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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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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> 71
<NAME> Growth & Income Portfolio
Initial Class
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<S>
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617,377
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268
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0
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42,135
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27,549
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2,256
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0
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28,751
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0
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74,598
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3,051
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723
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0
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1,518
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2,256
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29,145
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41,361
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0
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0
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16,364
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1,944
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166
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274,690
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0
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0
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0
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.060
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0
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.070
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14.570
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64
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927384
<NAME> Variable Insurance Products Fund III
<SERIES>
<NUMBER> 72
<NAME> Growth & Income Portfolio
Service Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
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dec-31-1998
<PERIOD-END>
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542,779
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617,377
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3,048
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268
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0
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620,693
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278
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427
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705
<SENIOR-EQUITY>
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514,383
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420
<SHARES-COMMON-PRIOR>
1
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2,256
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28,751
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
74,598
<NET-ASSETS>
619,988
<DIVIDEND-INCOME>
3,051
<INTEREST-INCOME>
723
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0
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1,518
<NET-INVESTMENT-INCOME>
2,256
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29,145
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41,361
<NET-CHANGE-FROM-OPS>
72,762
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0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
0
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0
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437
<NUMBER-OF-SHARES-REDEEMED>
18
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
274,690
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
1,936
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0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
1,176
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0
<GROSS-EXPENSE>
1,520
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1,571
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12.530
<PER-SHARE-NII>
.060
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2.020
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0
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.070
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0
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14.540
<EXPENSE-RATIO>
74
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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
Initial Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
dec-31-1998
<PERIOD-END>
jun-30-1998
<INVESTMENTS-AT-COST>
233,882
<INVESTMENTS-AT-VALUE>
270,646
<RECEIVABLES>
2,100
<ASSETS-OTHER>
32
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
272,778
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4,300
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0
<OTHER-ITEMS-LIABILITIES>
260
<TOTAL-LIABILITIES>
4,560
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
216,900
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17,256
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14,709
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3,527
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0
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11,026
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0
<ACCUM-APPREC-OR-DEPREC>
36,765
<NET-ASSETS>
268,218
<DIVIDEND-INCOME>
1,367
<INTEREST-INCOME>
2,969
<OTHER-INCOME>
0
<EXPENSES-NET>
700
<NET-INVESTMENT-INCOME>
3,636
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11,137
<APPREC-INCREASE-CURRENT>
12,306
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27,079
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0
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5,425
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8,289
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0
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2,751
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1,179
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975
<NET-CHANGE-IN-ASSETS>
53,670
<ACCUMULATED-NII-PRIOR>
5,298
<ACCUMULATED-GAINS-PRIOR>
8,197
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
530
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
714
<AVERAGE-NET-ASSETS>
240,463
<PER-SHARE-NAV-BEGIN>
14.580
<PER-SHARE-NII>
.220
<PER-SHARE-GAIN-APPREC>
1.470
<PER-SHARE-DIVIDEND>
.360
<PER-SHARE-DISTRIBUTIONS>
.550
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
15.360
<EXPENSE-RATIO>
60
<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> 42
<NAME> Balanced Portfolio
Service Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
dec-31-1998
<PERIOD-END>
jun-30-1998
<INVESTMENTS-AT-COST>
233,882
<INVESTMENTS-AT-VALUE>
270,646
<RECEIVABLES>
2,100
<ASSETS-OTHER>
32
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
272,778
<PAYABLE-FOR-SECURITIES>
4,300
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
260
<TOTAL-LIABILITIES>
4,560
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
216,900
<SHARES-COMMON-STOCK>
207
<SHARES-COMMON-PRIOR>
1
<ACCUMULATED-NII-CURRENT>
3,527
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
11,026
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
36,765
<NET-ASSETS>
268,218
<DIVIDEND-INCOME>
1,367
<INTEREST-INCOME>
2,969
<OTHER-INCOME>
0
<EXPENSES-NET>
700
<NET-INVESTMENT-INCOME>
3,636
<REALIZED-GAINS-CURRENT>
11,137
<APPREC-INCREASE-CURRENT>
12,306
<NET-CHANGE-FROM-OPS>
27,079
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
208
<NUMBER-OF-SHARES-REDEEMED>
2
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
53,670
<ACCUMULATED-NII-PRIOR>
5,298
<ACCUMULATED-GAINS-PRIOR>
8,197
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
530
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
714
<AVERAGE-NET-ASSETS>
706
<PER-SHARE-NAV-BEGIN>
14.590
<PER-SHARE-NII>
.210
<PER-SHARE-GAIN-APPREC>
1.440
<PER-SHARE-DIVIDEND>
.360
<PER-SHARE-DISTRIBUTIONS>
.550
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
15.330
<EXPENSE-RATIO>
70
<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
Initial Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
dec-31-1998
<PERIOD-END>
jun-30-1998
<INVESTMENTS-AT-COST>
1,144,628
<INVESTMENTS-AT-VALUE>
1,424,833
<RECEIVABLES>
8,753
<ASSETS-OTHER>
294
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
1,433,880
<PAYABLE-FOR-SECURITIES>
5,056
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
2,458
<TOTAL-LIABILITIES>
7,514
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
1,126,935
<SHARES-COMMON-STOCK>
66,334
<SHARES-COMMON-PRIOR>
53,221
<ACCUMULATED-NII-CURRENT>
8,340
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
10,888
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
280,203
<NET-ASSETS>
1,426,366
<DIVIDEND-INCOME>
7,362
<INTEREST-INCOME>
5,735
<OTHER-INCOME>
0
<EXPENSES-NET>
4,407
<NET-INVESTMENT-INCOME>
8,690
<REALIZED-GAINS-CURRENT>
10,989
<APPREC-INCREASE-CURRENT>
110,036
<NET-CHANGE-FROM-OPS>
129,715
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
11,951
<DISTRIBUTIONS-OF-GAINS>
41,544
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
13,071
<NUMBER-OF-SHARES-REDEEMED>
2,776
<SHARES-REINVESTED>
2,818
<NET-CHANGE-IN-ASSETS>
398,010
<ACCUMULATED-NII-PRIOR>
11,667
<ACCUMULATED-GAINS-PRIOR>
41,679
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
3,703
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
4,467
<AVERAGE-NET-ASSETS>
1,230,719
<PER-SHARE-NAV-BEGIN>
19.270
<PER-SHARE-NII>
.140
<PER-SHARE-GAIN-APPREC>
1.970
<PER-SHARE-DIVIDEND>
.210
<PER-SHARE-DISTRIBUTIONS>
.730
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
20.440
<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> 52
<NAME> Growth Opportunities Portfolio
Service Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
dec-31-1998
<PERIOD-END>
jun-30-1998
<INVESTMENTS-AT-COST>
1,144,628
<INVESTMENTS-AT-VALUE>
1,424,833
<RECEIVABLES>
8,753
<ASSETS-OTHER>
294
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
1,433,880
<PAYABLE-FOR-SECURITIES>
5,056
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
2,458
<TOTAL-LIABILITIES>
7,514
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
1,126,935
<SHARES-COMMON-STOCK>
3,443
<SHARES-COMMON-PRIOR>
134
<ACCUMULATED-NII-CURRENT>
8,340
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
10,888
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
280,203
<NET-ASSETS>
1,426,366
<DIVIDEND-INCOME>
7,362
<INTEREST-INCOME>
5,735
<OTHER-INCOME>
0
<EXPENSES-NET>
4,407
<NET-INVESTMENT-INCOME>
8,690
<REALIZED-GAINS-CURRENT>
10,989
<APPREC-INCREASE-CURRENT>
110,036
<NET-CHANGE-FROM-OPS>
129,715
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
67
<DISTRIBUTIONS-OF-GAINS>
233
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
3,297
<NUMBER-OF-SHARES-REDEEMED>
4
<SHARES-REINVESTED>
16
<NET-CHANGE-IN-ASSETS>
398,010
<ACCUMULATED-NII-PRIOR>
11,667
<ACCUMULATED-GAINS-PRIOR>
41,679
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
3,703
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
4,467
<AVERAGE-NET-ASSETS>
27,999
<PER-SHARE-NAV-BEGIN>
19.270
<PER-SHARE-NII>
.140
<PER-SHARE-GAIN-APPREC>
1.970
<PER-SHARE-DIVIDEND>
.210
<PER-SHARE-DISTRIBUTIONS>
.730
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
20.440
<EXPENSE-RATIO>
82
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
