Tyrrell Hatton defended his Alfred Dunhill Links Championship title at St Andrews after a final round 66 secured a three-shot victory.
Fisher birdied six of his last seven holes at Kingsbarns for a 67, and Donald also produced a big finish with four birdies in seven holes.
"Just wanted to come out here and put in a good performance, and if I could, try and repeat past year finishing tied second", Fisher said.
The Englishman repeated his fine second-round showing to take control in his bid to become the first back-to-back victor in the tournament's 17-year history.
"Last year this event was a fantastic moment for me", Hatton told the European Tour's official website. "I see no reason why I can't better that in the next ten years and that's why I feel like these three months are very important for me".
"I started the year with grabbed ambitions trying to add to my major tally and trying to win golf tournaments and get back up near the top of the World Rankings".
■ 61 - A new course record at St Andrews for runner-up Ross Fisher.
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Scotland's Marc Warren and England's Robert Rock both carded final-round 66s to tie for fourth place with Frenchman Gregory Bourdy, who shot a 71 after starting the day as Hatton's closest challenger. "It's absolutely brilliant to win the Team Championship for a third time".
In tough conditions, Steele shot a three-under-par 69 - one of just seven rounds in the 60s - to overturn a two-stroke deficit. He only managed to hit six fairways all day, but was happy enough with his finish."Honestly I was happy with the way I hung in there", Finau said.
Another point to make would be that Ross Fisher shot 11-under-par thanks to a hot putter and an electric short game, not just because of long-hitting. But to go out and shoot a score like that, with no bogeys... "I didn't feel great over the ball".
It leaves the leading pair eight shots clear of Fox, whose third round is at the Kingsbarns Golf Links.
Fisher said: "I felt like there was a good one in me today because there wasn't much breeze".
Donaldson, who pocketed a cheque for 50,000 U.S. dollars, had nine birdies and an 18th hole eagle on his card for a 72 hole score of 40-under-par, winning by three from Robert Rock and Westlife singer Brian McFadden, Victor Dubuisson and Shantanu Narayen, who had a hole-in-one in round three, and Yikeun Chang and Erwee Botha.
"So this old man is just trying to show them that I'm not over the hill yet".