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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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SIGNATURE JOHN H. COSTELLO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927384
<NAME> Variable Insurance Products Fund III
<SERIES>
<NUMBER> 11
<NAME> Fidelity Advisor Annuity Money Market Fund
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
jun-30-1997
<INVESTMENTS-AT-COST>
0
<INVESTMENTS-AT-VALUE>
0
<RECEIVABLES>
0
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0
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
0
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0
<SENIOR-LONG-TERM-DEBT>
0
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0
<TOTAL-LIABILITIES>
0
<SENIOR-EQUITY>
0
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0
<SHARES-COMMON-STOCK>
0
<SHARES-COMMON-PRIOR>
0
<ACCUMULATED-NII-CURRENT>
0
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
0
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
0
<NET-ASSETS>
0
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
0
<OTHER-INCOME>
0
<EXPENSES-NET>
0
<NET-INVESTMENT-INCOME>
0
<REALIZED-GAINS-CURRENT>
0
<APPREC-INCREASE-CURRENT>
0
<NET-CHANGE-FROM-OPS>
0
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
0
<NUMBER-OF-SHARES-REDEEMED>
0
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
0
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
0
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
0
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0
<PER-SHARE-NAV-BEGIN>
0
<PER-SHARE-NII>
0
<PER-SHARE-GAIN-APPREC>
0
<PER-SHARE-DIVIDEND>
0
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
0
<EXPENSE-RATIO>
0
<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> 21
<NAME> Fidelity Advisor Annuity Government Investment Fund
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
jun-30-1997
<INVESTMENTS-AT-COST>
0
<INVESTMENTS-AT-VALUE>
0
<RECEIVABLES>
0
<ASSETS-OTHER>
0
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
0
<PAYABLE-FOR-SECURITIES>
0
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
0
<TOTAL-LIABILITIES>
0
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
0
<SHARES-COMMON-STOCK>
0
<SHARES-COMMON-PRIOR>
0
<ACCUMULATED-NII-CURRENT>
0
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
0
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
0
<NET-ASSETS>
0
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
0
<OTHER-INCOME>
0
<EXPENSES-NET>
0
<NET-INVESTMENT-INCOME>
0
<REALIZED-GAINS-CURRENT>
0
<APPREC-INCREASE-CURRENT>
0
<NET-CHANGE-FROM-OPS>
0
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
0
<NUMBER-OF-SHARES-REDEEMED>
0
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
0
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
0
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
0
<AVERAGE-NET-ASSETS>
0
<PER-SHARE-NAV-BEGIN>
0
<PER-SHARE-NII>
0
<PER-SHARE-GAIN-APPREC>
0
<PER-SHARE-DIVIDEND>
0
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
0
<EXPENSE-RATIO>
0
<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>
6-mos
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
jun-30-1997
<INVESTMENTS-AT-COST>
0
<INVESTMENTS-AT-VALUE>
0
<RECEIVABLES>
0
<ASSETS-OTHER>
0
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
0
<PAYABLE-FOR-SECURITIES>
0
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
0
<TOTAL-LIABILITIES>
0
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
0
<SHARES-COMMON-STOCK>
0
<SHARES-COMMON-PRIOR>
0
<ACCUMULATED-NII-CURRENT>
0
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
0
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
0
<NET-ASSETS>
0
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
0
<OTHER-INCOME>
0
<EXPENSES-NET>
0
<NET-INVESTMENT-INCOME>
0
<REALIZED-GAINS-CURRENT>
0
<APPREC-INCREASE-CURRENT>
0
<NET-CHANGE-FROM-OPS>
0
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
0
<NUMBER-OF-SHARES-REDEEMED>
0
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
0
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
0
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
0
<AVERAGE-NET-ASSETS>
0
<PER-SHARE-NAV-BEGIN>
0
<PER-SHARE-NII>
0
<PER-SHARE-GAIN-APPREC>
0
<PER-SHARE-DIVIDEND>
0
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
0
<EXPENSE-RATIO>
0
<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>
6-mos
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
jun-30-1997
<INVESTMENTS-AT-COST>
146,600
<INVESTMENTS-AT-VALUE>
167,465
<RECEIVABLES>
1,781
<ASSETS-OTHER>
1,116
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
170,362
<PAYABLE-FOR-SECURITIES>
3,545
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
91
<TOTAL-LIABILITIES>
3,636
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
141,786
<SHARES-COMMON-STOCK>
12,252
<SHARES-COMMON-PRIOR>
8,434
<ACCUMULATED-NII-CURRENT>
2,232
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
1,842
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
20,866
<NET-ASSETS>
166,726
<DIVIDEND-INCOME>
855
<INTEREST-INCOME>
1,790
<OTHER-INCOME>
0
<EXPENSES-NET>
398
<NET-INVESTMENT-INCOME>
2,247
<REALIZED-GAINS-CURRENT>
2,242
<APPREC-INCREASE-CURRENT>
13,357
<NET-CHANGE-FROM-OPS>
17,846
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
2,679
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
3,992
<NUMBER-OF-SHARES-REDEEMED>
390
<SHARES-REINVESTED>
215
<NET-CHANGE-IN-ASSETS>
63,617
<ACCUMULATED-NII-PRIOR>
2,678
<ACCUMULATED-GAINS-PRIOR>
(414)
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
295
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
403
<AVERAGE-NET-ASSETS>
131,064
<PER-SHARE-NAV-BEGIN>
12.230
<PER-SHARE-NII>
.220
<PER-SHARE-GAIN-APPREC>
1.470
<PER-SHARE-DIVIDEND>
(.310)
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
13.610
<EXPENSE-RATIO>
62
<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>
6-mos
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
jun-30-1997
<INVESTMENTS-AT-COST>
605,246
<INVESTMENTS-AT-VALUE>
709,758
<RECEIVABLES>
5,424
<ASSETS-OTHER>
1
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
715,183
<PAYABLE-FOR-SECURITIES>
8,491
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
444
<TOTAL-LIABILITIES>
8,935
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
582,572
<SHARES-COMMON-STOCK>
41,242
<SHARES-COMMON-PRIOR>
24,876
<ACCUMULATED-NII-CURRENT>
4,998
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
14,166
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
104,512
<NET-ASSETS>
706,248
<DIVIDEND-INCOME>
3,982
<INTEREST-INCOME>
3,196
<OTHER-INCOME>
0
<EXPENSES-NET>
1,977
<NET-INVESTMENT-INCOME>
5,201
<REALIZED-GAINS-CURRENT>
14,357
<APPREC-INCREASE-CURRENT>
58,371
<NET-CHANGE-FROM-OPS>
77,929
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
6,568
<DISTRIBUTIONS-OF-GAINS>
9,195
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
15,911
<NUMBER-OF-SHARES-REDEEMED>
557
<SHARES-REINVESTED>
1,012
<NET-CHANGE-IN-ASSETS>
323,163
<ACCUMULATED-NII-PRIOR>
6,366
<ACCUMULATED-GAINS-PRIOR>
9,002
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
1,583
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
1,997
<AVERAGE-NET-ASSETS>
527,846
<PER-SHARE-NAV-BEGIN>
15.400
<PER-SHARE-NII>
.160
<PER-SHARE-GAIN-APPREC>
2.160
<PER-SHARE-DIVIDEND>
.250
<PER-SHARE-DISTRIBUTIONS>
.350
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
17.120
<EXPENSE-RATIO>
77
<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> 61
<NAME> Fidelity Advisor Annuity Overseas Fund
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
jun-30-1997
<INVESTMENTS-AT-COST>
0
<INVESTMENTS-AT-VALUE>
0
<RECEIVABLES>
0
<ASSETS-OTHER>
0
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
0
<PAYABLE-FOR-SECURITIES>
0
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
0
<TOTAL-LIABILITIES>
0
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
0
<SHARES-COMMON-STOCK>
0
<SHARES-COMMON-PRIOR>
0
<ACCUMULATED-NII-CURRENT>
0
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
0
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
0
<NET-ASSETS>
0
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
0
<OTHER-INCOME>
0
<EXPENSES-NET>
0
<NET-INVESTMENT-INCOME>
0
<REALIZED-GAINS-CURRENT>
0
<APPREC-INCREASE-CURRENT>
0
<NET-CHANGE-FROM-OPS>
0
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
0
<NUMBER-OF-SHARES-REDEEMED>
0
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
0
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
0
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
0
<AVERAGE-NET-ASSETS>
0
<PER-SHARE-NAV-BEGIN>
0
<PER-SHARE-NII>
0
<PER-SHARE-GAIN-APPREC>
0
<PER-SHARE-DIVIDEND>
0
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
0
<EXPENSE-RATIO>
0
<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> 71
<NAME> Growth & Income Portfolio
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
jun-30-1997
<INVESTMENTS-AT-COST>
163,232
<INVESTMENTS-AT-VALUE>
178,972
<RECEIVABLES>
1,523
<ASSETS-OTHER>
22
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
180,517
<PAYABLE-FOR-SECURITIES>
1,048
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
105
<TOTAL-LIABILITIES>
1,153
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
163,362
<SHARES-COMMON-STOCK>
15,614
<SHARES-COMMON-PRIOR>
100
<ACCUMULATED-NII-CURRENT>
592
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
(330)
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
15,740
<NET-ASSETS>
179,364
<DIVIDEND-INCOME>
692
<INTEREST-INCOME>
221
<OTHER-INCOME>
0
<EXPENSES-NET>
321
<NET-INVESTMENT-INCOME>
592
<REALIZED-GAINS-CURRENT>
(331)
<APPREC-INCREASE-CURRENT>
15,751
<NET-CHANGE-FROM-OPS>
16,012
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
16,858
<NUMBER-OF-SHARES-REDEEMED>
1,344
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
178,374
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
217
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
321
<AVERAGE-NET-ASSETS>
86,889
<PER-SHARE-NAV-BEGIN>
9.900
<PER-SHARE-NII>
.070
<PER-SHARE-GAIN-APPREC>
1.520
<PER-SHARE-DIVIDEND>
0
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
11.490
<EXPENSE-RATIO>
75
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
