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:

December 31

 

 

Date of reporting period:

March 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Advisor Mid Cap II Fund
Class A
Class T
Class B
Class C
Institutional Class

March 31, 2010 

1.814652.105

AMP-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%

Shares

Value

CONSUMER DISCRETIONARY - 20.8%

Auto Components - 0.7%

Amerigon, Inc. (a)

99,098

$ 1,001,881

Autoliv, Inc.

30

1,546

Fuel Systems Solutions, Inc. (a)(d)

447,755

14,310,250

Gentex Corp.

26,133

507,503

Minth Group Ltd.

38,000

63,625

New Focus Auto Tech Holdings Ltd. (a)

1,415,910

331,900

 

16,216,705

Automobiles - 0.2%

Geely Automobile Holdings Ltd. (d)

7,485,000

3,962,179

Diversified Consumer Services - 1.0%

Bridgepoint Education, Inc. (d)

931,700

22,901,186

China Distance Education Holdings Ltd. ADR (a)(d)

139,800

826,218

MegaStudy Co. Ltd.

1,778

293,073

 

24,020,477

Hotels, Restaurants & Leisure - 1.4%

Interval Leisure Group, Inc. (a)

41,903

610,108

Jollibee Food Corp.

200

262

Kappa Create Co. Ltd. (d)

192,450

3,818,166

Little Sheep Group Ltd.

1,776,000

992,735

McDonald's Corp.

72,700

4,850,544

Minor International PCL (For. Reg.)

464,420

157,917

Papa John's International, Inc. (a)

28,686

737,517

Shangri-La Asia Ltd.

228,000

447,528

Sonic Corp. (a)

189,828

2,097,599

Starbucks Corp.

192,800

4,679,256

Starwood Hotels & Resorts Worldwide, Inc.

342,042

15,952,839

TAJ GVK Hotels & Resorts Ltd.

58,333

205,200

 

34,549,671

Household Durables - 0.6%

Tupperware Brands Corp.

295,144

14,231,844

Internet & Catalog Retail - 4.3%

Netflix, Inc. (a)(d)

1,409,510

103,937,262

Leisure Equipment & Products - 3.3%

Hasbro, Inc.

2,089,139

79,972,241

Media - 1.6%

Cinemax India Ltd.

76,689

107,430

Den Networks Ltd.

1,162,470

5,075,920

Entertainment Network (India) Ltd. (a)

23,177

104,563

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

Proto Corp.

4,900

$ 166,308

The Walt Disney Co.

972,413

33,946,938

 

39,401,159

Multiline Retail - 0.0%

Clicks Group Ltd.

117,991

480,131

Golden Eagle Retail Group Ltd. (H Shares)

74,000

147,919

 

628,050

Specialty Retail - 7.2%

Advance Auto Parts, Inc.

2,124,032

89,039,421

Hot Topic, Inc. (a)

999,798

6,498,687

Inditex SA

213

14,041

Ross Stores, Inc.

550,254

29,422,081

Sally Beauty Holdings, Inc. (a)

3,457,189

30,838,126

SAZABY, Inc.

138,300

2,070,268

TJX Companies, Inc.

341,064

14,502,041

Tsutsumi Jewelry Co. Ltd.

21,000

467,275

 

172,851,940

Textiles, Apparel & Luxury Goods - 0.5%

Columbia Sportswear Co. (d)

58,112

3,052,623

Daphne International Holdings Ltd.

5,228,000

5,050,069

Shenzhou International Group Holdings Ltd.

2,881,000

4,155,868

 

12,258,560

TOTAL CONSUMER DISCRETIONARY

502,030,088

CONSUMER STAPLES - 6.0%

Beverages - 0.8%

Molson Coors Brewing Co. Class B

446,631

18,785,300

Food & Staples Retailing - 3.4%

BJ's Wholesale Club, Inc. (a)

295,042

10,913,604

Daikokutenbussan Co. Ltd.

23,900

714,746

Heng Tai Consumables Group Ltd. (d)

31,281,730

3,182,866

Kroger Co.

1,162,066

25,170,350

REI Six Ten Retail Ltd.

395

678

Sugi Holdings Co. Ltd. (d)

169,900

4,064,720

Wal-Mart Stores, Inc.

685,800

38,130,480

 

82,177,444

Food Products - 1.8%

Britannia Industries Ltd.

10,968

391,220

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - continued

Campbell Soup Co.

125,514

$ 4,436,920

REI Agro Ltd.

1,060

1,173

Toyo Suisan Kaisha Ltd.

865,000

22,379,052

Want Want China Holdings Ltd.

21,607,000

15,333,686

 

42,542,051

Personal Products - 0.0%

Concern Kalina OJSC sponsored ADR

30,300

759,378

Hengan International Group Co. Ltd.

35,500

264,733

USANA Health Sciences, Inc. (a)

10,765

338,129

 

1,362,240

TOTAL CONSUMER STAPLES

144,867,035

ENERGY - 6.4%

Energy Equipment & Services - 6.3%

BJ Services Co.

489,492

10,475,129

Dresser-Rand Group, Inc. (a)

798,500

25,088,870

Ensco International Ltd. ADR

652,501

29,218,995

Helix Energy Solutions Group, Inc. (a)

370,134

4,822,846

Helmerich & Payne, Inc.

151,750

5,778,640

Nabors Industries Ltd. (a)

1,658,467

32,555,707

Newpark Resources, Inc. (a)

1,480,791

7,774,153

Noble Corp.

47,900

2,003,178

Parker Drilling Co. (a)

2,183,958

10,766,913

Patterson-UTI Energy, Inc.

1,679,794

23,466,722

Weatherford International Ltd. (a)

13,300

210,938

 

152,162,091

Oil, Gas & Consumable Fuels - 0.1%

Marathon Oil Corp.

66,900

2,116,716

Plains Exploration & Production Co. (a)

40,700

1,220,593

 

3,337,309

TOTAL ENERGY

155,499,400

FINANCIALS - 10.7%

Capital Markets - 1.4%

Ameriprise Financial, Inc.

203,391

9,225,816

Janus Capital Group, Inc.

955,551

13,654,824

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Marusan Securities Co. Ltd.

942,200

$ 5,741,165

SEI Investments Co.

292,159

6,418,733

 

35,040,538

Commercial Banks - 1.2%

Aozora Bank Ltd. (a)

480,000

679,089

Bank of Baroda

206,102

2,937,976

Barclays PLC Sponsored ADR

12,100

263,175

Sumitomo Mitsui Financial Group, Inc.

252,700

8,371,447

The Jammu & Kashmir Bank Ltd.

101

1,536

Union Bank of India

2,557,332

16,674,284

 

28,927,507

Diversified Financial Services - 0.1%

CRISIL Ltd.

28,646

3,342,757

ICRA Ltd.

311

6,106

 

3,348,863

Insurance - 7.1%

Admiral Group PLC

70,616

1,414,835

AFLAC, Inc.

7,400

401,746

Axis Capital Holdings Ltd.

300

9,378

CNinsure, Inc. ADR (d)

51,996

1,383,614

Lincoln National Corp.

123,033

3,777,113

Old Republic International Corp.

3,870,359

49,076,152

Presidential Life Corp.

271,841

2,710,255

Progressive Corp.

669,556

12,781,824

Protective Life Corp.

637,783

14,024,848

Reinsurance Group of America, Inc.

1,129,632

59,328,273

The Chubb Corp.

495,141

25,673,061

 

170,581,099

Real Estate Management & Development - 0.9%

Allgreen Properties Ltd.

327,000

278,179

Cyrela Commercial Properties SA Empreendimentos e Participacoes

220

1,494

DLF Ltd.

29,882

205,901

Goldcrest Co. Ltd.

166,380

4,410,712

Hang Lung Properties Ltd.

59,000

237,847

Iguatemi Empresa de Shopping Centers SA

483,400

8,147,481

Indiabulls Real Estate Ltd. (a)

931,830

3,170,883

Kenedix, Inc. (a)

10,215

2,997,703

New World China Land Ltd.

4,853,800

1,731,658

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Songbird Estates PLC Class B (a)

1,408

$ 3,548

SPG Land (Holdings) Ltd.

674,000

432,304

 

21,617,710

Thrifts & Mortgage Finance - 0.0%

Housing Development Finance Corp. Ltd.

39

2,364

TOTAL FINANCIALS

259,518,081

HEALTH CARE - 16.4%

Biotechnology - 1.4%

3SBio, Inc. sponsored ADR (a)

184,299

2,281,622

Abcam PLC

136,400

2,606,567

AMAG Pharmaceuticals, Inc. (a)(d)

412,032

14,384,037

Dendreon Corp. (a)

100

3,647

ImmunoGen, Inc. (a)

70,494

570,296

Sangamo Biosciences, Inc. (a)(d)

67,968

368,387

Vertex Pharmaceuticals, Inc. (a)

344,824

14,092,957

Zeltia SA (a)

70,700

375,293

 

34,682,806

Health Care Equipment & Supplies - 3.6%

CareFusion Corp. (a)

3,800

100,434

Edwards Lifesciences Corp. (a)

240,359

23,766,698

Electro-Optical Sciences, Inc. (a)(d)

210,069

1,558,712

Kinetic Concepts, Inc. (a)

533,560

25,509,504

Masimo Corp.

150,273

3,989,748

Meridian Bioscience, Inc.

45,500

926,835

Mingyuan Medicare Development Co. Ltd. (a)

14,350,000

2,180,893

Nobel Biocare Holding AG (Switzerland)

110,982

2,968,503

Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)

1,552,000

6,476,453

Steris Corp.

551,289

18,556,388

ThermoGenesis Corp. (a)

95,720

67,014

Vascular Solutions, Inc. (a)

21,668

194,795

 

86,295,977

Health Care Providers & Services - 1.9%

Centene Corp. (a)

397,555

9,557,222

IPC The Hospitalist Co., Inc. (a)

66,368

2,330,180

Laboratory Corp. of America Holdings (a)

234,319

17,740,291

Message Co. Ltd.

465

998,382

Quest Diagnostics, Inc.

109,304

6,371,330

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

ResCare, Inc. (a)

598,483

$ 7,175,811

U.S. Physical Therapy, Inc. (a)

91,901

1,599,077

 

45,772,293

Health Care Technology - 6.2%

Allscripts-Misys Healthcare Solutions, Inc. (a)(d)

1,540,796

30,137,970

athenahealth, Inc. (a)(d)

349,355

12,772,419

Cerner Corp. (a)

989,728

84,186,264

Computer Programs & Systems, Inc.

124,415

4,862,138

Eclipsys Corp. (a)

834,125

16,582,405

Quality Systems, Inc.

11,738

721,183

 

149,262,379

Life Sciences Tools & Services - 1.9%

Albany Molecular Research, Inc. (a)

100

835

Bio-Rad Laboratories, Inc. Class A (a)

28,712

2,972,266

Harvard Bioscience, Inc. (a)

468,762

1,814,109

QIAGEN NV (a)

521,831

11,996,895

Thermo Fisher Scientific, Inc. (a)

572,044

29,425,943

 

46,210,048

Pharmaceuticals - 1.4%

Ardea Biosciences, Inc. (a)

62,791

1,146,564

Aspen Pharmacare Holdings Ltd. (a)

716,500

7,825,091

Cadila Healthcare Ltd.

60,801

1,123,795

China Pharma Holdings, Inc. (a)

9,700

32,398

Cipla Ltd.

18,348

138,480

Endo Pharmaceuticals Holdings, Inc. (a)

670,020

15,872,774

Piramal Healthcare Ltd.

841,851

7,976,271

 

34,115,373

TOTAL HEALTH CARE

396,338,876

INDUSTRIALS - 7.1%

Building Products - 0.2%

Asahi Glass Co. Ltd.

142,000

1,601,564

Blue Star Ltd.

328,890

2,673,744

 

4,275,308

Commercial Services & Supplies - 0.3%

Blue Label Telecoms Ltd. (a)

823,600

542,738

Cintas Corp.

209,726

5,891,203

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

R.R. Donnelley & Sons Co.

68,828

$ 1,469,478

Taiwan Secom Co.

1,000

1,600

 

7,905,019

Construction & Engineering - 1.9%

Fluor Corp.

122,700

5,706,777

Jacobs Engineering Group, Inc. (a)

512,109

23,142,206

MasTec, Inc. (a)

1,290,807

16,277,076

Raubex Group Ltd.

100

316

 

45,126,375

Electrical Equipment - 1.0%

Cooper Industries PLC Class A

454,014

21,765,431

Fortune Electric Co. Ltd.

573,562

498,710

Vestas Wind Systems AS (a)

38,800

2,108,523

 

24,372,664

Industrial Conglomerates - 0.3%

Max India Ltd. (a)

1,645,177

7,603,852

Machinery - 2.0%

AGCO Corp. (a)

1,178,097

42,258,339

Bell Equipment Ltd. (a)

3,076

4,920

EVA Precision Industrial Holdings Ltd.

3,588,000

1,155,295

Nippon Thompson Co. Ltd.

370,000

2,578,789

Praj Industries Ltd. (a)

518,905

997,761

R. STAHL AG

12,440

337,734

Uzel Makina Sanayi AS (a)

101,200

1

 

47,332,839

Professional Services - 1.4%

Corporate Executive Board Co.

116,954

3,109,807

Equifax, Inc.

96,200

3,443,960

JobStreet Corp. Bhd

661,900

406,267

Michael Page International PLC

2,170,364

13,177,148

Randstad Holdings NV (a)

289,894

13,777,032

 

33,914,214

TOTAL INDUSTRIALS

170,530,271

INFORMATION TECHNOLOGY - 19.6%

Communications Equipment - 1.4%

Juniper Networks, Inc. (a)

1,061,124

32,555,284

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

MIC Electronics Ltd.

470,196

$ 433,696

Polycom, Inc. (a)

10,436

319,133

ZTE Corp. (H Shares)

62,920

381,284

 

33,689,397

Computers & Peripherals - 1.6%

ASUSTeK Computer, Inc.

657,314

1,145,136

Gemalto NV

860,203

37,226,513

Lenovo Group Ltd. ADR

2,700

37,260

 

38,408,909

Electronic Equipment & Components - 1.0%

Digital China Holdings Ltd. (H Shares)

6,705,000

11,381,898

HLS Systems International Ltd. (a)

39,500

454,645

Ingenico SA

455,679

11,395,716

Lumax International Corp. Ltd.

122,210

220,992

Trimble Navigation Ltd. (a)

200

5,744

 

23,458,995

Internet Software & Services - 4.8%

Constant Contact, Inc. (a)(d)

234,738

5,450,616

eBay, Inc. (a)

3,260,308

87,865,301

F@N Communications, Inc.

76

95,500

INFO Edge India Ltd.

8,570

167,041

Internet Brands, Inc. Class A (a)

354

3,264

LoopNet, Inc. (a)

190

2,136

NHN Corp. (a)

18,049

2,871,379

Rediff.com India Ltd. sponsored ADR (a)

200

522

ValueClick, Inc. (a)

379,738

3,850,543

VeriSign, Inc. (a)

243,003

6,320,508

WebMD Health Corp. (a)(d)

214,160

9,932,741

 

116,559,551

IT Services - 0.2%

Computer Task Group, Inc. (a)

5,150

37,338

Datacash Group PLC

46,800

134,967

SAIC, Inc. (a)

298,037

5,275,255

 

5,447,560

Office Electronics - 1.2%

Xerox Corp.

3,074,410

29,975,498

Semiconductors & Semiconductor Equipment - 3.4%

Aixtron AG

18,440

663,146

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Altera Corp.

606,877

$ 14,753,180

Cree, Inc. (a)

250

17,555

Kontron AG

981,479

9,599,276

NVIDIA Corp. (a)

61,900

1,075,822

PMC-Sierra, Inc. (a)

4,487,624

40,029,606

Richtek Technology Corp.

433,070

4,638,696

Siliconware Precision Industries Co. Ltd. sponsored ADR (d)

1,732,100

10,409,921

Veeco Instruments, Inc. (a)(d)

28,671

1,247,189

 

82,434,391

Software - 6.0%

DemandTec, Inc. (a)

19,569

136,005

Electronic Arts, Inc. (a)

456,632

8,520,753

Epicor Software Corp. (a)

244,915

2,341,387

Kingdee International Software Group Co. Ltd.

18,464,000

7,205,579

Longtop Financial Technologies Ltd. ADR (a)(d)

1,279,700

41,219,137

NIIT Technologies Ltd.

30,505

115,508

Shanda Interactive Entertainment Ltd. sponsored ADR (a)(d)

1,174,745

51,207,135

Solera Holdings, Inc.

200,370

7,744,301

Ubisoft Entertainment SA (a)(d)

1,688,920

23,222,863

VanceInfo Technologies, Inc. ADR (a)

108,000

2,407,320

Yedang Online Corp. (a)

52,957

278,487

 

144,398,475

TOTAL INFORMATION TECHNOLOGY

474,372,776

MATERIALS - 5.2%

Chemicals - 1.1%

Asian Paints India Ltd.

133

6,049

FMC Corp.

150,373

9,103,581

Sensient Technologies Corp.

545,874

15,863,098

Zoltek Companies, Inc. (a)(d)

159,422

1,536,828

 

26,509,556

Metals & Mining - 4.1%

Africa Cellular Towers Ltd. (a)

800

66

Agnico-Eagle Mines Ltd. (Canada)

88,200

4,928,083

Barrick Gold Corp.

143,000

5,487,651

Centerra Gold, Inc. (a)

155,300

2,033,964

Eldorado Gold Corp. (a)

2,287,500

27,774,372

Franco-Nevada Corp.

11,000

295,175

IAMGOLD Corp.

1,137,100

15,116,544

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Kinross Gold Corp.

288,500

$ 4,934,756

Lihir Gold Ltd.

1,112,838

3,094,055

Minefinders Corp. Ltd. (a)(d)

437,500

4,045,421

Newcrest Mining Ltd.

824,254

24,822,930

Prakash Industries Ltd. (a)

43,598

216,094

Yamana Gold, Inc.

511,433

5,061,449

 

97,810,560

TOTAL MATERIALS

124,320,116

TELECOMMUNICATION SERVICES - 1.3%

Diversified Telecommunication Services - 1.3%

LG Telecom Ltd.

64,079

437,218

Verizon Communications, Inc.

1,021,798

31,696,174

 

32,133,392

UTILITIES - 0.2%

Independent Power Producers & Energy Traders - 0.1%

Calpine Corp. (a)

285,430

3,393,763

Multi-Utilities - 0.1%

Sempra Energy

44,400

2,215,560

TOTAL UTILITIES

5,609,323

TOTAL COMMON STOCKS

(Cost $1,823,589,566)

2,265,219,358

Nonconvertible Bonds - 0.0%

 

Principal Amount (c)

 

CONSUMER STAPLES - 0.0%

Food Products - 0.0%

Britannia Industries Ltd. 8.25% 3/22/13

(Cost $189)

INR

10,968

416

Money Market Funds - 7.2%

Shares

Value

Fidelity Cash Central Fund, 0.19% (e)

110,247,544

$ 110,247,544

Fidelity Securities Lending Cash Central Fund, 0.20% (b)(e)

62,635,048

62,635,048

TOTAL MONEY MARKET FUNDS

(Cost $172,882,592)

172,882,592

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $1,996,472,347)

2,438,102,366

NET OTHER ASSETS - (0.9)%

(21,336,196)

NET ASSETS - 100%

$ 2,416,766,170

Currency Abbreviations

INR - Indian rupee

Legend

(a) Non-income producing

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

(c) Principal amount is stated in United States dollars unless otherwise noted.

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

(e) 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.

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

Fidelity Cash Central Fund

$ 67,893

Fidelity Securities Lending Cash Central Fund

248,596

Total

$ 316,489

Other Information

The following is a summary of the inputs used, as of March 31, 2010, involving the Fund's assets and liabilities carried at 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 502,030,088

$ 495,508,071

$ 6,522,017

$ -

Consumer Staples

144,867,035

117,708,517

27,158,518

-

Energy

155,499,400

155,499,400

-

-

Financials

259,518,081

236,885,661

22,200,116

432,304

Health Care

396,338,876

395,340,494

998,382

-

Industrials

170,530,271

166,349,917

4,180,353

1

Information Technology

474,372,776

474,277,276

95,500

-

Materials

124,320,116

124,320,116

-

-

Telecommunication Services

32,133,392

32,133,392

-

-

Utilities

5,609,323

5,609,323

-

-

Corporate Bonds

416

-

416

-

Money Market Funds

172,882,592

172,882,592

-

-

Total Investments in Securities:

$ 2,438,102,366

$ 2,376,514,759

$ 61,155,302

$ 432,305

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

Investments in Securities:

Beginning Balance

$ 492,958

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

15,521

Cost of Purchases

221,265

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

169,140

Transfers out of Level 3

(466,579)

Ending Balance

$ 432,305

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2010

$ 15,521

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 represents 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 March 31, 2010, the cost of investment securities for income tax purposes was $2,013,044,257. Net unrealized appreciation aggregated $425,058,109, of which $519,321,704 related to appreciated investment securities and $94,263,595 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, 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.

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. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are 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.

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:

June 1, 2010

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:

June 1, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 1, 2010