N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3785

Fidelity Advisor Series I
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

July 31

 

 

Date of reporting period:

October 31, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Advisor Leveraged
Company Stock Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2011 

1.797936.108

ALSF-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 20.3%

Auto Components - 1.3%

Exide Technologies (a)

3,069,163

$ 13,811

Tenneco, Inc. (a)

353,300

11,560

TRW Automotive Holdings Corp. (a)

377,100

15,876

 

41,247

Automobiles - 2.1%

Daimler AG (United States)

153,600

7,809

Ford Motor Co. (a)

1,621,267

18,936

General Motors Co.

1,004,083

25,956

General Motors Co.:

warrants 7/10/16 (a)

365,056

6,188

warrants 7/10/19 (a)

365,056

4,308

 

63,197

Diversified Consumer Services - 4.5%

Service Corp. International (f)

13,030,876

130,309

Stewart Enterprises, Inc. Class A

1,163,232

7,491

 

137,800

Hotels, Restaurants & Leisure - 0.7%

Ameristar Casinos, Inc.

89,900

1,663

O'Charleys, Inc. (a)

172,151

1,069

Penn National Gaming, Inc. (a)

475,164

17,106

Station Holdco LLC warrants 6/15/18 (a)(i)(j)

116,342

3

Wendy's Co. (a)

453,200

2,293

 

22,134

Household Durables - 1.3%

Hovnanian Enterprises, Inc. Class A (a)(e)

1,181,000

1,701

Lennar Corp. Class A

516,600

8,545

Newell Rubbermaid, Inc.

2,061,399

30,509

 

40,755

Leisure Equipment & Products - 0.2%

Callaway Golf Co. (e)

1,339,225

7,781

Media - 4.8%

AMC Networks, Inc. Class A

109,744

3,580

Belo Corp. Series A

136,200

864

Cablevision Systems Corp. - NY Group Class A

438,976

6,352

Cinemark Holdings, Inc.

2,129,655

44,020

Comcast Corp. Class A

3,267,902

76,632

Gray Television, Inc. (a)(e)(f)

3,167,163

6,018

LIN TV Corp. Class A (a)

671,815

2,096

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

LodgeNet Entertainment Corp. (a)(e)

11,800

$ 24

Nexstar Broadcasting Group, Inc. Class A (a)

819,700

7,459

 

147,045

Multiline Retail - 0.3%

Target Corp.

152,700

8,360

Specialty Retail - 3.2%

Asbury Automotive Group, Inc. (a)

314,878

5,872

Charming Shoppes, Inc. (a)(e)

3,254,039

11,292

GameStop Corp. Class A (a)(e)

2,172,075

55,540

Sally Beauty Holdings, Inc. (a)

1,303,600

25,016

 

97,720

Textiles, Apparel & Luxury Goods - 1.9%

Coach, Inc.

262,180

17,060

Hanesbrands, Inc. (a)

335,900

8,858

PVH Corp.

451,282

33,580

 

59,498

TOTAL CONSUMER DISCRETIONARY

625,537

CONSUMER STAPLES - 2.4%

Food & Staples Retailing - 0.5%

Whole Foods Market, Inc.

181,391

13,082

Food Products - 1.7%

Darling International, Inc. (a)

3,028,758

42,463

Smithfield Foods, Inc. (a)

457,894

10,467

 

52,930

Personal Products - 0.2%

Revlon, Inc. (a)

459,739

6,772

TOTAL CONSUMER STAPLES

72,784

ENERGY - 14.5%

Energy Equipment & Services - 3.2%

Ensco International Ltd. ADR

90,000

4,469

Halliburton Co.

978,707

36,564

Noble Corp.

366,200

13,161

Oil States International, Inc. (a)

103,500

7,205

Parker Drilling Co. (a)

944,929

5,225

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Schlumberger Ltd.

90,600

$ 6,656

Transocean Ltd. (United States)

453,200

25,900

 

99,180

Oil, Gas & Consumable Fuels - 11.3%

Alpha Natural Resources, Inc. (a)

1,513,931

36,395

Carrizo Oil & Gas, Inc. (a)(e)

369,298

10,045

Chesapeake Energy Corp.

374,580

10,533

El Paso Corp.

6,599,671

165,058

Forest Oil Corp. (a)

1,097,891

12,801

HollyFrontier Corp.

1,474,196

45,243

Lone Pine Resources, Inc.

672,441

5,063

Overseas Shipholding Group, Inc. (e)

315,141

3,933

Peabody Energy Corp.

1,043,486

45,256

Range Resources Corp.

202,800

13,961

 

348,288

TOTAL ENERGY

447,468

FINANCIALS - 6.6%

Capital Markets - 0.6%

Morgan Stanley

973,900

17,180

Commercial Banks - 2.4%

Huntington Bancshares, Inc.

9,144,520

47,369

Regions Financial Corp.

1,676,805

6,590

SunTrust Banks, Inc.

1,016,000

20,046

 

74,005

Consumer Finance - 0.7%

American Express Co.

409,653

20,737

Diversified Financial Services - 0.9%

Citigroup, Inc.

617,053

19,493

JPMorgan Chase & Co.

213,400

7,418

 

26,911

Insurance - 1.4%

AFLAC, Inc.

530,400

23,916

Assured Guaranty Ltd.

1,042,899

13,287

Lincoln National Corp.

360,400

6,866

 

44,069

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Investment Trusts - 0.6%

FelCor Lodging Trust, Inc. (a)

900,948

$ 2,712

Host Hotels & Resorts, Inc.

832,331

11,877

Sabra Health Care REIT, Inc.

452,492

4,647

 

19,236

TOTAL FINANCIALS

202,138

HEALTH CARE - 6.3%

Health Care Equipment & Supplies - 1.0%

Alere, Inc. (a)

342,292

8,920

Boston Scientific Corp. (a)

1,659,600

9,775

Covidien PLC

286,325

13,469

 

32,164

Health Care Providers & Services - 4.2%

Community Health Systems, Inc. (a)

463,624

8,104

DaVita, Inc. (a)

303,353

21,235

HCA Holdings, Inc.

998,521

23,415

Kindred Healthcare, Inc. (a)

89,913

1,047

Sun Healthcare Group, Inc. (a)

452,492

1,186

Tenet Healthcare Corp. (a)

13,028,291

61,624

Universal Health Services, Inc. Class B

317,795

12,702

 

129,313

Pharmaceuticals - 1.1%

Hospira, Inc. (a)

297,042

9,342

Merck & Co., Inc.

666,700

23,001

 

32,343

TOTAL HEALTH CARE

193,820

INDUSTRIALS - 12.9%

Aerospace & Defense - 1.0%

American Science & Engineering, Inc.

69,305

4,714

Teledyne Technologies, Inc. (a)

280,200

15,262

Textron, Inc.

497,300

9,658

 

29,634

Airlines - 1.8%

Delta Air Lines, Inc. (a)

4,355,662

37,110

Southwest Airlines Co.

478,033

4,087

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Airlines - continued

United Continental Holdings, Inc. (a)

309,700

$ 5,983

US Airways Group, Inc. (a)(e)

1,683,000

9,711

 

56,891

Building Products - 1.8%

Armstrong World Industries, Inc.

954,422

40,649

Owens Corning (a)

561,039

15,922

Owens Corning warrants 10/31/13 (a)

193,400

280

 

56,851

Commercial Services & Supplies - 2.3%

Cenveo, Inc. (a)

2,186,400

8,199

Deluxe Corp.

1,491,927

35,239

R.R. Donnelley & Sons Co.

363,600

5,927

The Brink's Co.

389,160

10,815

Waste Management, Inc.

278,308

9,165

 

69,345

Electrical Equipment - 2.3%

Belden, Inc.

856,834

27,659

Emerson Electric Co.

136,500

6,568

General Cable Corp. (a)

453,600

12,719

Polypore International, Inc. (a)

451,600

23,686

 

70,632

Industrial Conglomerates - 1.0%

Carlisle Companies, Inc.

90,090

3,759

General Electric Co.

896,117

14,974

Tyco International Ltd.

267,791

12,198

 

30,931

Machinery - 1.8%

Accuride Corp. warrants 2/26/12 (a)

352,472

2

Fiat Industrial SpA (a)

1,365,577

11,915

Ingersoll-Rand Co. Ltd.

808,777

25,177

Stanley Black & Decker, Inc.

152,597

9,743

Timken Co.

187,566

7,900

 

54,737

Marine - 0.2%

Navios Maritime Holdings, Inc.

1,788,039

6,723

Road & Rail - 0.7%

Avis Budget Group, Inc. (a)

590,870

8,331

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - continued

CSX Corp.

271,800

$ 6,037

Hertz Global Holdings, Inc. (a)

583,000

6,763

 

21,131

TOTAL INDUSTRIALS

396,875

INFORMATION TECHNOLOGY - 12.5%

Communications Equipment - 1.1%

Alcatel-Lucent SA sponsored ADR (a)

152,314

417

Cisco Systems, Inc.

1,556,200

28,836

JDS Uniphase Corp. (a)

136,700

1,640

Motorola Mobility Holdings, Inc.

63,912

2,485

 

33,378

Computers & Peripherals - 4.2%

Apple, Inc. (a)

253,937

102,789

EMC Corp. (a)

1,160,700

28,449

 

131,238

Electronic Equipment & Components - 0.8%

Avnet, Inc. (a)

489,587

14,839

DDi Corp.

23,328

214

SMTC Corp. (a)

343,580

711

Viasystems Group, Inc. (a)

441,914

9,099

 

24,863

Internet Software & Services - 0.3%

DealerTrack Holdings, Inc. (a)

117,818

2,555

VeriSign, Inc.

194,300

6,235

 

8,790

IT Services - 0.3%

CACI International, Inc. Class A (a)

152,000

8,343

Office Electronics - 0.4%

Xerox Corp.

1,439,358

11,774

Semiconductors & Semiconductor Equipment - 4.4%

Fairchild Semiconductor International, Inc. (a)

1,061,926

15,897

Freescale Semiconductor Holdings I Ltd.

299,400

3,949

Intel Corp.

376,819

9,247

Intersil Corp. Class A

1,177,013

14,089

Micron Technology, Inc. (a)

1,446,400

8,085

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

NXP Semiconductors NV (a)

224,800

$ 4,040

ON Semiconductor Corp. (a)

10,469,747

79,256

 

134,563

Software - 1.0%

Autodesk, Inc. (a)

236,100

8,169

Citrix Systems, Inc. (a)

236,201

17,203

Microsoft Corp.

91,200

2,429

Nuance Communications, Inc. (a)

136,400

3,612

 

31,413

TOTAL INFORMATION TECHNOLOGY

384,362

MATERIALS - 13.5%

Chemicals - 10.6%

Dow Chemical Co.

1,355,206

37,783

H.B. Fuller Co.

380,376

8,174

LyondellBasell Industries NV Class A

6,913,158

227,168

OMNOVA Solutions, Inc. (a)

2,295,993

10,171

Phosphate Holdings, Inc. (a)

192,500

1,540

Solutia, Inc. (a)

554,000

9,003

TPC Group, Inc. (a)

93,624

1,860

W.R. Grace & Co. (a)

737,191

30,807

 

326,506

Containers & Packaging - 1.6%

Rock-Tenn Co. Class A

801,377

47,434

Metals & Mining - 1.2%

AngloGold Ashanti Ltd. sponsored ADR

437,500

19,779

Ormet Corp. (a)

500,000

3,250

Ormet Corp. (a)(j)

150,000

975

Teck Resources Ltd. Class B (sub. vtg.)

341,500

13,689

 

37,693

Paper & Forest Products - 0.1%

Neenah Paper, Inc.

231,700

3,823

TOTAL MATERIALS

415,456

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 0.9%

Diversified Telecommunication Services - 0.9%

CenturyLink, Inc.

621,786

$ 21,924

Level 3 Communications, Inc. (a)(e)

184,741

4,931

 

26,855

UTILITIES - 4.7%

Independent Power Producers & Energy Traders - 4.7%

Calpine Corp. (a)

2,132,400

32,349

The AES Corp. (a)

10,103,278

113,359

 

145,708

TOTAL COMMON STOCKS

(Cost $2,835,627)


2,911,003

Nonconvertible Preferred Stocks - 0.4%

 

 

 

 

CONSUMER STAPLES - 0.2%

Personal Products - 0.2%

Revlon, Inc. Series A 12.75%

1,007,783

5,684

FINANCIALS - 0.2%

Diversified Financial Services - 0.2%

GMAC Capital Trust I Series 2, 8.125%

360,987

7,566

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $22,062)


13,250

Nonconvertible Bonds - 0.2%

 

Principal Amount (000s)

 

CONSUMER DISCRETIONARY - 0.1%

Automobiles - 0.0%

General Motors Corp.:

6.75% 5/1/28 (d)

$ 2,515

27

7.125% 7/15/13 (d)

6,805

74

7.2% 1/15/11 (d)

18,790

205

8.25% 7/15/23 (d)

20,460

223

8.375% 7/15/33 (d)

41,210

449

8.8% 3/1/21 (d)

8,800

96

 

1,074

Nonconvertible Bonds - continued

 

Principal Amount (000s)

Value (000s)

CONSUMER DISCRETIONARY - continued

Leisure Equipment & Products - 0.1%

Eastman Kodak Co. 9.75% 3/1/18 (g)

$ 2,255

$ 1,590

TOTAL CONSUMER DISCRETIONARY

2,664

FINANCIALS - 0.1%

Commercial Banks - 0.1%

Regions Bank 6.45% 6/26/37

4,570

3,793

TOTAL NONCONVERTIBLE BONDS

(Cost $6,086)


6,457

Floating Rate Loans - 0.3%

 

INDUSTRIALS - 0.2%

Airlines - 0.2%

US Airways Group, Inc. term loan 2.7458% 3/23/14 (h)

9,010

7,771

UTILITIES - 0.1%

Electric Utilities - 0.1%

Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7574% 10/10/17 (h)

4,289

2,954

TOTAL FLOATING RATE LOANS

(Cost $11,454)


10,725

Money Market Funds - 4.1%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.12% (b)

103,257,755

$ 103,258

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)

21,320,845

21,321

TOTAL MONEY MARKET FUNDS

(Cost $124,579)


124,579

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $2,999,808)

3,066,014

NET OTHER ASSETS (LIABILITIES) - 0.4%

11,085

NET ASSETS - 100%

$ 3,077,099

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Non-income producing - Security is in default.

(e) Security or a portion of the security is on loan at period end.

(f) Affiliated company

(g) 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 end of the period, the value of these securities amounted to $1,590,000 or 0.1% of net assets.

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(i) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

(j) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $978,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Ormet Corp.

5/14/07

$ 3,263

Station Holdco LLC warrants 6/15/18

10/28/08 - 12/1/08

$ 4,743

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 23

Fidelity Securities Lending Cash Central Fund

113

Total

$ 136

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Gray Television, Inc.

$ 7,696

$ -

$ -

$ -

$ 6,018

OMNOVA Solutions, Inc.

15,521

-

-

-

-

Service Corp. International

134,599

1,717

-

643

130,309

Total

$ 157,816

$ 1,717

$ -

$ 643

$ 136,327

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 625,537

$ 625,534

$ -

$ 3

Consumer Staples

78,468

72,784

-

5,684

Energy

447,468

447,468

-

-

Financials

209,704

209,704

-

-

Health Care

193,820

193,820

-

-

Industrials

396,875

396,875

-

-

Information Technology

384,362

384,362

-

-

Materials

415,456

415,456

-

-

Telecommunication Services

26,855

26,855

-

-

Utilities

145,708

145,708

-

-

Corporate Bonds

6,457

-

5,383

1,074

Floating Rate Loans

10,725

-

10,725

-

Money Market Funds

124,579

124,579

-

-

Total Investments in Securities:

$ 3,066,014

$ 3,043,145

$ 16,108

$ 6,761

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 6,861

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(438)

Cost of Purchases

-

Proceeds of Sales

(343)

Amortization/Accretion

681

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 6,761

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011

$ (438)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $2,999,846,000. Net unrealized appreciation aggregated $66,168,000, of which $490,083,000 related to appreciated investment securities and $423,915,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and floating rate loans, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series I

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

December 30, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

December 30, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 30, 2011