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SIGNATURE JOHN COSTELLO
TITLE ASSISTANT TREASURER
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
____
To the Trustees of Fidelity Advisor Korea Fund, Inc.:
In planning and performing our audit of the financial statements and
financial highlights (hereafter referred to as "financial statements")
of Fidelity Advisor Korea Fund, Inc. for the year ended September 30,
1999 we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, misstatements
due to errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of any specific internal control component does
not reduce to a relatively low level the risk that misstatements due
to errors or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as
defined above as of September 30, 1999.
This report is intended solely for the information and use of
management and the Trustees of the Trust and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
November 9, 1999
FIDELITY ADVISOR KOREA FUND, INC.
ANNUAL MEETING OF STOCKHOLDERS
July 14, 1999
Pursuant to notice duly given, an Annual Meeting of Stockholders of
FIDELITY ADVISOR KOREA FUND, INC.
was held on July 14, 1999, at 10:45 a.m. at the principal office of
the Corporation, 82 Devonshire Street, Boston, Massachusetts.
Mr. Richard A. Silver acted as Chairman in the absence of Mr. Edward
C. Johnson 3d, and Mr. Eric D. Roiter, General Counsel of FMR Co.,
recorded the minutes. Mr. MacKenzie acted as Secretary to the
Meeting. Mr. Silver and Mr. Roiter were appointed to act as proxy
agent for all stockholders who had properly returned their proxy
cards.
Mr. Silver reported that at the meeting there were present, or
represented by proxies, stockholders owning more than 74% of the
shares of the Corporation outstanding and entitled to vote (4,160,977
shares out of 5,619,043 shares issued and outstanding).
Mr. Silver announced that a quorum was present and called the Meeting
to order.
Mr. Silver then made reference to the following formal documents
relating to the Meeting presented to him by the Secretary:
Notice of Meeting dated May 17, 1999
Proxy Statement dated May 17, 1999
Form of Proxy
Affidavit of Boston EquiServe attesting to the mailing of these
documents to those record stockholders entitled to vote at the
Meeting.
He also indicated that a list of stockholders would be made available
for viewing upon request.
Mr. Silver recommended that the reading of the Notice of Meeting be
waived. The proxy agents agreed to this recommendation.
Mr. Silver stated that the first order of specific business as stated
in the Notice of Meeting and described in the accompanying Proxy
Statement was to elect two Class II Directors to serve for a term
expiring on the date on which the annual meeting of stockholders is
held in 2000, or until their successors are duly elected and
qualified.
After nominations and a written ballot, Mr. MacKenzie announced that
all of the nominees contained in the Proxy Statement dated May 17,
1999, having received over 97.3% of the votes cast at the meeting, had
been elected Directors of Fidelity Advisor Korea Fund, Inc.
Whereupon, it was
VOTED: That the proposal to elect two Class II Directors of Fidelity
Advisor Korea Fund, Inc., to serve for a term expiring on the date on
which the annual meeting of stockholders is held in 2000, or until
their successors are duly elected and qualified, as set forth as
Proposal 1 to the Corporation's Proxy Statement dated May 17, 1999,
be, and it hereby is, approved.
Mr. Silver stated that the second item of business was to ratify the
selection of PriceWaterhouseCoopers LLP as independent accountants of
Fidelity Advisor Korea Fund, Inc.
Mr. MacKenzie reported that the proposal to ratify
PriceWaterhouseCoopers LLP as independent accountants of the
Corporation, as set forth in the Proxy Statement, received the
affirmative vote of the holders of 4,055,629 shares, or 97.468% of the
shares of the Corporation voting. Whereupon, it was
VOTED: That the proposal to ratify the selection of
PriceWaterhouseCoopers LLP as independent accountants of Fidelity
Advisor Korea Fund, Inc., as set forth as Proposal 2 to the
Corporation's Proxy Statement dated May 17, 1999, be, and it hereby
is, approved.
There being no further business to come before the meeting, upon
motion duly made and seconded, it was
VOTED: To Adjourn.
ADJOURNED.
A TRUE RECORD.
ATTEST: ___________________________
Eric D. Roiter
Secretary, Fidelity Advisor Korea Fund, Inc.
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