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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 41
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SIGNATURE JOHN H. COSTELLO
TITLE ASSISTANT TREASURER
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<SERIES>
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<PERIOD-END>
dec-31-1996
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29,595
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29,595
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259
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119
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0
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29,973
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0
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32
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32
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29,941
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29,941
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28,975
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1,844
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154
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1,690
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1
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1,691
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0
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36,041
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36,765
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1,690
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967
<ACCUMULATED-NII-PRIOR>
0
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0
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0
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67
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154
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32,604
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1.000
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.052
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0
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0
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1.000
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47
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0
<AVG-DEBT-PER-SHARE>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000927384
<NAME> Variable Insurance Products Fund III
<SERIES>
<NUMBER> 21
<NAME> Fidelity Advisor Annuity Government Investment Fund
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<S>
<C>
<PERIOD-TYPE>
year
<FISCAL-YEAR-END>
dec-31-1996
<PERIOD-END>
dec-31-1996
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22,172
<INVESTMENTS-AT-VALUE>
22,000
<RECEIVABLES>
444
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0
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
22,444
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0
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
18
<TOTAL-LIABILITIES>
18
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
22,738
<SHARES-COMMON-STOCK>
2,091
<SHARES-COMMON-PRIOR>
968
<ACCUMULATED-NII-CURRENT>
6
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
(146)
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
(172)
<NET-ASSETS>
22,426
<DIVIDEND-INCOME>
0
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1,260
<OTHER-INCOME>
0
<EXPENSES-NET>
171
<NET-INVESTMENT-INCOME>
1,089
<REALIZED-GAINS-CURRENT>
(136)
<APPREC-INCREASE-CURRENT>
(385)
<NET-CHANGE-FROM-OPS>
568
<EQUALIZATION>
0
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1,093
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0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
1,092
<NUMBER-OF-SHARES-REDEEMED>
71
<SHARES-REINVESTED>
102
<NET-CHANGE-IN-ASSETS>
11,701
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
1
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
79
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
172
<AVERAGE-NET-ASSETS>
17,855
<PER-SHARE-NAV-BEGIN>
11.080
<PER-SHARE-NII>
.553
<PER-SHARE-GAIN-APPREC>
(.353)
<PER-SHARE-DIVIDEND>
.550
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
10.730
<EXPENSE-RATIO>
96
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927384
<NAME> Variable Insurance Products Fund III
<SERIES>
<NUMBER> 31
<NAME> Fidelity Advisor Annuity High Yield Fund
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
year
<FISCAL-YEAR-END>
dec-31-1996
<PERIOD-END>
dec-31-1996
<INVESTMENTS-AT-COST>
85,834
<INVESTMENTS-AT-VALUE>
89,585
<RECEIVABLES>
1,413
<ASSETS-OTHER>
157
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
91,155
<PAYABLE-FOR-SECURITIES>
70
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
78
<TOTAL-LIABILITIES>
148
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
87,768
<SHARES-COMMON-STOCK>
7,450
<SHARES-COMMON-PRIOR>
3,561
<ACCUMULATED-NII-CURRENT>
0
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
(512)
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
3,751
<NET-ASSETS>
91,007
<DIVIDEND-INCOME>
477
<INTEREST-INCOME>
6,287
<OTHER-INCOME>
0
<EXPENSES-NET>
529
<NET-INVESTMENT-INCOME>
6,235
<REALIZED-GAINS-CURRENT>
(465)
<APPREC-INCREASE-CURRENT>
3,054
<NET-CHANGE-FROM-OPS>
8,824
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
6,331
<DISTRIBUTIONS-OF-GAINS>
40
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
3,747
<NUMBER-OF-SHARES-REDEEMED>
381
<SHARES-REINVESTED>
524
<NET-CHANGE-IN-ASSETS>
49,783
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
26
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
398
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
529
<AVERAGE-NET-ASSETS>
66,990
<PER-SHARE-NAV-BEGIN>
11.580
<PER-SHARE-NII>
.920
<PER-SHARE-GAIN-APPREC>
.650
<PER-SHARE-DIVIDEND>
.920
<PER-SHARE-DISTRIBUTIONS>
.010
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
12.220
<EXPENSE-RATIO>
79
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927384
<NAME> Variable Insurance Products Fund III
<SERIES>
<NUMBER> 41
<NAME> Balanced Portfolio
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
year
<FISCAL-YEAR-END>
dec-31-1996
<PERIOD-END>
dec-31-1996
<INVESTMENTS-AT-COST>
92,906
<INVESTMENTS-AT-VALUE>
100,414
<RECEIVABLES>
3,219
<ASSETS-OTHER>
7
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
103,640
<PAYABLE-FOR-SECURITIES>
470
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
60
<TOTAL-LIABILITIES>
530
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
93,337
<SHARES-COMMON-STOCK>
8,434
<SHARES-COMMON-PRIOR>
3,863
<ACCUMULATED-NII-CURRENT>
2,678
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
(414)
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
7,509
<NET-ASSETS>
103,110
<DIVIDEND-INCOME>
1,115
<INTEREST-INCOME>
2,114
<OTHER-INCOME>
0
<EXPENSES-NET>
527
<NET-INVESTMENT-INCOME>
2,702
<REALIZED-GAINS-CURRENT>
(391)
<APPREC-INCREASE-CURRENT>
6,443
<NET-CHANGE-FROM-OPS>
8,754
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
27
<DISTRIBUTIONS-OF-GAINS>
192
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
4,616
<NUMBER-OF-SHARES-REDEEMED>
65
<SHARES-REINVESTED>
20
<NET-CHANGE-IN-ASSETS>
59,954
<ACCUMULATED-NII-PRIOR>
3
<ACCUMULATED-GAINS-PRIOR>
168
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
357
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
538
<AVERAGE-NET-ASSETS>
74,349
<PER-SHARE-NAV-BEGIN>
11.170
<PER-SHARE-NII>
.330
<PER-SHARE-GAIN-APPREC>
.780
<PER-SHARE-DIVIDEND>
.010
<PER-SHARE-DISTRIBUTIONS>
.040
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
12.230
<EXPENSE-RATIO>
72
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927384
<NAME> Variable Insurance Products Fund III
<SERIES>
<NUMBER> 51
<NAME> Growth Opportunities Portfolio
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
year
<FISCAL-YEAR-END>
dec-31-1996
<PERIOD-END>
dec-31-1996
<INVESTMENTS-AT-COST>
336,002
<INVESTMENTS-AT-VALUE>
382,143
<RECEIVABLES>
3,393
<ASSETS-OTHER>
1
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
385,537
<PAYABLE-FOR-SECURITIES>
2,203
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
249
<TOTAL-LIABILITIES>
2,452
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
321,576
<SHARES-COMMON-STOCK>
24,876
<SHARES-COMMON-PRIOR>
12,569
<ACCUMULATED-NII-CURRENT>
6,366
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
9,002
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
46,141
<NET-ASSETS>
383,085
<DIVIDEND-INCOME>
4,744
<INTEREST-INCOME>
3,723
<OTHER-INCOME>
0
<EXPENSES-NET>
2,101
<NET-INVESTMENT-INCOME>
6,366
<REALIZED-GAINS-CURRENT>
9,089
<APPREC-INCREASE-CURRENT>
35,813
<NET-CHANGE-FROM-OPS>
51,268
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
705
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
12,499
<NUMBER-OF-SHARES-REDEEMED>
246
<SHARES-REINVESTED>
54
<NET-CHANGE-IN-ASSETS>
218,783
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
620
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
1,679
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
2,124
<AVERAGE-NET-ASSETS>
277,417
<PER-SHARE-NAV-BEGIN>
13.070
<PER-SHARE-NII>
.260
<PER-SHARE-GAIN-APPREC>
2.120
<PER-SHARE-DIVIDEND>
0
<PER-SHARE-DISTRIBUTIONS>
.050
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
15.400
<EXPENSE-RATIO>
77
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927384
<NAME> Fidelity Advisor Annuity Fund
<SERIES>
<NUMBER> 61
<NAME> Fidelity Advisor Annuity Overseas Fund
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
year
<FISCAL-YEAR-END>
dec-31-1996
<PERIOD-END>
dec-31-1996
<INVESTMENTS-AT-COST>
42,383
<INVESTMENTS-AT-VALUE>
45,163
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176
<ASSETS-OTHER>
0
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
45,339
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58
<SENIOR-LONG-TERM-DEBT>
0
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76
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134
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
42,013
<SHARES-COMMON-STOCK>
3,776
<SHARES-COMMON-PRIOR>
1,606
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0
<OVERDISTRIBUTION-NII>
36
<ACCUMULATED-NET-GAINS>
464
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
2,764
<NET-ASSETS>
45,205
<DIVIDEND-INCOME>
714
<INTEREST-INCOME>
270
<OTHER-INCOME>
(80)
<EXPENSES-NET>
496
<NET-INVESTMENT-INCOME>
408
<REALIZED-GAINS-CURRENT>
1,476
<APPREC-INCREASE-CURRENT>
2,174
<NET-CHANGE-FROM-OPS>
4,058
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
431
<DISTRIBUTIONS-OF-GAINS>
964
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
2,281
<NUMBER-OF-SHARES-REDEEMED>
229
<SHARES-REINVESTED>
119
<NET-CHANGE-IN-ASSETS>
27,610
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
(46)
<OVERDISTRIB-NII-PRIOR>
14
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
251
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
515
<AVERAGE-NET-ASSETS>
33,259
<PER-SHARE-NAV-BEGIN>
10.960
<PER-SHARE-NII>
.120
<PER-SHARE-GAIN-APPREC>
1.280
<PER-SHARE-DIVIDEND>
.120
<PER-SHARE-DISTRIBUTIONS>
.270
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
11.970
<EXPENSE-RATIO>
149
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
