9
072 N000100 256
072 O000100 0
072 P000100 0
072 Q000100 406
072 R000100 35
072 S000100 8
072 T000100 10048
072 U000100 0
072 V000100 0
072 W000100 29
072 X000100 23458
072 Y000100 315
072 Z000100 13973
072AA000100 189230
072BB000100 0
072CC010100 253116
072CC020100 0
072DD010100 12858
072DD020100 0
072EE000100 218223
<PAGE> PAGE 9
073 A010100 0.0000
073 A020100 0.0000
073 B000100 1.7200
073 C000100 0.0000
074 A000100 36
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 3899019
074 G000100 0
074 H000100 0
074 I000100 173871
074 J000100 1069
074 K000100 0
074 L000100 15541
074 M000100 6
074 N000100 4089542
074 O000100 23636
074 P000100 3538
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 11199
074 S000100 0
074 T000100 4051169
074 U010100 125187
074 U020100 17594
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 121717
074 Y000100 0
075 A000100 0
075 B000100 3745075
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
085 A000100 Y
085 B000100 N
<PAGE> PAGE 10
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-30-1998
<PERIOD-END>
may-31-1998
<INVESTMENTS-AT-COST>
3,058,889
<INVESTMENTS-AT-VALUE>
4,072,890
<RECEIVABLES>
16,646
<ASSETS-OTHER>
6
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
4,089,542
<PAYABLE-FOR-SECURITIES>
23,636
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
14,737
<TOTAL-LIABILITIES>
38,373
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
2,844,916
<SHARES-COMMON-STOCK>
1,811
<SHARES-COMMON-PRIOR>
961
<ACCUMULATED-NII-CURRENT>
4,694
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
187,564
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
1,013,995
<NET-ASSETS>
4,051,169
<DIVIDEND-INCOME>
32,616
<INTEREST-INCOME>
4,500
<OTHER-INCOME>
0
<EXPENSES-NET>
23,143
<NET-INVESTMENT-INCOME>
13,973
<REALIZED-GAINS-CURRENT>
189,230
<APPREC-INCREASE-CURRENT>
253,116
<NET-CHANGE-FROM-OPS>
456,319
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
146
<DISTRIBUTIONS-OF-GAINS>
1,745
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
904
<NUMBER-OF-SHARES-REDEEMED>
125
<SHARES-REINVESTED>
71
<NET-CHANGE-IN-ASSETS>
688,417
<ACCUMULATED-NII-PRIOR>
3,579
<ACCUMULATED-GAINS-PRIOR>
234,373
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
9,362
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
23,458
<AVERAGE-NET-ASSETS>
37,548
<PER-SHARE-NAV-BEGIN>
26.690
<PER-SHARE-NII>
.130
<PER-SHARE-GAIN-APPREC>
3.210
<PER-SHARE-DIVIDEND>
.120
<PER-SHARE-DISTRIBUTIONS>
1.720
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
28.190
<EXPENSE-RATIO>
108
<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
Series B
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
nov-30-1998
<PERIOD-END>
may-31-1998
<INVESTMENTS-AT-COST>
3,058,889
<INVESTMENTS-AT-VALUE>
4,072,890
<RECEIVABLES>
16,646
<ASSETS-OTHER>
6
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
4,089,542
<PAYABLE-FOR-SECURITIES>
23,636
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
14,737
<TOTAL-LIABILITIES>
38,373
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
2,844,916
<SHARES-COMMON-STOCK>
29,881
<SHARES-COMMON-PRIOR>
25,522
<ACCUMULATED-NII-CURRENT>
4,694
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
187,564
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
1,013,995
<NET-ASSETS>
4,051,169
<DIVIDEND-INCOME>
32,616
<INTEREST-INCOME>
4,500
<OTHER-INCOME>
0
<EXPENSES-NET>
23,143
<NET-INVESTMENT-INCOME>
13,973
<REALIZED-GAINS-CURRENT>
189,230
<APPREC-INCREASE-CURRENT>
253,116
<NET-CHANGE-FROM-OPS>
456,319
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
1,085
<DISTRIBUTIONS-OF-GAINS>
44,523
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
4,282
<NUMBER-OF-SHARES-REDEEMED>
1,524
<SHARES-REINVESTED>
1,601
<NET-CHANGE-IN-ASSETS>
688,417
<ACCUMULATED-NII-PRIOR>
3,579
<ACCUMULATED-GAINS-PRIOR>
234,373
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
9,362
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
23,458
<AVERAGE-NET-ASSETS>
767,589
<PER-SHARE-NAV-BEGIN>
26.730
<PER-SHARE-NII>
.040
<PER-SHARE-GAIN-APPREC>
3.220
<PER-SHARE-DIVIDEND>
.040
<PER-SHARE-DISTRIBUTIONS>
1.720
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
28.230
<EXPENSE-RATIO>
177
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
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>
6-mos
<FISCAL-YEAR-END>
nov-30-1998
<PERIOD-END>
may-31-1998
<INVESTMENTS-AT-COST>
3,058,889
<INVESTMENTS-AT-VALUE>
4,072,890
<RECEIVABLES>
16,646
<ASSETS-OTHER>
6
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
4,089,542
<PAYABLE-FOR-SECURITIES>
23,636
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
14,737
<TOTAL-LIABILITIES>
38,373
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
2,844,916
<SHARES-COMMON-STOCK>
648
<SHARES-COMMON-PRIOR>
25
<ACCUMULATED-NII-CURRENT>
4,694
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
187,564
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
1,013,995
<NET-ASSETS>
4,051,169
<DIVIDEND-INCOME>
32,616
<INTEREST-INCOME>
4,500
<OTHER-INCOME>
0
<EXPENSES-NET>
23,143
<NET-INVESTMENT-INCOME>
13,973
<REALIZED-GAINS-CURRENT>
189,230
<APPREC-INCREASE-CURRENT>
253,116
<NET-CHANGE-FROM-OPS>
456,319
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
16
<DISTRIBUTIONS-OF-GAINS>
120
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
627
<NUMBER-OF-SHARES-REDEEMED>
9
<SHARES-REINVESTED>
5
<NET-CHANGE-IN-ASSETS>
688,417
<ACCUMULATED-NII-PRIOR>
3,579
<ACCUMULATED-GAINS-PRIOR>
234,373
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
9,362
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
23,458
<AVERAGE-NET-ASSETS>
8,265
<PER-SHARE-NAV-BEGIN>
26.840
<PER-SHARE-NII>
.030
<PER-SHARE-GAIN-APPREC>
3.220
<PER-SHARE-DIVIDEND>
.090
<PER-SHARE-DISTRIBUTIONS>
1.720
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
28.280
<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>
6-mos
<FISCAL-YEAR-END>
nov-30-1998
<PERIOD-END>
may-31-1998
<INVESTMENTS-AT-COST>
3,058,889
<INVESTMENTS-AT-VALUE>
4,072,890
<RECEIVABLES>
16,646
<ASSETS-OTHER>
6
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
4,089,542
<PAYABLE-FOR-SECURITIES>
23,636
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
14,737
<TOTAL-LIABILITIES>
38,373
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
2,844,916
<SHARES-COMMON-STOCK>
17,594
<SHARES-COMMON-PRIOR>
17,143
<ACCUMULATED-NII-CURRENT>
4,694
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
187,564
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
1,013,995
<NET-ASSETS>
4,051,169
<DIVIDEND-INCOME>
32,616
<INTEREST-INCOME>
4,500
<OTHER-INCOME>
0
<EXPENSES-NET>
23,143
<NET-INVESTMENT-INCOME>
13,973
<REALIZED-GAINS-CURRENT>
189,230
<APPREC-INCREASE-CURRENT>
253,116
<NET-CHANGE-FROM-OPS>
456,319
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
2,959
<DISTRIBUTIONS-OF-GAINS>
29,607
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
2,483
<NUMBER-OF-SHARES-REDEEMED>
3,127
<SHARES-REINVESTED>
1,095
<NET-CHANGE-IN-ASSETS>
688,417
<ACCUMULATED-NII-PRIOR>
3,579
<ACCUMULATED-GAINS-PRIOR>
234,373
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
9,362
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
23,458
<AVERAGE-NET-ASSETS>
483,431
<PER-SHARE-NAV-BEGIN>
27.070
<PER-SHARE-NII>
.180
<PER-SHARE-GAIN-APPREC>
3.260
<PER-SHARE-DIVIDEND>
.170
<PER-SHARE-DISTRIBUTIONS>
1.720
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
28.620
<EXPENSE-RATIO>
69
<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-30-1998
<PERIOD-END>
may-31-1998
<INVESTMENTS-AT-COST>
3,058,889
<INVESTMENTS-AT-VALUE>
4,072,890
<RECEIVABLES>
16,646
<ASSETS-OTHER>
6
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
4,089,542
<PAYABLE-FOR-SECURITIES>
23,636
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
14,737
<TOTAL-LIABILITIES>
38,373
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
2,844,916
<SHARES-COMMON-STOCK>
92,847
<SHARES-COMMON-PRIOR>
81,556
<ACCUMULATED-NII-CURRENT>
4,694
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
187,564
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
1,013,995
<NET-ASSETS>
4,051,169
<DIVIDEND-INCOME>
32,616
<INTEREST-INCOME>
4,500
<OTHER-INCOME>
0
<EXPENSES-NET>
23,143
<NET-INVESTMENT-INCOME>
13,973
<REALIZED-GAINS-CURRENT>
189,230
<APPREC-INCREASE-CURRENT>
253,116
<NET-CHANGE-FROM-OPS>
456,319
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
8,652
<DISTRIBUTIONS-OF-GAINS>
142,228
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
16,033
<NUMBER-OF-SHARES-REDEEMED>
10,427
<SHARES-REINVESTED>
5,685
<NET-CHANGE-IN-ASSETS>
688,417
<ACCUMULATED-NII-PRIOR>
3,579
<ACCUMULATED-GAINS-PRIOR>
234,373
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
9,362
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
23,458
<AVERAGE-NET-ASSETS>
2,448,263
<PER-SHARE-NAV-BEGIN>
26.850
<PER-SHARE-NII>
.110
<PER-SHARE-GAIN-APPREC>
3.240
<PER-SHARE-DIVIDEND>
.100
<PER-SHARE-DISTRIBUTIONS>
1.720
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
28.380
<EXPENSE-RATIO>
123
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
