FIDELITY ADVISOR EMERGING ASIA FUND INC, N-30D, 1999-01-08

FIDELITY ADVISOR EMERGING ASIA FUND INC
N-30D, 1999-01-08

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(2_FIDELITY_LOGOS)

FIDELITY ADVISOR
(REGISTERED TRADEMARK)
EMERGING ASIA
FUND, INC.

ANNUAL REPORT
OCTOBER 31, 1998

CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing strategies.

FUND TALK 4 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 7 A summary of major shifts in the fund's
investments over the past six months.

INVESTMENTS 8 A complete list of the fund's investments
with their market values.

FINANCIAL STATEMENTS 14 Statements of assets and liabilities,
operations, and changes in net assets,
as well as financial highlights.

NOTES 18 Notes to the financial statements.

REPORT OF INDEPENDENT 23 The auditors' opinion.
ACCOUNTANTS

DIVIDENDS AND 24 Dividend reinvestment and
DISTRIBUTIONS cash purchase plan.

OTHER FUND INFORMATION 27

PROXY VOTING RESULTS 28

NOTICE IS HEREBY GIVEN IN ACCORDANCE WITH SECTION 23(C) OF THE
INVESTMENT COMPANY ACT OF 1940
THAT FROM TIME TO TIME THE FUND MAY PURCHASE ITS COMMON STOCK IN THE
OPEN MARKET.

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. IT IS NOT A PROSPECTUS,
CIRCULAR OR REPRESENTATION
INTENDED FOR USE IN THE PURCHASE OR SALE OF SHARES OF THE FUND OR OF
ANY SECURITIES MENTIONED
IN THE REPORT.

PRESIDENT'S MESSAGE

(photo_of_Edward_C_Johnson_3d)
DEAR SHAREHOLDER:
What a difference one month can make. The stock and bond markets did
an about-face in October, as renewed optimism in many emerging markets
and more encouraging corporate earnings forecasts in the U.S. replaced
the concerns that had shaped the financial markets in recent months.
Equity markets worldwide bounced back strongly, while the major U.S.
bond indexes were off slightly as the flight to safety eased.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their
portfolios. If you can afford to leave your money invested through the
inevitable up and down cycles of the financial markets, you will
greatly reduce your vulnerability to any single decline. We know from
experience, for example, that stock prices have gone up over longer
periods of time, have significantly outperformed other types of
investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through
diversification. A stock mutual fund, for instance, is already
diversified, because it invests in many different companies. You can
increase your diversification further by investing in a number of
different stock funds, or in such other investment categories as
bonds. If you have a short investment time horizon, you might want to
consider moving some of your investment into a money market fund,
which seeks income and a stable share price by investing in
high-quality, short-term investments. Of course, it's important to
remember that there is no assurance that a money market fund will
achieve its goal of maintaining a stable net asset value of $1.00 per
share, and that these types of funds are neither insured nor
guaranteed by any agency of the U.S. government.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases. Of course, you should
consider your financial ability to continue your purchases through
periods of low price levels before undertaking such a strategy.
Remember to contact your investment professional if you need help with
your investments.
Best regards,
Edward C. Johnson 3d

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
Turbulence in both the emerging
Asian and currency markets created
an extremely volatile environment
in most emerging-market
economies during the 12-month
period that ended October 31,
1998, with weak performance
marking most of the region's stock
markets. Among the larger markets
in the region, Hong Kong fell
4.60%, Singapore was down
22.43% and South Korea lost
40.44%. Taiwan fell 7.62%, while
India, Malaysia and Thailand
returned -26.05%, -46.57% and
-18.42%, respectively. Toward the
end of 1997, the economic
situation in a number of emerging
Asian economies was precarious
and most markets in the region fell
sharply in response. The markets
rallied early in 1998 after the
International Monetary Fund (IMF)
stepped in to provide financial
support to South Korea, Thailand
and Indonesia. While the IMF
agreements helped stabilize
regional currencies, which in turn
had a positive effect on investor
sentiment and stock markets, the
recovery was short lived. During the
second and third quarters of 1998,
the markets again suffered in the
wake of bad corporate and
government debts, bankruptcies
and negative investor sentiment.
Toward the end of the period,
however, signs that Japan was
moving toward restructuring its
troubled banking sector, combined
with a series of measures to pump
more money into the IMF, helped
boost markets in many emerging
Asian markets.
An interview with Peter Phillips, Portfolio Manager of Fidelity
Advisor Emerging Asia Fund
Q. HOW DID THE FUND PERFORM, PETER?
A. During the 12 months that ended October 31, 1998, the fund had a
total return of -14.43% based on net asset value. This compares to a
total return of -25.05% for the Morgan Stanley Capital International
(MSCI) All Country Asia ex-Japan Free Index. The fund is a closed-end
fund and is traded on the New York Stock Exchange. The return in terms
of its share price performance over the period was -11.35%, assuming
that dividends and capital gain distributions were reinvested.
Q. WHY DID THE FUND PERFORM BETTER THAN THE INDEX?
A. Stock picking throughout the region helped the fund's relative
performance. This was particularly true in Taiwan, where a larger
weighting in the electronics sector performed strongly. Many of the
companies in this sector are globally competitive, earn U.S. dollar
revenue and have benefited from an increased move towards outsourcing
in the U.S. Fund holdings in this sector included Asustek Computer, a
motherboard manufacturer; Hon Hai Precision Industry, which
manufactures and markets passive components for use in PCs,
communication equipment and consumer electronics; and Phoenixtec
Power, the largest producer of uninterrupted power supply equipment in
Taiwan. The fund's performance also was helped by holding a relatively
low proportion of stocks in Malaysia and Indonesia, where markets
performed poorly. In Malaysia, the sudden imposition of foreign
exchange controls and restrictive stock market regulatory changes have
increased the uncertainties for institutional investors. In Indonesia,
political protests in May 1998 led to a rapid change in government,
and continuing political uncertainty contributed to negative
sentiment.
Q. WHAT WERE THE DISAPPOINTMENTS DURING THE PERIOD?
A. The fund had only a small exposure to the Philippines market, which
performed relatively strongly during the period. This market was
helped by its low level of foreign debt and its relatively strong
economy. Also, at certain points during the review period, the fund
had a relatively low exposure to the Taiwan market, where stocks
performed better than in most other markets as investors believed that
the country carried lower financial risk due to its robust economy and
low level of foreign debt.
Q. AT THE END OF THE PERIOD, THE FUND HAD A RELATIVELY LARGE POSITION
IN THE MORE DEVELOPED MARKETS OF HONG KONG, TAIWAN AND SINGAPORE. WHY?
A. Because their economies are more robust and have less foreign debt,
companies in these countries were less impacted by the depreciation in
currencies. In Taiwan and Singapore, the fund was invested mainly in
the technology and electronics sectors. Many of these stocks could see
positive earnings growth over the next few years. In addition, they
earn U.S. dollar revenue, are less impacted by the performance of the
domestic economies and are regionally and globally competitive.
Examples include Siliconware Precision Industries and Venture
Manufacturing. In Hong Kong, the fund invested across a wide spectrum
of companies. It had a large exposure to utilities, which offer a
secure earnings stream and are more defensive in nature. Examples
include Hong Kong Telecommunications and CLP Holdings.
Q. IN LIGHT OF THE RECENT MARKET VOLATILITY, HAVE YOU MADE ANY CHANGES
TO THE FUND?
A. The fund has made a few changes over the past month, including
increasing its exposure to South Korea. As a result of the
International Monetary Fund (IMF) rescue plan, there have been some
encouraging moves towards corporate restructuring. We have begun to
see companies merging, consolidating and selling off assets. The fund
has also slightly increased its investments in Singapore, where the
economy is expected to recover relatively fast. Singapore's market has
been brought down mainly by external factors, and its domestic economy
is still relatively solid compared to many of the other countries in
the region.
Q. WHAT'S YOUR OUTLOOK FOR THE NEXT FEW MONTHS?
A. The global downtrend of interest rates should serve to improve cash
flow and corporate restructuring, and could help to boost consumer
demand. Having said that, economic recovery in the region is likely to
be slow because many of the countries need to undertake major
restructuring and reform in order to avoid facing the same
difficulties in the future. In addition, recovery rates will vary
across the different countries in the region, based on the extent of
their problems and the intensity of their reform efforts.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER. THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.

PETER PHILLIPS ON THE TYPES
OF COMPANIES HE LOOKS FOR:
"Given the uncertainty and volatility
in Southeast Asian markets and
economies, I have been focusing
on holding those companies that
I believe will survive the current
regional crisis. As a result, most of
the stocks in the fund have strong
balance sheets and cash flow, and
low debt levels. Some companies
may not meet this criteria, but may
still be attractive because of their
franchise value or monopoly position,
which will help them to emerge
stronger from the crisis. I also
emphasize quality of earnings and
tend to avoid smaller manufacturing
companies, as their business risk is
often very high.
"Since the fund invests for the long
term, I put a great deal of focus on
evaluating the management's
track record, corporate strategy
and business risk. Many companies
in Asia are still managed as if they
are family businesses with less regard
for minority shareholders. As such,
qualitative analysis of the controlling
family is critical.
"I will sell a stock when it becomes
expensive, if there is a change in the
story or a deterioration in
fundamentals, or if other stocks
become relatively more attractive.
Country asset allocation is derived by
bottom-up, company-by-company
investment research. As I find more
attractive holdings in a particular
country, the fund's investments there
will grow. As a result, changes in
asset allocation are not sudden but
more gradual. "

FUND FACTS
GOAL: to achieve long-term
capital appreciation through
investments in equity and debt
securities of Asian emerging
market issuers
FUND NUMBER: 627
TRADING SYMBOL: FAE
START DATE: March 25, 1994
SIZE: as of October 31,
1998, more than $65 million
MANAGER: Peter Phillips, since
1994; joined Fidelity in 1987
(checkmark)

INVESTMENT CHANGES

TOP TEN STOCKS AS OF OCTOBER 31, 1998

% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO

Hutchison Whampoa Ltd. 5.8 4.9

Hong Kong Telecommunications Ltd. 5.0 4.6

Cheung Kong Holdings Ltd. 4.0 4.3

CLP Holdings Ltd. 3.9 3.4

Korea Electric Power Corp. 3.8 0.7

Hang Seng Bank Ltd. 3.7 4.2

Sun Hung Kai Properties Ltd. 3.5 2.8

Singapore Telecommunications Ltd. 2.3 2.0

Hindustan Lever Ltd. 2.1 1.9

ITC Ltd. 1.9 2.3

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TOP FIVE MARKET SECTORS AS OF OCTOBER 31, 1998

% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE MARKET SECTORS
6 MONTHS AGO

UTILITIES 21.8 20.8

FINANCE 18.4 20.4

TECHNOLOGY 14.4 13.2

CONSTRUCTION & REAL ESTATE 13.8 12.3

INDUSTRIAL MACHINERY & EQUIPMENT 6.4 5.2

</TABLE>

ASSET ALLOCATION (% OF FUND'S INVESTMENTS)

AS OF OCTOBER 31, 1998 AS OF APRIL 30, 1998
ROW: 1, COL: 1, VALUE: 98.2
ROW: 1, COL: 2, VALUE: 1.8
STOCKS 97.4%
SHORT-TERM
INVESTMENTS 2.6%
STOCKS 99.2%
SHORT-TERM
INVESTMENTS 0.8%
ROW: 1, COL: 1, VALUE: 97.40000000000001
ROW: 1, COL: 2, VALUE: 2.6

INVESTMENTS OCTOBER 31, 1998

SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES

<TABLE>
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COMMON STOCKS - 99.2%

SHARES VALUE (NOTE 1)

CHINA - 0.5%

Jiangsu Expressway Co. Ltd. Class H 158,000 $ 38,763

Shenzhen Expressway Co. Ltd. Class H 502,000 113,435

Zhejiang Express Co. Ltd. Class H 692,000 135,818

288,016

HONG KONG - 37.5%

Amoy Properties Ltd. 164,000 127,058

Cheung Kong Holdings Ltd. 382,000 2,614,242

China Telecom (Hong Kong) Ltd. 64,000 122,000

CLP Holdings Ltd. 446,000 2,505,133

Dah Sing Financial Holdings Ltd. 257,200 451,665

Dairy Farm International Holdings Ltd. 564,000 693,720

First Pacific Co. Ltd. 936,000 444,160

Great Eagle Holdings Ltd. 107,695 144,622

Hang Seng Bank Ltd. 280,000 2,422,364

Hong Kong & China Gas Co. Ltd. 827,685 1,175,613

Hong Kong Telecommunications Ltd. 1,628,000 3,266,174

Hutchison Whampoa Ltd. 522,000 3,740,846

Hysan Development Ltd. 109,000 133,004

JCG Holdings Ltd. 1,770,000 468,526

Johnson Electric Holdings Ltd. 124,000 288,205

National Mutual Asia Ltd. 676,000 462,625

New World Development Co. Ltd. 284,780 661,894

Sime Darby Hongkong Ltd. 166,000 46,620

Smartone Telecommunications Holdings Ltd. 116,000 329,524

Sun Hung Kai Properties Ltd. 329,000 2,294,015

Swire Pacific Ltd. Class A 209,000 1,109,161

Television Broadcasts Ltd. 108,000 287,275

Varitronix International Ltd. 66,000 125,276

Wing Hang Bank Ltd. 256,400 488,334

24,402,056

INDIA - 11.4%

Bajaj Auto Ltd. 11,525 150,607

Bharat Heavy Electricals Ltd. 52,000 290,218

Dr. Reddy's Laboratories Ltd. (a) 42,400 444,762

EIH Ltd. (a) 21,900 124,552

Hindustan Lever Ltd. 35,705 1,350,681

Hindustan Petroleum Corp. Ltd. (a) 30,000 188,460

Housing Development Finance Corp. Ltd. 7,298 384,361

Industrial Credit & Investment Corp. of India Ltd. 146,470 139,643

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

INDIA - CONTINUED

Infosys Technologies Ltd. (a) 5,000 $ 285,900

ITC Ltd. (a) 76,600 1,264,917

Mahanagar Telephone Nigam Ltd. (a) 204,900 884,878

NIIT Ltd. (a) 4,500 134,841

Pentafour Software & Exports Ltd. 17,100 258,467

Punjab Tractors Ltd. 8,500 157,012

Ranbaxy Laboratories Ltd. 28,900 340,491

Reliance Industries Ltd. (a) 97,800 253,184

State Bank of India (a) 90,755 333,250

Tata Power Co. Ltd. 61,100 118,956

Videsh Sanchar Nigam Ltd. 17,100 296,602

7,401,782

INDONESIA - 1.4%

Gudang Garam PT Perusahaan (a) 167,000 147,131

Gulf Indonesia Resources Ltd. (a) 13,500 133,313

PT Astra Agro Lestari TBK 288,000 56,489

PT Indah Kiat Pulp & Paper Corp. (a) 804,000 178,379

PT Indosat 104,000 109,685

PT Semen Gresik TBK 109,500 87,318

PT Telkomunikasi 851,000 205,224

917,539

KOREA (SOUTH) - 10.0%

Cheil Jedang Corp. 5,000 109,511

Korea Electric Power Corp. 138,130 2,460,065

Lg Electronics, Inc. 17,000 150,739

Medison Co. Ltd. 67,820 750,415

Nong Shim Co. Ltd. 5,000 233,043

Pohang Iron & Steel Co. Ltd. 8,480 473,389

S1 Corp. 1,194 160,165

Samsung Electronics Co. Ltd. 29,904 1,223,809

Samsung Fire & Marine Insurance 1,726 431,664

Sindoricoh Co. Ltd. 7,940 240,096

SK Telecom Ltd. 413 282,746

6,515,642

MALAYSIA - 5.6%

Amway Holding BHD 145,000 184,684

Berjaya Sports Toto BHD 182,000 117,246

Carlsberg Brewery BHD 50,000 84,211

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

MALAYSIA - CONTINUED

EON (Edaran Otomobil Nasional) BHD 123,000 $ 124,295

Kuala Lumpur Kepong BHD 78,000 73,238

Malakoff BHD 43,000 53,863

Malayan Banking BHD 334,000 323,453

Malaysian International Shipping BHD (For. Reg.) 559,000 489,566

Petronas Gas BHD 149,000 214,874

Public Bank BHD (For. Reg.) 435,000 119,968

Puncak Niaga Holding BHD (a) 270,000 115,389

Rothmans of Pall Mall Malaysia BHD 86,000 327,705

Sime Darby BHD 601,000 349,213

Tanjong PLC 56,000 42,914

Telekom Malaysia BHD 442,000 628,105

Tenaga Nasional BHD 356,000 322,274

YTL Power International BHD (a) 127,000 67,377

3,638,375

PAKISTAN - 0.0%

Askari Commercial Bank 66 13

Pak Electron Ltd. (a) 55 4

Sui Southern Gas Pipelines Ltd. (a) 2,320 290

307

PHILIPPINES - 2.4%

Ayala Land, Inc. 468,000 142,082

Benpres Holdings Corp. (a) 1,051,600 113,370

Manila Electric Co. Class B 77,120 227,442

Philippine Long Distance Telephone 19,000 454,399

QueenBee Resources Corp. warrants 3/25/03 (a) 276,000 123,123

San Miguel Corp. Class B 106,000 156,307

SM Prime Holdings, Inc. 1,879,000 316,659

1,533,382

SINGAPORE - 12.3%

City Developments Ltd. 208,000 755,898

Datacraft Asia Ltd. 87,000 280,140

DBS Land Ltd. 121,000 137,136

Development Bank of Singapore Ltd. (For. Reg.) 86,300 542,199

Elec & Eltek International Co. Ltd. 23,000 115,000

Keppel Corp. Ltd. 150,250 301,703

Oversea-Chinese Banking Corp. (For. Reg.) (a) 262,480 1,147,895

Parkway Holdings Ltd. 94,000 170,804

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

SINGAPORE - CONTINUED

Sembcorp Industries Ltd. (a) 141,000 $ 139,828

Singapore Airlines Ltd. (For. Reg.) 96,000 591,315

Singapore Press Holdings 98,298 853,712

Singapore Technologies Engineering Ltd. 420,000 413,921

Singapore Telecommunications Ltd. 877,000 1,517,937

United Industrial Corp. Ltd. 278,000 110,447

United Overseas Bank Ltd. (For. Reg.) 165,400 779,372

Venture Manufacturing Singapore Ltd. 36,000 119,741

7,977,048

TAIWAN - 14.9%

Acer Peripherals, Inc. 500 632

Asustek Computer, Inc. (a) 24,826 183,755

Bank Sinopac (a) 1,151,943 492,040

Cathay Life Insurance Co. Ltd. 318,234 1,123,756

China Development Corp. (a) 252,033 497,459

China Motor Co. Ltd. 117,000 229,129

China Steel Corp. 523,000 354,850

Compal Electronics, Inc. (a) 271,800 846,625

Compeq Manufacturing Co. Ltd. (a) 29,400 186,782

CTCI Corp. 232,730 391,173

Hon Hai Precision Industry Co. (a) 170,120 818,465

Kindom Construction Co. Ltd. (a) 237,000 257,283

Phoenixtec Power Co. Ltd. (a) 400,610 846,316

President Chain Store Corp. 149,000 475,605

Siliconware Precision Industries Co. Ltd. (a) 546,592 876,570

Standard Foods Taiwan Ltd. (a) 50,000 101,773

Taishin International Bank (a) 946,900 464,324

Taiwan Semiconductor Manufacturing Co. Ltd. (a) 434,000 876,700

Yang Ming Marine Transport Co. 303,000 228,944

Yung Shin Pharmaceutical Industries Co. Ltd. 184,668 452,771

9,704,952

THAILAND - 2.9%

Bangkok Bank Ltd. PCL (For. Reg.) (a) 155,500 236,630

Bangkok Expressway PCL (For. Reg.) (a) 180,000 141,848

Delta Electronics PCL (For. Reg.) 23,850 136,101

Eastern Water Resources Development & Management PCL 29,000 37,826
(For. Reg.)

Electricity Generating PCL (For. Reg.) (a) 117,000 308,397

Krung Thai Bank Public Co. Ltd. (a) 367,500 134,817

COMMON STOCKS - CONTINUED

SHARES VALUE (NOTE 1)

THAILAND - CONTINUED

Land & Houses PCL (For. Reg.) (a) 176,800 $ 67,261

PTT Exploration & Production Public Co. Ltd. (For. Reg.) (a) 30,100 289,549

Shinawatra Computer & Communications PCL (For. Reg.) (a) 31,000 148,261

Siam Cement PCL (For. Reg.) (a) 18,000 225,000

Siam Makro PCL (For. Reg.) (a) 45,000 88,043

Thai Farmers Bank PCL (For. Reg.) (a) 78,500 99,192

1,912,925

VIETNAM - 0.3%

Vietnam Enterprise Investments Ltd. (a)(c) 250,000 217,500

TOTAL COMMON STOCKS 64,509,524
(Cost $77,972,056)

</TABLE>

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CASH EQUIVALENTS - 0.8%

Taxable Central Cash Fund (b) 504,421 504,421
(Cost $504,421)

TOTAL INVESTMENT IN SECURITIES - 100% $ 65,013,945
(Cost $78,476,477)
</TABLE>

LEGEND
(a) Non-income producing
(b) At period end, the seven-day yield on the Taxable Central Cash
Fund was 4.96%. The yield refers to the income earned by investing in
the fund over the seven-day period, expressed as an annual percentage.
(c) Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified
institutional buyers. At the period end, the value of these securities
amounted to $217,500 or 0.3% of net assets.

MARKET SECTOR DIVERSIFICATION (UNAUDITED)
As a Percentage of Total Value of Investment in Securities

Aerospace & Defense 0.5%

Basic Industries 2.0

Cash Equivalents 0.8

Construction & Real Estate 13.8

Durables 0.8

Energy 1.2

Finance 18.4

Health 3.0

Holding Companies 3.2

Industrial Machinery & Equipment 6.4

Media & Leisure 2.6

Nondurables 3.8

Retail & Wholesale 2.4

Services 0.8

Technology 14.4

Transportation 4.1

Utilities 21.8

100.0%

INCOME TAX INFORMATION
At October 31, 1998, the aggregate cost of investment securities for
income tax purposes was $79,117,574. Net unrealized depreciation
aggregated $14,103,629, of which $8,344,485 related to appreciated
investment securities and $22,448,114 related to depreciated
investment securities.
The fund hereby designates approximately $1,444,000 as a capital gain
dividend for the purpose of the dividend paid deduction.
At October 31, 1998, the fund had a capital loss carryforward of
approximately $15,191,000, all of which will expire on October 31,
2006.

FINANCIAL STATEMENTS

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STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1998

ASSETS

INVESTMENT IN SECURITIES, AT VALUE (COST $78,476,477) - $ 65,013,945
SEE ACCOMPANYING SCHEDULE

FOREIGN CURRENCY HELD AT VALUE (COST $288,470) 287,412

RECEIVABLE FOR INVESTMENTS SOLD 1,388,835

DIVIDENDS RECEIVABLE 155,763

INTEREST RECEIVABLE 7,370

DEFERRED ORGANIZATIONAL EXPENSES 12,750

TOTAL ASSETS 66,866,075

LIABILITIES

PAYABLE FOR INVESTMENTS PURCHASED $ 750,329

ACCRUED MANAGEMENT FEE 72,440

OTHER PAYABLES AND ACCRUED EXPENSES 292,740

TOTAL LIABILITIES 1,115,509

NET ASSETS $ 65,750,566

NET ASSETS CONSIST OF:

PAID IN CAPITAL $ 95,430,700

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME (140,672)

ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON (16,073,758)
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS

NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS (13,465,704)
AND ASSETS AND LIABILITIES IN FOREIGN CURRENCIES

NET ASSETS, FOR 6,842,146 SHARES OUTSTANDING $ 65,750,566

NET ASSET VALUE ($65,750,566 (DIVIDED BY) 6,842,146 SHARES) $9.61

</TABLE>

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STATEMENT OF OPERATIONS
YEAR ENDED OCTOBER 31, 1998

INVESTMENT INCOME $ 2,061,332
DIVIDENDS

INTEREST 108,196

2,169,528

LESS FOREIGN TAXES WITHHELD (167,614)

TOTAL INCOME 2,001,914

EXPENSES

MANAGEMENT FEE $ 701,879
BASIC FEE

PERFORMANCE ADJUSTMENT 295,384

TRANSFER AGENT FEES 22,720

ADMINISTRATIVE FEES AND EXPENSES 140,530

DIRECTORS' COMPENSATION 66,718

CUSTODIAN FEES AND EXPENSES 211,879

AUDIT 80,999

LEGAL 55,835

AMORTIZATION OF ORGANIZATION EXPENSES 38,250

REORGANIZATION EXPENSES 135,000

REPORTS TO SHAREHOLDERS 11,148

MISCELLANEOUS 46,588

TOTAL EXPENSES BEFORE REDUCTIONS 1,806,930

EXPENSE REDUCTIONS (18,835) 1,788,095

NET INVESTMENT INCOME 213,819

REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:

INVESTMENT SECURITIES (15,699,181)

FOREIGN CURRENCY TRANSACTIONS (185,956) (15,885,137)

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:

INVESTMENT SECURITIES 4,488,301

ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (152) 4,488,149

NET GAIN (LOSS) (11,396,988)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ (11,183,169)
FROM OPERATIONS

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31,
1998 1997

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS $ 213,819 $ 43,736
NET INVESTMENT INCOME

NET REALIZED GAIN (LOSS) (15,885,137) 1,779,496

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) 4,488,149 (31,390,787)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING (11,183,169) (29,567,555)
FROM OPERATIONS

DISTRIBUTIONS TO SHAREHOLDERS (528,705) (43,736)
FROM NET INVESTMENT INCOME

IN EXCESS OF NET INVESTMENT INCOME (231,533) (40,735)

FROM NET REALIZED GAIN (960,172) (3,463,308)

IN EXCESS OF NET REALIZED GAIN (484,281) -

TOTAL DISTRIBUTIONS (2,204,691) (3,547,779)

SHARE TRANSACTIONS (9,054,435) (13,397,085)
COMMON STOCK REPURCHASED

REPURCHASE OFFER EXPENSES (38,025) (113,869)

REDEMPTION FEES ADDED TO PAID IN CAPITAL 129,240 113,869

COST OF SHARES REPURCHASED (8,963,220) (13,397,085)

TOTAL INCREASE (DECREASE) IN NET ASSETS (22,351,080) (46,512,419)

NET ASSETS

BEGINNING OF PERIOD 88,101,646 134,614,065

END OF PERIOD (INCLUDING UNDER (OVER) DISTRIBUTION OF $ 65,750,566 $ 88,101,646
NET INVESTMENT INCOME OF $(140,672) AND $314,886,
RESPECTIVELY)

OTHER INFORMATION (760,238) (844,709)
SHARES REDEEMED

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED OCTOBER 31,

1998 1997 1996 1995 1994 E
SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.59 $ 15.94 $ 13.94 $ 16.01 $ 14.10

INCOME FROM INVESTMENT OPERATIONS

NET INVESTMENT INCOME D .03 .01 .01 .01 .03

NET REALIZED AND UNREALIZED (1.73) (3.94) 2.05 (1.83) 1.97
GAIN (LOSS)

TOTAL FROM INVESTMENT OPERATIONS (1.70) (3.93) 2.06 (1.82) 2.00

LESS DISTRIBUTIONS

FROM NET INVESTMENT INCOME (.07) (.01) (.01) (.04) -

IN EXCESS OF NET INVESTMENT INCOME (.03) - (.05) (.09) -

FROM NET REALIZED GAIN (.13) (.41) - (.10) -

IN EXCESS OF NET REALIZED GAIN (.06) - - (.02) -

TOTAL DISTRIBUTIONS (.29) (.42) (.06) (.25) -

NET REDEMPTION FEES ADDED TO .01 M - J - - -
PAID IN CAPITAL

ANTIDILUTION RESULTING FROM - - - - .02
ADDITIONAL OFFERING OF SHARES

OFFERING EXPENSES - - - - (.11)

NET ASSET VALUE, END OF PERIOD $ 9.61 $ 11.59 $ 15.94 $ 13.94 $ 16.01

MARKET VALUE, END OF PERIOD $ 8.375 $ 9.750 $ 13.750 $ 11.875 $ 15.125

TOTAL RETURN B (11.35)% (27.08)% 16.26% (19.94)% K .83% G
MARKET VALUE H

NET ASSET VALUE C, L (14.43)% (25.23)% 14.81% (11.21)% K 13.39% I

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD $ 65,751 $ 88,102 $ 134,614 $ 117,754 $ 135,273
(000 OMITTED)

RATIO OF EXPENSES TO 2.57% 1.72% 1.63% 1.68% 1.70% A
AVERAGE NET ASSETS

RATIO OF EXPENSES TO AVERAGE NET 2.54% F 1.71% F 1.63% 1.68% 1.70% A
ASSETS AFTER EXPENSE REDUCTIONS

RATIO OF NET INVESTMENT INCOME TO .30% .03% .09% .08% .29% A
AVERAGE NET ASSETS

PORTFOLIO TURNOVER RATE 42% 55% 63% 69% 70% A

</TABLE>

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL NET ASSET VALUE RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN
EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF
NOTES TO FINANCIAL STATEMENTS).
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD MARCH 25, 1994 (COMMENCEMENT OF OPERATIONS) TO
OCTOBER 31, 1994.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES
(SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
G TOTAL MARKET VALUE RETURN INCLUDES ONE TIME SALES LOAD OF 6% PAID IN
CONNECTION WITH THE INITIAL PUBLIC OFFERING.
H TOTAL MARKET VALUE RETURN REFLECTS THE EFFECT OF CHANGES IN THE
FUND'S MARKET VALUE AND ASSUMES DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS, IF ANY, WERE REINVESTED.
I TOTAL NET ASSET VALUE RETURN DOES NOT INCLUDE THE EFFECT OF
ANTIDILUTION OR SALES LOADS.
J THE FUND INCURRED EXPENSES OF $.01 PER SHARE IN CONNECTION WITH ITS
TENDER OFFER WHICH WERE OFFSET BY REDEMPTION FEES COLLECTED AS PART OF
THE TENDER OFFER.
K THE TOTAL RETURNS INCLUDE THE EFFECT OF A CORRECTION TO DIVIDEND
REINVESTMENT METHODOLOGY.
L TOTAL NET ASSET VALUE RETURN REFLECTS THE EFFECT OF CHANGES IN THE
FUND'S NET ASSET VALUE AND ASSUMES DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS, IF ANY, WERE REINVESTED. THIS PERCENTAGE IS NOT AN
INDICATION OF THE PERFORMANCE OF A SHAREHOLDER'S INVESTMENT IN THE
FUND BASED ON MARKET VALUE DUE TO DIFFERENCES BETWEEN THE MARKET PRICE
OF THE STOCK AND THE NET ASSET VALUE OF THE FUND.
M THE FUND INCURRED EXPENSES OF $.005 PER SHARE IN CONNECTION WITH ITS
TENDER OFFER WHICH WERE OFFSET BY REDEMPTION FEES COLLECTED AS PART OF
THE TENDER OFFER.

NOTES TO FINANCIAL STATEMENTS
For the period ended October 31, 1998

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Advisor Emerging Asia Fund, Inc. (the fund), a Maryland
corporation, is registered under the Investment Company Act of 1940,
as amended (the 1940 Act), as a non-diversified closed-end management
investment company.
There are 100,000,000 shares of $.001 par value common stock
authorized. During the first calendar quarter of each year, the Board
of Directors of the fund may, under certain circumstances, conduct a
repurchase or tender offer to repurchase a maximum of ten percent of
the fund's outstanding shares of common stock at a price equal to the
net asset value per share at the time of repurchase.
In April 1998 and April 1997, the fund completed repurchase offers for
ten percent of the fund's outstanding shares. The repurchase offers
resulted in the repurchase of 760,238 and 844,709 shares of the fund's
common stock at a net asset value of $11.91 and $15.86 per share, for
each of the periods, respectively. Such shares are included as
authorized but unissued shares of the fund.
The financial statements have been prepared in conformity with
generally accepted accounting principles which permit management to
make certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the fund:
SECURITY VALUATION. Securities for which quotations are readily
available are valued at the last sale price, or if no sale price, at
the closing bid price in the principal market in which such securities
are normally traded. Securities (including restricted securities) for
which quotations are not readily available are valued primarily using
dealer-supplied valuations. Securities for which the above valuation
procedures are deemed not to reflect current value are stated at fair
value. Fair value is determined in good faith under consistently
applied procedures under the general supervision of the Board of
Directors. If trading or events occurring in other markets after the
close of the principal market in which securities are traded are
expected to materially affect the value of those securities, then they
are valued at their fair value taking this trading or these events
into account. Short-term securities with remaining maturities of sixty
days or less for which quotations are not readily available are valued
at amortized cost or original cost plus accrued interest, both of
which approximate current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.
Net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of foreign
currency contracts, disposition
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
FOREIGN CURRENCY TRANSLATION - CONTINUED
of foreign currencies, the difference between the amount of net
investment income accrued and the U.S. dollar amount actually
received, and gains and losses between trade date and settlement on
purchases and sales of securities. The effects of changes in foreign
currency exchange rates on investments in securities are included with
the net realized and unrealized gain or loss on investment securities.
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, the fund is not subject to
U.S. federal income taxes to the extent that it distributes
substantially all of its taxable income for its fiscal year. The fund
may be subject to foreign taxes on income and gains on investments
which are accrued based upon the fund's understanding of the tax rules
and regulations that exist in the markets in which it invests. The
fund accrues such taxes as applicable. The schedule of investments
includes information regarding income taxes under the caption "Income
Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend
date, except certain dividends from foreign securities where the
ex-dividend date may have passed, are recorded as soon as the fund is
informed of the ex-dividend date. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income is accrued as earned. Investment
income is recorded net of foreign taxes withheld where recovery of
such taxes is uncertain.
EXPENSES. The fund incurred organization expenses in connection with
its initial issuance of shares. The organization expenses of $191,250
are being amortized on a straight-line basis for a five-year period
beginning at the commencement of operations of the fund.
In addition, the fund incurred expenses in connection with its
repurchase offers of $38,025 and $113,869 during the periods ended
October 31, 1998 and October 31, 1997, respectively, which were paid
by the fund and charged to paid in capital. All of these expenses were
offset by redemption fees collected as a part of the repurchase offer
and were accounted for as an addition to paid in capital.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
Pursuant to the fund's Dividend Reinvestment and Cash Purchase Plan
(the Plan), shareholders may elect to have all distributions
automatically reinvested in fund shares. Shareholders who do not
participate in the Plan will receive all distributions in cash paid by
check in U.S. dollars. If the market price per share on the valuation
date equals or exceeds net asset value per share on that date, the
fund will issue new shares to participants at net asset value. If the
net asset value is less than 95% of the market price on valuation
date, then shares will be issued at 95% of the market price. The
valuation date will be the dividend or distribution payment date or,
if that date is not a New York Stock Exchange trading
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED
date, the next preceding trading date. If the net asset value exceeds
the market price of the fund shares at such time, the Plan Agent will
purchase shares of stock valued at market price on the valuation date.
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for foreign currency transactions, certain foreign taxes,
passive foreign investment companies (PFIC) and losses deferred due to
wash sales.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Distributions in excess of net investment income and accumulated
undistributed net realized gain (loss) on investments and foreign
currency transactions may include temporary book and tax basis
differences that will reverse in a subsequent period. Any taxable
income or gain remaining at fiscal year end is distributed in the
following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost. The fund invests in new securities offered
by some foreign companies by making applications in the public
offering. Either all, or a portion, of the issue price is paid at the
time of the application and recorded as application money for new
issues. Upon allotment, this amount, plus the remaining amount of
issue price, is recorded as cost of investments.
2. OPERATING POLICIES.
FOREIGN CURRENCY CONTRACTS. The fund generally uses foreign currency
contracts to facilitate transactions in foreign-denominated
securities. Losses may arise from changes in the value of the foreign
currency or if the counterparties do not perform under the contracts'
terms. The U.S. dollar value of foreign currency contracts is
determined using contractual currency exchange rates established at
the time of each trade.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with
other affiliated entities of Fidelity Management & Research Company
(FMR), may transfer uninvested cash balances into one or more joint
trading accounts. These balances are invested in one or more
repurchase agreements for U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal amount of the repurchase agreement (including accrued
interest). FMR, the fund's investment adviser, is responsible for
determining that the value of the underlying securities remains in
accordance with the market value requirements stated above.
2. OPERATING POLICIES - CONTINUED
TAXABLE CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the SEC, the fund may invest in the Taxable Central Cash Fund (the
Cash Fund) managed by Fidelity Investments Money Management, Inc., an
affiliate of FMR. The Cash Fund is an open-end money market fund
available only to investment companies and other accounts managed by
FMR and its affiliates. The Cash Fund seeks preservation of capital,
liquidity, and current income by investing in U.S. Treasury securities
and repurchase agreements for these securities. Income distributions
from the Cash Fund are declared daily and paid monthly from net
interest income. Income distributions earned by the fund are recorded
as interest income in the accompanying financial statements.
RESTRICTED SECURITIES. The fund is permitted to invest in securities
that are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from
registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations
and expense, and prompt sale at an acceptable price may be difficult.
At the end of the period, the fund had no investments in restricted
securities (excluding 144A issues).
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $28,727,803 and $35,142,876, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment manager, FMR receives a fee
that is computed daily at an annual rate of 1.00% of the fund's
average net assets. The fee is subject to a performance adjustment (up
to a maximum of (plus/minus).25% of the fund's average net assets over
the performance period) based on the fund's investment performance as
compared to the appropriate index over a specified period of time. For
the period, the management fee was equivalent to an annual rate of
1.42% of average net assets after the performance adjustment.
ADVISER FEE. FMR and the fund entered into an investment advisory
agreement with Fidelity International Investment Advisors (FIIA), an
affiliate of FMR, pursuant to which FIIA is responsible for the
management of the fund's portfolio in accordance with the fund's
investment policies and for making decisions to buy or sell
securities. FMR pays FIIA a portion of its management fee, including
any performance adjustment.
SUB-ADVISER FEE. FIIA, on behalf of the fund, has entered into a
sub-advisory agreement with Fidelity Investments Japan Limited (FIJ),
an affiliate of FMR, to provide advisory services concerning fund
assets invested in Japanese and other securities. FIIA pays FIJ a
portion of its fee based on the assets managed by FIJ.
ADMINISTRATIVE FEE. Fidelity International Limited (FIL), an affiliate
of FMR, has entered into a Fund Management Agreement with the fund to
provide, or arrange to provide, administrative services to the
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
ADMINISTRATIVE FEE - CONTINUED
fund including maintaining the fund's accounting records. As the
fund's administrative manager, FIL receives a monthly fee at an annual
rate of .20% of the fund's average net assets. FIL has contracted all
of these services to Fidelity Service Co., a division of FMR.
5. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a
portion of the fund's expenses. For the period, the fund's expenses
were reduced by $7,262 under this arrangement.
In addition, the fund has entered into an arrangement with its
custodian whereby credits realized as a result of uninvested cash
balances were used to reduce a portion of the fund's expenses. During
the period, the fund's custodian fees were reduced by $11,573 under
this arrangement.
6. PROPOSED CONVERSION.
The stockholders of the fund have approved the reorganization
(Reorganization) of the fund to an open-end, multiple class fund of
Fidelity Advisor Series VIII (Trust), a Massachusetts business trust,
pursuant to an Agreement and Plan of Reorganization (Agreement). The
Agreement provides for the transfer of all of the assets of the fund
to a newly created series (New Fund) of the Trust and the assumption
by the New Fund of all of the liabilities of the fund in exchange for
Class A shares of the New Fund having the same aggregate net asset
value as the shares outstanding of the fund held on the date of the
Reorganization. The reorganization will take place as soon as
practicable on or after February 5, 1999, but may be either cancelled
or delayed due to market developments, such as currency controls that
permit the fund's holdings to be restricted.
7. MALAYSIA.
Effective September 1, 1998, the Government of Malaysia imposed
certain currency controls on the Malaysian ringgit. As a result of
these controls, non-resident investors are effectively prohibited from
repatriating any capital invested in Malaysian securities without the
prior approval of the Malaysian Central Bank, unless the securities
being sold have been held for more than a one year holding period. The
holding period commences on the later of September 1, 1998 or on the
date on which the security is purchased. Dividend income, interest
income and capital gain distributions may be freely repatriated at an
exchange rate fixed by the Central Bank. FMR is monitoring the
situation closely, as the implementation of these controls may
restrict the fund's liquidity to the extent that the fund has
significant investments in Malaysian securities. As of October 31,
1998, the fund has approximately 5.5% of its net assets invested in
Malaysian securities and 0.3% of its net assets held in Malaysian
currency.

REPORT OF INDEPENDENT ACCOUNTANTS

To the Shareholders of and Board of Directors of Fidelity Advisor
Emerging Asia Fund, Inc.:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Fidelity Advisor Emerging Asia Fund at October 31, 1998, the results
of its operations, the changes in its net assets and the financial
highlights for the periods indicated, in conformity with generally
accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements")
are the responsibility of the Fidelity Advisor Emerging Asia Fund's
management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of
these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which
included confirmation of securities at October 31, 1998 by
correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 1998

DIVIDENDS AND DISTRIBUTIONS

DISTRIBUTIONS
The Board of Trustees of Fidelity Advisor Emerging Asia Fund, Inc.
voted to pay to shareholders of record at the opening of business on
record date, the following distributions derived from capital gains
realized from sales of portfolio securities, and dividends derived
from net investment income:

PAY DATE 1/15/98
RECORD DATE 12/4/97
DIVIDENDS $.10
SHORT-TERM
CAPITAL GAINS -
LONG-TERM
CAPITAL GAINS $.19
LONG-TERM
CAPITAL GAIN PERCENTAGES:
28% rate 83.38%
20% rate 16.62%

A total of .89% of the dividends distributed during the fiscal year
was derived from interest on U.S. Government securities which is
generally exempt from state income tax.
The amounts per share which represent income derived from sources
within, and taxes paid to, foreign countries or possessions of the
United States are $0.14 and $0.04, respectively for the dividend paid
January 15, 1998.
The fund will notify shareholders in January 1999 of these percentages
for use in preparing 1998 income tax returns.
DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN
The fund intends to distribute annually to shareholders substantially
all of its net investment income from dividends and interest earnings
and expects to distribute any net realized capital gains at least
annually. Pursuant to the Dividend Reinvestment and Cash Purchase Plan
(the "Plan"), adopted by the fund, shareholders may elect to have all
distributions automatically reinvested by State Street Bank and Trust
Company (the "Plan Agent") in fund shares, pursuant to the Plan.
Shareholders who do not elect to participate in the Plan will receive
all distributions in cash paid by check in U.S. dollars mailed
directly to the shareholder by the Plan Agent. Shareholders who would
like additional information regarding the Plan or wish to have
distributions automatically reinvested should notify the fund, c/o the
Plan Agent for Fidelity Advisor Emerging Asia Fund, Inc., at Two
Heritage Drive, North Quincy, Massachusetts 02171.
The Plan Agent will serve as agent for the shareholders in
administering the Plan. If the Directors of the fund declare an income
dividend or a capital gains distribution payable either in the fund's
Common Stock or in cash, as shareholders may have elected,
non-participants in the Plan will receive cash and participants in the
Plan will receive Common Stock, to be issued by the fund or purchased
by the Plan Agent in the open market, as provided below. If the market
price per share on the valuation date equals or exceeds net asset
value per share on that date, the fund will issue new shares to
participants at net asset value or, if the net asset value is less
than 95% of the market price on the valuation date, then new shares
will be issued at 95% of the market price. The valuation date will be
the dividend or distribution payment date or, if that date is not a
New York Stock Exchange trading day, then the next preceding trading
day. If net asset value exceeds the market price of fund shares at
such time, or if the fund should declare a dividend or capital gains
distribution payable only in cash, the Plan Agent will, as agent for
the participants, buy fund shares in the open market on the New York
Stock Exchange or elsewhere, with the cash in respect of such dividend
or distribution, for the participant's account on, or shortly after,
the payment date.
Participants in the Plan have the option of making additional payments
to the Plan Agent, annually, in any amount from $100 to $3,000 for
investment in the fund's Common Stock. The Plan Agent will use all
such funds received from participants to purchase fund shares in the
open market on or about February 15 of each year. Any voluntary cash
payments received more than thirty days prior to such date will be
returned by the Plan Agent, and interest will not be paid on any
uninvested cash payments. To avoid unnecessary cash accumulations, and
also to allow ample time for receipt and processing by the Plan Agent,
it is suggested that participants send in voluntary cash payments to
be received by the Plan Agent approximately ten days before an
applicable purchase date as specified above. A participant may
withdraw a voluntary cash payment by written notice if the notice is
received by the Plan Agent not less than forty-eight hours before such
payment is to be invested.
The Plan Agent maintains all shareholder accounts in the Plan and
furnishes written confirmations of all transactions in the account,
including information needed by shareholders for personal and tax
records. Shares in the account of each Plan participant will be held
by the Plan Agent in non-certificated form in the name of the
participant, and each shareholder's proxy will include those shares
purchased pursuant to the Plan. In the case of shareholders such as
banks, brokers or nominees, which hold shares for others who are the
beneficial owners, the Plan Agent will administer the Plan on the
basis of the number of shares certified from time to time by the
shareholder as representing the total amount registered in the
shareholder's name and held for the account of beneficial owners who
are participating in the Plan.
There is no charge to participants for reinvesting dividends or
capital gains distributions. The Plan Agent's fees for the handling of
the reinvestment of dividends and distributions and voluntary cash
payments will be paid by the fund. There will be no brokerage charges
with respect to shares issued directly by the fund as a result of
dividends or capital gains distributions payable either in stock or in
cash. However, each participant's account will be charged a prorata
share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases in connection with the reinvestment of
dividends or capital gains distributions and voluntary cash payments
made by the participant. Brokerage charges for purchasing small
amounts of stock for individual accounts through the Plan are expected
to be less than the usual brokerage charges for such transactions,
because the Plan Agent will be purchasing stock for all participants
in blocks and prorating the lower commission thus attainable.
The reinvestment of dividends and distributions will not relieve
participants of any income tax which may be payable on such dividends
and distributions.
If your shares are held in your own name and you wish to receive all
dividends and capital gain distributions in cash rather than in
shares, you may withdraw from the Plan without penalty at any time by
contacting the Plan Agent. If your shares are held in nominee name,
you should be able to withdraw from the Plan without penalty at any
time by sending written notice to your nominee. If you withdraw, you
will receive a share certificate for all full shares or, if you wish,
the Plan Agent will sell your shares and send you the proceeds, after
the deduction of brokerage commissions. The Plan Agent will convert
any fractional shares to cash at the then-current market price and
send you a check for the proceeds. Please note that, if you
participate in the Plan through a brokerage account, you may not be
able to continue as a participant if you transfer those shares to
another broker. Contact your broker or nominee or the Plan Agent to
see what is the best arrangement for you to participate in the Plan.
Experience under the Plan may indicate that changes are desirable.
Accordingly, the fund reserves the right to amend or terminate the
Plan as applied to any voluntary cash payment made and any dividend or
distribution paid subsequent to notice of the change sent to members
of the Plan at least 30 days before the record date for such dividend
or distribution. The Plan also may be amended by the fund or Plan
Agent by at least 30 days' written notice to all participants in the
Plan. All correspondence concerning the Plan should be directed c/o
the Plan Agent for Fidelity Advisor Emerging Asia Fund, Inc., at Two
Heritage Drive, North Quincy, Massachusetts 02171.

OTHER FUND INFORMATION

All of the stock of FMR is owned by FMR Corp., its parent organized in
1972. The voting common stock of FMR Corp. is divided into two
classes. Class B is held predominantly by members of the Edward C.
Johnson 3d family and is entitled to 49% of the vote on any matter
acted upon by the voting common stock. Class A is held predominantly
by non-Johnson family member employees of FMR Corp. and its affiliates
and is entitled to 51% of the vote on any such matter. The Johnson
family group and all other Class B shareholders have entered into a
shareholders' voting agreement under which all Class B shares will be
voted in accordance with the majority vote of Class B shares. Under
the Investment Company Act of 1940 (1940 Act), control of a company is
presumed where one individual or group of individuals owns more than
25% of the voting stock of that company. Therefore, through their
ownership of voting common stock and the execution of the
shareholders' voting agreement, members of the Johnson family may be
deemed, under the 1940 Act, to form a controlling group with respect
to FMR Corp.
CUSTODIAN. Brown Brothers Harriman & Co., 40 Water Street, Boston,
Massachusetts 02109, is custodian of the assets of the fund. The
custodian is responsible for the safekeeping of the fund's assets and
the appointment of the subcustodian banks and clearing agencies. The
custodian takes no part in determining the investment policies of the
fund or in deciding which securities are purchased or sold by the
fund. However, the fund may invest in obligations of the custodian and
may purchase securities from or sell securities to the custodian. The
Bank of New York and The Chase Manhattan Bank, each headquartered in
New York, also may serve as a special purpose custodian of certain
assets of the fund in connection with pooled repurchase agreement
transactions.
DIVERSIFICATION OF INVESTMENTS. The Fund will invest primarily in
equity securities. The Fund will diversify its investments across
different regions and countries as appropriate, and FMR will consider
the size of each market when allocating the Fund's investments.
YEAR 2000 READINESS. The fund could be adversely affected if the
computer systems used by FMR and other service providers do not
properly process and calculate date-related information from and after
January 1, 2000. FMR has advised the fund that it is actively working
on necessary changes to its computer systems and expects that its
systems, and those of other major service providers, will be modified
prior to January 1, 2000. However, there can be no assurance that
there will be no adverse impact on the fund.

PROXY VOTING RESULTS

The annual meeting of the fund's shareholders was held on November 18,
1998. The results of votes taken among shareholders on proposals are
listed below.
PROPOSAL 1
To elect two Class I Directors (Messrs. Johnson and Witham) to serve
for a term expiring on the date on which the annual meeting of
shareholders is held in 2000, or until their successors are duly
elected and qualified.
# OF % OF
SHARES VOTED SHARES VOTED
EDWARD C. JOHNSON 3D (CLASS I DIRECTOR)
AFFIRMATIVE 5,301,738.255 96.516

WITHHELD 191,355.563 3.484

TOTAL 5,493,093.818 100.000

BERTRAM H. WITHAM (CLASS I DIRECTOR)
AFFIRMATIVE 5,301,808.255 96.518

WITHHELD 191,285.563 3.482

TOTAL 5,493,093.818 100.000

PROPOSAL 2
To ratify the selection of PricewaterhouseCoopers LLP as independent
accountants of the fund.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 5,350,318.818 97.401

AGAINST 102,854.000 1.872

ABSTAIN 39,921.000 0.727

TOTAL 5,493,093.818 100.000

PROPOSAL 3
To approve the reorganization of the fund as an open-end investment
company pursuant to an Agreement and Plan of Reorganization between
the Fund and Fidelity Advisor Series VIII (Trust), a Massachusetts
business trust, providing for the transfer of all of the assets of the
fund to a newly created series of the Trust (New Fund) in exchange for
Class A shares of beneficial interest of the New Fund and the
assumption by the New Fund of the liabilities of the fund and the
distribution of such Class A shares of the New Fund to stockholders of
the fund upon the liquidation and dissolution of the fund, and, in
connection therewith, to vote on and approve (i) the amendment of a
fundamental investment restriction of the fund, (ii) a new Investment
Management Agreement between the Trust, on behalf of the New Fund, and
Fidelity Management & Research Company (FMR), (iii) new Sub-Advisory
Agreements among the Trust, on behalf of the New Fund, FMR, and each
of (a) Fidelity International Investment Advisors, which in turn shall
enter into a Sub-Subadvisory Agreement with Fidelity International
Investment Advisors (U.K.) Limited, (b) Fidelity Investment Japan
Limited, (c) Fidelity Management & Research (Far East) Inc. and (d)
Fidelity Management & Research (U.K.) Inc., (iv) a Distribution and
Service Plan with respect to the Class A shares of the New Fund, and
(v) the elimination of the undertaking in the fund's prospectus that
the fund will
conduct annual tender offers for its shares under the terms and
conditions set forth in such prospectus.
# OF % OF % OF
SHARES VOTED SHARES VOTED SHARES
OUTSTANDING
AFFIRMATIVE 3,707,640.295 95.867 54.189

AGAINST 133,982.523 3.464 1.958

ABSTAIN 25,867.000 0.669 0.378

TOTAL 3,867,489.818 100.000 56.525

BROKER 1,625,604.000
NON-VOTES

PROPOSAL 4
To make the fund's current fundamental 65% "name test" investment
policy non-fundamental.
# OF % OF % OF
SHARES VOTED SHARES VOTED SHARES
OUTSTANDING
AFFIRMATIVE 3,590,744.818 92.844 52.480

AGAINST 216,054.000 5.587 3.158

ABSTAIN 60,691.000 1.569 0.887

TOTAL 3,867,489.818 100.000 56.525

BROKER 1,625,604.000
NON-VOTES

PROPOSAL 5
To adopt a new fundamental investment policy permitting the fund to
invest all of its assets in another open-end investment company
managed by FMR or an affiliate with substantially the same objective
and policies as the fund.
# OF % OF % OF
SHARES VOTED SHARES VOTED SHARES
OUTSTANDING
AFFIRMATIVE 3,558,490.255 92.010 52.008

AGAINST 264,899.563 6.850 3.872

ABSTAIN 44,100.000 1.140 0.645

TOTAL 3,867,489.818 100.000 56.525

BROKER 1,625,604.000
NON-VOTES

ADDRESS
Fidelity Advisor Emerging
Asia Fund, Inc.
82 Devonshire Street
Boston, MA
1-800-426-5523
INVESTMENT MANAGER
Fidelity Management &
Research Company
Boston, MA
INVESTMENT ADVISER
Fidelity International
Investment Advisors
Pembroke, Bermuda
SUB-ADVISER
Fidelity Investments Japan Limited
Tokyo, Japan
DIRECTORS AND OFFICERS
Edward C. Johnson 3d, Director and President
Robert C. Pozen, Director and
Senior Vice President
Helmert Frans van den Hoven, Director
Edward H. Malone, Director
Bertram H. Witham, Jr., Director
David L. Yunich, Director
Robert H. Auld, Vice President
Peter F. Phillips, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Gregory T. Merz, Assistant Secretary
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
TRANSFER AGENT, DIVIDEND PAYING AGENT AND REGISTRAR
State Street Bank and Trust Company
Boston, MA

FAE-ANN-1298 67032
1.703376.101

CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
LEGAL COUNSEL
Rogers & Wells
New York, NY
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
Boston, MA

(FIDELITY_LOGO_GRAPHIC)(registered trademark)