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:

August 31

Date of reporting period:

May 31, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report
for
Fidelity ® Advisor Balanced Fund
Class A
Class T
Class B
Class C
Institutional Class

May 31, 2008

1.797921.104

AIG-QTLY-0708

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 67.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 5.9%

Auto Components - 0.2%

ArvinMeritor, Inc.

16,800

$ 251

Gentex Corp.

22,200

390

Johnson Controls, Inc.

35,700

1,216

The Goodyear Tire & Rubber Co. (a)

18,200

462

TRW Automotive Holdings Corp. (a)

9,000

225

2,544

Automobiles - 0.3%

Bajaj Auto Ltd.

12,539

170

Daimler AG

10,700

814

Fiat SpA

49,900

1,112

Harley-Davidson, Inc.

9,900

412

Renault SA

8,500

873

Winnebago Industries, Inc.

19,258

287

3,668

Diversified Consumer Services - 0.6%

Carriage Services, Inc. Class A (a)

56,600

406

H&R Block, Inc.

45,300

1,057

Hillenbrand, Inc.

107,283

2,376

Navitas Ltd.

23,020

46

Princeton Review, Inc. (a)

27,400

210

Regis Corp.

45,800

1,390

Service Corp. International

95,000

1,017

Stewart Enterprises, Inc. Class A

164,202

1,133

Universal Technical Institute, Inc. (a)(d)

5,300

68

7,703

Hotels, Restaurants & Leisure - 0.8%

Brinker International, Inc.

54,600

1,197

Darden Restaurants, Inc.

14,900

510

IHOP Corp.

25,680

1,204

McCormick & Schmick's Seafood Restaurants (a)

20,276

193

McDonald's Corp.

87,400

5,185

Royal Caribbean Cruises Ltd.

31,800

945

Ruth's Chris Steak House, Inc. (a)

44,800

316

Texas Roadhouse, Inc. Class A (a)

15,300

169

Vail Resorts, Inc. (a)

5,500

274

WMS Industries, Inc. (a)

20,300

752

10,745

Household Durables - 0.5%

Beazer Homes USA, Inc. (d)

41,200

286

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Black & Decker Corp.

16,200

$ 1,048

Centex Corp.

18,700

352

La-Z-Boy, Inc. (d)

59,400

377

Newell Rubbermaid, Inc.

43,200

867

Snap-On, Inc.

17,200

1,065

Standard Pacific Corp.

138,400

435

The Stanley Works

10,800

525

Whirlpool Corp.

23,100

1,702

6,657

Leisure Equipment & Products - 0.2%

Brunswick Corp.

37,600

515

Eastman Kodak Co.

44,900

688

Hasbro, Inc.

24,600

892

MarineMax, Inc. (a)

38,200

374

2,469

Media - 1.5%

Belo Corp. Series A

59,800

572

Cinemark Holdings, Inc.

35,100

508

Clear Channel Communications, Inc.

11,800

413

Comcast Corp.:

Class A

49,800

1,121

Class A (special) (non-vtg.)

26,500

591

E.W. Scripps Co. Class A

47,900

2,256

Grupo Televisa SA de CV (CPO) sponsored ADR

42,900

1,124

Informa PLC

24,200

184

Lamar Advertising Co. Class A (a)

9,900

414

Liberty Global, Inc. Class A (a)

24,900

893

Live Nation, Inc. (a)

153,187

2,321

News Corp. Class A

75,400

1,353

R.H. Donnelley Corp. (a)

14,700

80

The DIRECTV Group, Inc. (a)

46,100

1,295

Time Warner, Inc.

322,109

5,115

Valassis Communications, Inc. (a)

66,040

1,049

WPP Group PLC

15,200

184

19,473

Multiline Retail - 0.2%

Family Dollar Stores, Inc.

48,700

1,042

Sears Holdings Corp. (a)

12,100

1,025

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - continued

Target Corp.

19,900

$ 1,062

Tuesday Morning Corp. (a)

54,614

283

3,412

Specialty Retail - 1.5%

Advance Auto Parts, Inc.

37,100

1,495

AnnTaylor Stores Corp. (a)

56,300

1,541

Asbury Automotive Group, Inc.

38,923

641

bebe Stores, Inc.

30,150

345

Christopher & Banks Corp.

28,800

324

Collective Brands, Inc. (a)(d)

115,881

1,313

Foot Locker, Inc.

81,400

1,189

Home Depot, Inc.

36,100

988

OfficeMax, Inc.

52,300

1,134

Pacific Sunwear of California, Inc. (a)

24,266

231

PetSmart, Inc.

52,777

1,237

Ross Stores, Inc.

43,579

1,596

Sherwin-Williams Co.

4,400

247

Sonic Automotive, Inc. Class A (sub. vtg.)

22,100

412

Staples, Inc.

94,440

2,215

The Children's Place Retail Stores, Inc. (a)

48,617

1,673

The Game Group PLC

80,631

452

The Men's Wearhouse, Inc.

57,900

1,200

Tween Brands, Inc. (a)

77,100

1,531

Williams-Sonoma, Inc.

14,900

379

20,143

Textiles, Apparel & Luxury Goods - 0.1%

Adidas-Salomon AG

4,300

303

Coach, Inc. (a)

27,700

1,006

Polo Ralph Lauren Corp. Class A

2,300

161

1,470

TOTAL CONSUMER DISCRETIONARY

78,284

CONSUMER STAPLES - 3.2%

Beverages - 0.1%

Cott Corp. (a)

152,544

445

Fomento Economico Mexicano SA de CV sponsored ADR

13,800

649

Remy Cointreau SA

6,952

411

1,505

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - 0.8%

ABB Grain Ltd.

13,121

$ 133

CVS Caremark Corp.

102,688

4,394

Rite Aid Corp. (a)

204,700

461

SUPERVALU, Inc.

46,700

1,638

Sysco Corp.

32,800

1,012

The Pantry, Inc. (a)

52,220

637

Winn-Dixie Stores, Inc. (a)(d)

137,607

2,484

10,759

Food Products - 0.9%

Bunge Ltd.

9,200

1,098

Campbell Soup Co.

15,700

526

Cermaq ASA

56,500

725

Chiquita Brands International, Inc. (a)

2,490

61

Corn Products International, Inc.

39,100

1,838

Global Bio-Chem Technology Group Co. Ltd.

1,018,000

434

Leroy Seafood Group ASA

41,400

872

Lighthouse Caledonia ASA

107,621

124

Marine Harvest ASA (a)

3,602,100

2,429

McCormick & Co., Inc. (non-vtg.)

25,500

958

Nestle SA (Reg.)

1,917

943

TreeHouse Foods, Inc. (a)

10,100

264

Tyson Foods, Inc. Class A

73,600

1,387

11,659

Household Products - 0.7%

Central Garden & Pet Co. (a)

89,855

719

Central Garden & Pet Co. Class A (non-vtg.) (a)

119,117

889

Energizer Holdings, Inc. (a)

15,300

1,248

Procter & Gamble Co.

100,073

6,610

9,466

Personal Products - 0.3%

Avon Products, Inc.

72,500

2,832

Dabur India Ltd.

39,155

90

Estee Lauder Companies, Inc. Class A

22,200

1,057

3,979

Tobacco - 0.4%

British American Tobacco PLC

12,600

472

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Tobacco - continued

Imperial Tobacco Group PLC

11,300

$ 453

Philip Morris International, Inc.

95,470

5,027

5,952

TOTAL CONSUMER STAPLES

43,320

ENERGY - 12.0%

Energy Equipment & Services - 5.9%

BJ Services Co.

36,000

1,087

Cameron International Corp. (a)

23,100

1,230

ENGlobal Corp. (a)

31,061

319

Expro International Group PLC

93,551

2,995

Exterran Holdings, Inc. (a)

18,267

1,343

FMC Technologies, Inc. (a)

10,700

769

Global Industries Ltd. (a)

33,189

573

Grey Wolf, Inc. (a)

109,666

859

Halliburton Co.

1,100

53

Helix Energy Solutions Group, Inc. (a)

22,800

881

Hercules Offshore, Inc. (a)

2,300

78

Nabors Industries Ltd. (a)

22,700

954

National Oilwell Varco, Inc. (a)

478,000

39,805

Noble Corp.

35,100

2,216

Oceaneering International, Inc. (a)

9,400

671

Parker Drilling Co. (a)

190,471

1,703

Petroleum Geo-Services ASA

32,800

966

Pride International, Inc. (a)

133,088

5,848

Smith International, Inc.

80,600

6,361

Superior Energy Services, Inc. (a)

33,456

1,796

Tidewater, Inc.

8,300

567

Weatherford International Ltd. (a)

156,500

7,141

78,215

Oil, Gas & Consumable Fuels - 6.1%

Alpha Natural Resources, Inc. (a)

17,200

1,405

Apache Corp.

8,800

1,180

Arch Coal, Inc.

24,475

1,589

Aurora Oil & Gas Corp. (a)

348,592

261

Boardwalk Pipeline Partners, LP

19,211

514

Cabot Oil & Gas Corp.

30,700

1,850

Canadian Natural Resources Ltd.

15,800

1,546

Chesapeake Energy Corp.

65,100

3,566

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Concho Resources, Inc.

19,000

$ 606

Denbury Resources, Inc. (a)

32,000

1,089

El Paso Corp.

9,100

178

El Paso Pipeline Partners LP

19,400

444

Ellora Energy, Inc. (a)(e)

106,700

1,395

Encore Acquisition Co. (a)

16,762

1,120

Energy Transfer Equity LP

27,900

906

EOG Resources, Inc.

23,800

3,061

Evergreen Energy, Inc. (a)(d)

191,500

421

Forest Oil Corp. (a)

22,200

1,482

Foundation Coal Holdings, Inc.

29,300

1,955

Goodrich Petroleum Corp. (a)(d)

35,900

1,529

Hess Corp.

21,782

2,675

International Coal Group, Inc. (a)(d)

102,512

1,032

James River Coal Co. (a)

62,308

2,373

Kodiak Oil & Gas Corp. (a)

149,510

546

Mariner Energy, Inc. (a)

14,300

468

OAO Gazprom sponsored ADR

2,060

125

OPTI Canada, Inc. (a)

58,300

1,320

Peabody Energy Corp.

14,300

1,057

PetroHawk Energy Corp. (a)

164,235

4,825

Plains Exploration & Production Co. (a)

27,000

1,930

Quicksilver Gas Services LP

4,700

121

Quicksilver Resources, Inc. (a)

62,600

2,281

Range Resources Corp.

63,350

4,166

Reliance Industries Ltd.

4,373

249

Repsol YPF SA

22,100

914

Southwestern Energy Co. (a)

74,200

3,290

Suncor Energy, Inc.

24,200

1,652

Sunoco, Inc.

44,750

1,990

Talisman Energy, Inc.

26,700

613

Tesoro Corp.

20,600

512

Ultra Petroleum Corp. (a)

41,300

3,592

Uranium One, Inc. (a)

86,300

433

Valero Energy Corp.

341,300

17,352

Western Gas Partners LP

6,900

116

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Williams Companies, Inc.

18,600

$ 708

XTO Energy, Inc.

21,700

1,381

81,818

TOTAL ENERGY

160,033

FINANCIALS - 12.9%

Capital Markets - 2.6%

Affiliated Managers Group, Inc. (a)

6,400

656

Ameriprise Financial, Inc.

18,920

894

Bank of New York Mellon Corp.

102,162

4,549

Bank Sarasin & Co. Ltd. Series B (Reg.)

1,135

56

EFG International

28,016

1,050

Fortress Investment Group LLC

31,000

444

Franklin Resources, Inc.

28,900

2,925

GLG Partners, Inc.

16,100

134

Goldman Sachs Group, Inc.

24,100

4,251

Greenhill & Co., Inc.

9,690

584

Julius Baer Holding AG

27,370

2,240

KBW, Inc. (a)(d)

18,509

456

Legg Mason, Inc.

27,600

1,485

Lehman Brothers Holdings, Inc.

243,378

8,959

Morgan Stanley

27,500

1,216

State Street Corp.

20,285

1,461

T. Rowe Price Group, Inc.

44,562

2,581

The Blackstone Group LP

28,400

553

34,494

Commercial Banks - 1.2%

Banco do Brasil SA

4,600

92

Bank of Montreal

5,500

270

Capitol Bancorp Ltd.

5,032

78

Center Financial Corp., California

23,300

218

M&T Bank Corp.

7,200

624

Mitsubishi UFJ Financial Group, Inc.

18,400

187

PacWest Bancorp

12,600

266

PNC Financial Services Group, Inc.

31,000

1,992

Prosperity Bancshares, Inc.

14,600

466

Sterling Financial Corp., Washington

52,504

466

Sumitomo Mitsui Financial Group, Inc.

4

34

SunTrust Banks, Inc.

15,700

820

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

UCBH Holdings, Inc.

127,175

$ 621

UniCredit SpA

64,200

449

Union Bank of India

6,908

23

Wachovia Corp.

273,713

6,514

Wells Fargo & Co.

47,000

1,296

Wilshire Bancorp, Inc.

7,270

65

Wintrust Financial Corp.

27,200

848

Zions Bancorp

19,606

845

16,174

Consumer Finance - 0.3%

American Express Co.

25,400

1,177

Capital One Financial Corp.

28,100

1,352

Discover Financial Services

38,100

653

SLM Corp. (a)

25,300

574

3,756

Diversified Financial Services - 3.6%

Bajaj Finserv Ltd. (a)

12,539

192

Bajaj Holdings & Investment Ltd.

12,539

188

Bank of America Corp.

267,174

9,087

Bolsa de Mercadorias & Futuros - BM&F SA

94,900

1,088

Bovespa Holding SA

50,000

823

CIT Group, Inc.

117,900

1,179

Citigroup, Inc.

600,900

13,154

Deutsche Boerse AG

6,200

890

JPMorgan Chase & Co.

314,380

13,518

Kotak Mahindra Bank Ltd. sponsored GDR (e)

8,435

139

MarketAxess Holdings, Inc. (a)

24,976

195

Onex Corp. (sub. vtg.)

11,600

394

PICO Holdings, Inc. (a)

169,116

7,012

47,859

Insurance - 2.1%

ACE Ltd.

13,140

789

Admiral Group PLC

16,400

283

AMBAC Financial Group, Inc.

68,400

214

American International Group, Inc.

385,133

13,865

Argo Group International Holdings, Ltd. (a)

7,400

286

Aspen Insurance Holdings Ltd.

18,400

470

Assured Guaranty Ltd.

8,300

192

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

Hartford Financial Services Group, Inc.

28,300

$ 2,011

IPC Holdings Ltd.

14,300

406

LandAmerica Financial Group, Inc.

23,760

708

Maiden Holdings Ltd. (e)

52,100

394

MBIA, Inc. (d)

78,400

546

MetLife, Inc.

12,400

744

Montpelier Re Holdings Ltd.

34,500

579

National Financial Partners Corp.

41,020

1,002

Principal Financial Group, Inc.

31,400

1,692

Prudential Financial, Inc.

22,500

1,681

Stewart Information Services Corp.

18,444

436

T&D Holdings, Inc.

17,000

1,132

27,430

Real Estate Investment Trusts - 1.4%

Alexandria Real Estate Equities, Inc.

9,500

991

Annaly Capital Management, Inc.

105,800

1,884

British Land Co. PLC

25,400

403

CapitalSource, Inc. (d)

39,800

611

Chimera Investment Corp.

15,760

218

Developers Diversified Realty Corp.

38,600

1,532

Duke Realty LP

37,900

973

Friedman, Billings, Ramsey Group, Inc. Class A

16,000

31

General Growth Properties, Inc.

61,000

2,535

HCP, Inc.

20,400

699

Healthcare Realty Trust, Inc.

25,500

677

Highwoods Properties, Inc. (SBI)

21,000

756

Home Properties, Inc.

5,300

271

MFA Mortgage Investments, Inc.

88,700

645

Public Storage

9,800

864

Senior Housing Properties Trust (SBI)

18,600

413

Simon Property Group, Inc.

4,600

457

SL Green Realty Corp.

13,300

1,326

Sovran Self Storage, Inc.

12,900

570

UDR, Inc.

66,376

1,642

Vornado Realty Trust

14,600

1,427

18,925

Real Estate Management & Development - 0.3%

CB Richard Ellis Group, Inc. Class A (a)

122,900

2,760

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - continued

Forestar Real Estate Group, Inc. (a)

40,228

$ 1,006

The St. Joe Co. (d)

18,500

710

4,476

Thrifts & Mortgage Finance - 1.4%

Countrywide Financial Corp. (d)

226,794

1,193

Fannie Mae

241,480

6,525

Freddie Mac

146,749

3,730

IndyMac Bancorp, Inc.

25,307

48

MGIC Investment Corp.

59,100

710

New York Community Bancorp, Inc.

64,600

1,326

NewAlliance Bancshares, Inc. (d)

13,400

180

People's United Financial, Inc.

177,792

2,939

Sovereign Bancorp, Inc.

32,300

295

Washington Federal, Inc.

56,674

1,269

Washington Mutual, Inc.

130,000

1,173

19,388

TOTAL FINANCIALS

172,502

HEALTH CARE - 4.8%

Biotechnology - 1.0%

Amgen, Inc. (a)

59,900

2,637

Biogen Idec, Inc. (a)

25,300

1,588

Cephalon, Inc. (a)

34,284

2,321

Cubist Pharmaceuticals, Inc. (a)

49,316

940

DUSA Pharmaceuticals, Inc. (a)

88,321

175

Genentech, Inc. (a)

14,000

992

Gilead Sciences, Inc. (a)

31,500

1,743

Theravance, Inc. (a)

102,035

1,381

Vertex Pharmaceuticals, Inc. (a)

45,100

1,291

13,068

Health Care Equipment & Supplies - 1.1%

Alcon, Inc.

10,620

1,667

American Medical Systems Holdings, Inc. (a)

127,600

1,928

Baxter International, Inc.

900

55

Boston Scientific Corp. (a)

37,400

497

Covidien Ltd.

55,300

2,770

Hill-Rom Holdings, Inc.

45,127

1,388

Integra LifeSciences Holdings Corp. (a)

35,800

1,504

Inverness Medical Innovations, Inc. (a)

40,628

1,485

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Medtronic, Inc.

21,700

$ 1,100

Micrus Endovascular Corp. (a)

23,000

260

Orthofix International NV (a)

3,648

119

Quidel Corp. (a)

13,823

236

Smith & Nephew PLC

78,400

842

Sonova Holding AG

12,272

1,116

14,967

Health Care Providers & Services - 1.2%

Brookdale Senior Living, Inc.

53,734

1,418

Cardinal Health, Inc.

4,600

260

Coventry Health Care, Inc. (a)

9,200

423

DaVita, Inc. (a)

17,000

882

Express Scripts, Inc. (a)

7,100

512

Health Net, Inc. (a)

2,700

84

HealthSouth Corp. (a)(d)

42,956

805

Humana, Inc. (a)

22,186

1,133

McKesson Corp.

23,900

1,378

Patterson Companies, Inc. (a)

14,200

483

Pediatrix Medical Group, Inc. (a)

3,683

198

PSS World Medical, Inc. (a)

19,600

357

Psychiatric Solutions, Inc. (a)

3,700

135

Sunrise Senior Living, Inc. (a)

44,775

1,186

Tenet Healthcare Corp. (a)

107,407

634

UnitedHealth Group, Inc.

57,195

1,957

Universal American Financial Corp. (a)

52,379

605

Universal Health Services, Inc. Class B

15,700

1,021

VCA Antech, Inc. (a)

38,600

1,211

WellPoint, Inc. (a)

21,600

1,206

15,888

Health Care Technology - 0.1%

Allscripts Healthcare Solutions, Inc. (a)

34,300

426

IMS Health, Inc.

44,300

1,074

1,500

Life Sciences Tools & Services - 0.3%

Bruker BioSciences Corp. (a)

58,196

677

Charles River Laboratories International, Inc. (a)

21,800

1,401

Pharmaceutical Product Development, Inc.

26,800

1,185

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Life Sciences Tools & Services - continued

Thermo Fisher Scientific, Inc. (a)

13,200

$ 779

Varian, Inc. (a)

9,200

511

4,553

Pharmaceuticals - 1.1%

Allergan, Inc.

9,000

519

Alpharma, Inc. Class A (a)

49,690

1,252

Barr Pharmaceuticals, Inc. (a)

31,700

1,388

Cipla Ltd.

33,146

167

Endo Pharmaceuticals Holdings, Inc. (a)

11,700

288

Jazz Pharmaceuticals, Inc.

48,200

369

Merck & Co., Inc.

87,920

3,425

Mylan, Inc. (d)

27,600

368

Schering-Plough Corp.

130,100

2,654

Teva Pharmaceutical Industries Ltd. sponsored ADR

5,100

233

Wyeth

76,400

3,398

XenoPort, Inc. (a)

14,400

623

14,684

TOTAL HEALTH CARE

64,660

INDUSTRIALS - 8.1%

Aerospace & Defense - 1.4%

Finmeccanica SpA

22,000

667

General Dynamics Corp.

32,800

3,023

Heico Corp. Class A

12,968

514

Hexcel Corp. (a)

23,422

620

Honeywell International, Inc.

34,500

2,057

Lockheed Martin Corp.

12,700

1,390

Orbital Sciences Corp. (a)

47,069

1,222

Raytheon Co.

29,200

1,865

Rockwell Collins, Inc.

14,800

908

Spirit AeroSystems Holdings, Inc. Class A (a)

43,100

1,286

Triumph Group, Inc.

2,500

155

United Technologies Corp.

64,000

4,547

18,254

Air Freight & Logistics - 0.5%

C.H. Robinson Worldwide, Inc.

9,100

587

FedEx Corp.

20,800

1,908

Forward Air Corp.

42,214

1,564

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - continued

United Parcel Service, Inc. Class B

21,100

$ 1,499

UTI Worldwide, Inc.

49,449

1,175

6,733

Airlines - 0.1%

AirTran Holdings, Inc. (a)

88,400

265

Delta Air Lines, Inc. (a)

95,500

587

easyJet PLC (a)

15,100

90

Northwest Airlines Corp. (a)

94,900

670

US Airways Group, Inc. (a)

45,500

180

1,792

Building Products - 0.1%

Masco Corp.

46,500

862

Owens Corning (a)

19,200

496

1,358

Commercial Services & Supplies - 0.9%

ACCO Brands Corp. (a)

73,588

1,129

Allied Waste Industries, Inc. (a)

132,700

1,787

Avery Dennison Corp.

2,300

119

Clean Harbors, Inc. (a)

17,113

1,216

Consolidated Graphics, Inc. (a)

3,200

176

Copart, Inc. (a)

2,300

104

Covanta Holding Corp. (a)(d)

36,100

1,010

Diamond Management & Technology Consultants, Inc.

23,653

125

EnergySolutions, Inc.

8,800

224

Equifax, Inc.

26,200

1,000

GeoEye, Inc. (a)

40,954

698

IHS, Inc. Class A (a)

7,100

423

Monster Worldwide, Inc. (a)

6,200

153

R.R. Donnelley & Sons Co.

13,300

437

Robert Half International, Inc.

22,200

546

The Brink's Co.

26,264

1,904

Waste Management, Inc.

33,500

1,271

12,322

Construction & Engineering - 1.8%

AMEC PLC

41,700

689

Chicago Bridge & Iron Co. NV (NY Shares)

124,183

5,675

Fluor Corp.

23,100

4,309

Great Lakes Dredge & Dock Corp.

230,268

1,393

Maire Tecnimont SpA

3,500

23

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - continued

Shaw Group, Inc. (a)

104,200

$ 6,356

URS Corp. (a)

129,597

6,196

24,641

Electrical Equipment - 0.9%

ABB Ltd. sponsored ADR

34,000

1,104

Acuity Brands, Inc.

26,000

1,385

Belden, Inc.

16,200

679

Bharat Heavy Electricals Ltd.

3,916

154

Cooper Industries Ltd. Class A

39,800

1,856

JA Solar Holdings Co. Ltd. ADR (a)

92,500

1,967

Renewable Energy Corp. AS (a)

57,764

1,715

Saft Groupe SA

4,200

198

Vestas Wind Systems AS (a)

9,100

1,253

Woodward Governor Co.

700

28

Zumtobel AG

44,694

1,395

11,734

Industrial Conglomerates - 0.3%

McDermott International, Inc. (a)

26,875

1,667

Siemens AG sponsored ADR

17,000

1,934

3,601

Machinery - 1.0%

Bucyrus International, Inc. Class A

21,400

1,515

CIRCOR International, Inc.

25,600

1,367

Colfax Corp.

15,900

394

Cummins, Inc.

24,600

1,732

Danaher Corp.

11,700

915

Eaton Corp.

4,800

464

Flowserve Corp.

3,600

499

Force Protection, Inc. (a)(d)

169,015

722

Ingersoll-Rand Co. Ltd. Class A

33,900

1,493

Navistar International Corp. (a)

29,900

2,271

NGK Insulators Ltd.

14,000

256

Oshkosh Co.

17,800

719

Pall Corp.

6,900

282

Sulzer AG (Reg.)

4,120

554

Vossloh AG

1,500

217

13,400

Marine - 0.3%

Alexander & Baldwin, Inc.

36,188

1,863

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Marine - continued

American Commercial Lines, Inc. (a)(d)

80,695

$ 1,238

Navios Maritime Holdings, Inc.

65,800

791

Ultrapetrol (Bahamas) Ltd. (a)

9,652

147

4,039

Road & Rail - 0.7%

Burlington Northern Santa Fe Corp.

10,100

1,142

Canadian Pacific Railway Ltd.

9,200

672

Con-way, Inc.

12,400

605

J.B. Hunt Transport Services, Inc.

30,900

1,077

Ryder System, Inc.

5,900

433

Union Pacific Corp.

22,800

1,877

Universal Truckload Services, Inc. (a)

60,340

1,470

YRC Worldwide, Inc. (a)

98,173

1,714

8,990

Trading Companies & Distributors - 0.1%

WESCO International, Inc. (a)

34,200

1,515

TOTAL INDUSTRIALS

108,379

INFORMATION TECHNOLOGY - 9.5%

Communications Equipment - 1.2%

Adtran, Inc.

93,340

2,323

Alcatel-Lucent SA sponsored ADR

143,379

1,077

Cisco Systems, Inc. (a)

181,400

4,847

Comverse Technology, Inc. (a)

8,000

149

Dycom Industries, Inc. (a)

68,900

1,182

Finisar Corp. (a)

204,067

375

Harris Corp.

45,700

3,006

Juniper Networks, Inc. (a)

42,500

1,170

Motorola, Inc.

117,600

1,097

Powerwave Technologies, Inc. (a)

232,003

935

16,161

Computers & Peripherals - 0.9%

Apple, Inc. (a)

8,537

1,611

Diebold, Inc.

21,700

856

Hewlett-Packard Co.

72,300

3,402

Hutchinson Technology, Inc. (a)

17,400

251

NCR Corp. (a)

80,600

2,133

SanDisk Corp. (a)

29,211

827

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Teradata Corp. (a)

33,400

$ 902

Western Digital Corp. (a)

64,500

2,421

12,403

Electronic Equipment & Instruments - 1.4%

Agilent Technologies, Inc. (a)

4,100

153

Amphenol Corp. Class A

90,100

4,201

Anixter International, Inc. (a)

7,000

455

Arrow Electronics, Inc. (a)

37,600

1,153

Avnet, Inc. (a)

82,100

2,424

Bell Microproducts, Inc. (a)

24,536

65

Cogent, Inc. (a)

80,900

968

Flextronics International Ltd. (a)

111,600

1,195

Ibiden Co. Ltd.

6,900

291

Ingram Micro, Inc. Class A (a)

88,400

1,603

Itron, Inc. (a)

51,936

5,068

Tyco Electronics Ltd.

47,100

1,890

19,466

Internet Software & Services - 0.6%

Art Technology Group, Inc. (a)

17,300

65

DealerTrack Holdings, Inc. (a)

19,267

405

Google, Inc. Class A (sub. vtg.) (a)

5,700

3,339

Open Text Corp. (a)

27,300

975

VeriSign, Inc. (a)

51,100

2,046

Yahoo!, Inc. (a)

39,200

1,049

7,879

IT Services - 1.3%

Accenture Ltd. Class A

20,300

829

CACI International, Inc. Class A (a)

25,124

1,281

Cognizant Technology Solutions Corp. Class A (a)

16,100

568

NeuStar, Inc. Class A (a)

42,900

1,003

Patni Computer Systems Ltd. sponsored ADR

32,800

433

Perot Systems Corp. Class A (a)

106,884

1,766

Sapient Corp. (a)

120,100

793

Satyam Computer Services Ltd. sponsored ADR

41,600

1,211

SRA International, Inc. Class A (a)

83,700

1,974

The Western Union Co.

54,000

1,277

Unisys Corp. (a)

334,728

1,694

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Visa, Inc.

50,000

$ 4,318

WNS Holdings Ltd. ADR (a)

29,000

518

17,665

Office Electronics - 0.1%

Xerox Corp.

80,500

1,093

Semiconductors & Semiconductor Equipment - 3.0%

Advanced Micro Devices, Inc. (a)

115,100

792

Altera Corp.

41,900

970

Analog Devices, Inc.

44,200

1,552

Applied Materials, Inc.

47,900

949

ASAT Holdings Ltd.

1,762

0

ASAT Holdings Ltd. warrants 7/24/11 (a)

173

0

ASML Holding NV (NY Shares)

1,200

36

Atmel Corp. (a)

853,957

3,817

Axcelis Technologies, Inc. (a)

207,068

1,182

Cymer, Inc. (a)

23,400

724

Cypress Semiconductor Corp. (a)

139,400

3,886

Fairchild Semiconductor International, Inc. (a)

112,100

1,682

FormFactor, Inc. (a)

38,130

832

Hittite Microwave Corp. (a)

27,362

1,093

Integrated Device Technology, Inc. (a)

70,566

796

Intersil Corp. Class A

23,900

666

Lam Research Corp. (a)

23,900

973

LTX Corp. (a)

204,300

601

Maxim Integrated Products, Inc.

155,500

3,437

Microchip Technology, Inc.

39,800

1,466

Micron Technology, Inc. (a)

70,500

569

National Semiconductor Corp.

99,100

2,086

NEC Electronics Corp. (a)

14,300

335

ON Semiconductor Corp. (a)

149,461

1,478

Rudolph Technologies, Inc. (a)

43,948

442

Samsung Electronics Co. Ltd.

690

497

Semitool, Inc. (a)

61,275

514

Spansion, Inc. Class A (a)

92,043

290

Teradyne, Inc. (a)

170,900

2,348

Varian Semiconductor Equipment Associates, Inc. (a)

112,800

4,290

Xilinx, Inc.

49,400

1,344

39,647

Software - 1.0%

Activision, Inc. (a)

17,100

577

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

CA, Inc.

4,600

$ 122

Electronic Arts, Inc. (a)

17,200

863

McAfee, Inc. (a)

25,100

910

Microsoft Corp.

37,500

1,062

Misys PLC

243,400

767

Nintendo Co. Ltd.

3,500

1,931

Nuance Communications, Inc. (a)

29,300

578

Oracle Corp. (a)

52,000

1,188

Quest Software, Inc. (a)

89,400

1,521

Sourcefire, Inc. (a)

82,237

628

THQ, Inc. (a)

86,340

1,852

Ubisoft Entertainment SA (a)

8,256

800

12,799

TOTAL INFORMATION TECHNOLOGY

127,113

MATERIALS - 4.3%

Chemicals - 2.3%

Airgas, Inc.

19,500

1,154

Albemarle Corp.

24,900

1,107

Arkema sponsored ADR

21,800

1,398

Ashland, Inc.

10,400

558

Calgon Carbon Corp. (a)

68,316

1,211

Celanese Corp. Class A

76,900

3,745

CF Industries Holdings, Inc.

5,600

767

Chemtura Corp.

142,800

1,247

Georgia Gulf Corp.

24,705

105

Hercules, Inc.

93,900

1,937

Israel Chemicals Ltd.

70,500

1,616

Linde AG

5,700

857

Methanex Corp.

10,400

294

Monsanto Co.

37,500

4,778

Spartech Corp.

60,737

654

The Mosaic Co. (a)

53,600

6,717

Tokai Carbon Co. Ltd.

39,000

455

Tronox, Inc.:

Class A

77,050

274

Class B

92,600

307

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Valspar Corp.

31,800

$ 717

W.R. Grace & Co. (a)

8,030

217

30,115

Containers & Packaging - 0.2%

Pactiv Corp. (a)

20,300

500

Rock-Tenn Co. Class A

31,500

1,124

Smurfit-Stone Container Corp. (a)

88,717

597

Temple-Inland, Inc.

69,590

1,014

3,235

Metals & Mining - 1.8%

Alamos Gold, Inc. (a)

85,000

566

Alcoa, Inc.

104,800

4,254

Allegheny Technologies, Inc.

7,500

563

Anglo Platinum Ltd.

5,400

940

ArcelorMittal SA (NY Shares) Class A

13,408

1,332

Carpenter Technology Corp.

26,932

1,487

Century Aluminum Co. (a)

10,600

774

Eldorado Gold Corp. (a)

86,500

701

Gabriel Resources Ltd. (a)

107,900

325

IAMGOLD Corp.

9,200

55

Ivanhoe Mines Ltd. (a)

106,500

983

Labrador Iron Ore Royal, Inc. Fund

1,900

110

Lihir Gold Ltd. (a)

203,837

581

Newcrest Mining Ltd.

46,616

1,419

Nucor Corp.

5,700

426

Polymet Mining Corp. (a)

31,200

121

Reliance Steel & Aluminum Co.

17,000

1,155

Silver Wheaton Corp. (a)

8,000

116

Steel Dynamics, Inc.

20,490

740

Stillwater Mining Co. (a)(d)

60,615

870

Timminco Ltd. (a)

17,200

528

Titanium Metals Corp. (d)

207,157

3,605

Yamana Gold, Inc.

135,844

2,100

23,751

TOTAL MATERIALS

57,101

TELECOMMUNICATION SERVICES - 2.8%

Diversified Telecommunication Services - 2.6%

AT&T, Inc.

587,588

23,445

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

Cincinnati Bell, Inc. (a)

297,821

$ 1,254

FairPoint Communications, Inc.

18,184

164

Qwest Communications International, Inc.

311,800

1,512

Telefonica SA

25,600

734

Verizon Communications, Inc.

193,500

7,444

34,553

Wireless Telecommunication Services - 0.2%

American Tower Corp. Class A (a)

52,280

2,390

NII Holdings, Inc. (a)

14,400

723

Vivo Participacoes SA (PN) sponsored ADR

20,900

147

3,260

TOTAL TELECOMMUNICATION SERVICES

37,813

UTILITIES - 3.5%

Electric Utilities - 1.1%

Allegheny Energy, Inc.

21,500

1,177

Allete, Inc.

2,300

102

E.ON AG

6,000

1,277

Edison International

26,400

1,405

Entergy Corp.

17,600

2,126

Exelon Corp.

46,900

4,127

FirstEnergy Corp.

11,200

882

PPL Corp.

52,500

2,694

Public Power Corp. of Greece

15,200

579

14,369

Gas Utilities - 0.3%

Energen Corp.

8,700

652

Equitable Resources, Inc.

27,600

1,938

Questar Corp.

14,700

944

3,534

Independent Power Producers & Energy Traders - 1.7%

AES Corp. (a)

188,600

3,674

Constellation Energy Group, Inc.

47,800

4,122

NRG Energy, Inc. (a)

237,882

9,894

Reliant Energy, Inc. (a)

209,200

5,347

23,037

Multi-Utilities - 0.4%

CMS Energy Corp.

68,500

1,068

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Multi-Utilities - continued

OGE Energy Corp.

11,703

$ 393

Public Service Enterprise Group, Inc.

45,600

2,018

RWE AG

4,900

633

Sempra Energy

11,800

682

Suez SA (France)

7,000

522

Wisconsin Energy Corp.

14,400

692

6,008

TOTAL UTILITIES

46,948

TOTAL COMMON STOCKS

(Cost $797,027)

896,153

Convertible Preferred Stocks - 1.5%

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

McMoRan Exploration Co. 6.75%

2,400

516

FINANCIALS - 1.3%

Capital Markets - 0.6%

Legg Mason, Inc. 7.00%

18,500

903

Lehman Brothers Holdings, Inc. 7.25%

6,000

6,510

7,413

Commercial Banks - 0.1%

East West Bancorp, Inc. Series A, 8.00%

200

209

Huntington Bancshares, Inc. 8.50%

1,100

1,098

1,307

Diversified Financial Services - 0.0%

CIT Group, Inc. Series C, 8.75%

11,200

600

Thrifts & Mortgage Finance - 0.6%

Fannie Mae 8.75%

74,600

3,683

Washington Mutual, Inc.

43

4,433

Washington Mutual, Inc. Series R, 7.75%

500

381

8,497

TOTAL FINANCIALS

17,817

Convertible Preferred Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 0.0%

Semiconductors & Semiconductor Equipment - 0.0%

ASAT Holdings Ltd. (a)

173

$ 0

MATERIALS - 0.1%

Metals & Mining - 0.1%

Freeport-McMoRan Copper & Gold, Inc. 6.75%

9,500

1,573

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $18,502)

19,906

Investment Companies - 0.1%

Ares Capital Corp.
(Cost $2,450)

150,493

1,865

Corporate Bonds - 3.8%

Principal Amount (000s)

Convertible Bonds - 0.2%

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Evergreen Energy, Inc. 8% 8/1/12 (e)

$ 480

270

McMoRan Exploration Co. 6% 7/2/08

580

1,301

1,571

HEALTH CARE - 0.1%

Health Care Equipment & Supplies - 0.1%

Inverness Medical Innovations, Inc. 3% 5/15/16 (e)

517

541

Pharmaceuticals - 0.0%

Alpharma, Inc. 2.125% 3/15/27

430

436

TOTAL HEALTH CARE

977

INDUSTRIALS - 0.0%

Electrical Equipment - 0.0%

JA Solar Holdings Co. Ltd. 4.5% 5/15/13

460

452

INFORMATION TECHNOLOGY - 0.0%

Semiconductors & Semiconductor Equipment - 0.0%

Cypress Semiconductor Corp. 1% 9/15/09 (e)

270

344

TOTAL CONVERTIBLE BONDS

3,344

Corporate Bonds - continued

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - 3.6%

CONSUMER DISCRETIONARY - 0.4%

Hotels, Restaurants & Leisure - 0.0%

McDonald's Corp. 6.3% 3/1/38

$ 340

$ 335

Household Durables - 0.0%

Fortune Brands, Inc. 5.875% 1/15/36

100

82

Newell Rubbermaid, Inc. 6.25% 4/15/18

130

130

212

Media - 0.4%

AOL Time Warner, Inc. 7.625% 4/15/31

500

519

Comcast Corp. 6.45% 3/15/37

959

917

COX Communications, Inc. 6.45% 12/1/36 (e)

240

231

News America Holdings, Inc. 7.75% 12/1/45

510

548

News America, Inc.:

6.15% 3/1/37

235

217

6.2% 12/15/34

990

923

Time Warner Cable, Inc. 5.85% 5/1/17

363

348

Time Warner, Inc. 6.5% 11/15/36

290

265

Viacom, Inc.:

6.125% 10/5/17

310

304

6.75% 10/5/37

105

100

4,372

TOTAL CONSUMER DISCRETIONARY

4,919

CONSUMER STAPLES - 0.3%

Beverages - 0.0%

Diageo Capital PLC 5.75% 10/23/17

489

487

Food & Staples Retailing - 0.1%

CVS Caremark Corp. 6.302% 6/1/37 (h)

790

687

Food Products - 0.1%

General Mills, Inc. 5.2% 3/17/15

345

342

Kraft Foods, Inc.:

6% 2/11/13

470

477

6.125% 2/1/18

296

290

6.875% 2/1/38

636

618

1,727

Tobacco - 0.1%

Philip Morris International, Inc.:

4.875% 5/16/13

291

288

Corporate Bonds - continued

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

CONSUMER STAPLES - continued

Tobacco - continued

Philip Morris International, Inc.: - continued

5.65% 5/16/18

$ 275

$ 269

6.375% 5/16/38

466

453

Reynolds American, Inc. 7.25% 6/15/37

435

425

1,435

TOTAL CONSUMER STAPLES

4,336

ENERGY - 0.4%

Energy Equipment & Services - 0.0%

Weatherford International Ltd. 7% 3/15/38

245

254

Oil, Gas & Consumable Fuels - 0.4%

Anadarko Petroleum Corp. 6.45% 9/15/36

155

154

Duke Capital LLC 6.75% 2/15/32

485

460

Duke Energy Field Services 6.45% 11/3/36 (e)

470

428

Energy Transfer Partners LP 6.7% 7/1/18

195

198

Nakilat, Inc. 6.067% 12/31/33 (e)

515

446

Nexen, Inc.:

5.875% 3/10/35

355

320

6.4% 5/15/37

290

279

NGPL PipeCo LLC 6.514% 12/15/12 (e)

245

250

Pemex Project Funding Master Trust 3.6756% 12/3/12 (e)(h)

200

196

Petro-Canada:

6.05% 5/15/18

150

147

6.8% 5/15/38

215

210

Plains All American Pipeline LP:

6.125% 1/15/17

205

201

6.65% 1/15/37

320

298

Ras Laffan Liquid Natural Gas Co. Ltd. III 6.332% 9/30/27 (e)

380

346

Talisman Energy, Inc. yankee 6.25% 2/1/38

180

168

TEPPCO Partners LP 7.55% 4/15/38

375

389

Texas Eastern Transmission LP 6% 9/15/17 (e)

326

315

Valero Energy Corp. 6.625% 6/15/37

215

199

5,004

TOTAL ENERGY

5,258

Corporate Bonds - continued

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

FINANCIALS - 1.3%

Capital Markets - 0.5%

Bear Stearns Companies, Inc. 6.95% 8/10/12

$ 775

$ 809

BlackRock, Inc. 6.25% 9/15/17

490

494

Goldman Sachs Group, Inc.:

5.625% 1/15/17

500

475

6.75% 10/1/37

865

812

JPMorgan Chase Capital XX 6.55% 9/29/36

235

204

JPMorgan Chase Capital XXV 6.8% 10/1/37

2,025

1,814

Lehman Brothers Holdings, Inc.:

6.75% 12/28/17

215

203

6.875% 5/2/18

255

247

Merrill Lynch & Co., Inc.:

6.15% 4/25/13

125

123

6.875% 4/25/18

111

109

Morgan Stanley 4.75% 4/1/14

220

203

UBS AG Stamford Branch:

5.75% 4/25/18

475

463

5.875% 12/20/17

390

388

6,344

Commercial Banks - 0.3%

Bank of America NA 5.3% 3/15/17

220

210

Credit Suisse First Boston 6% 2/15/18

610

595

HBOS PLC 6.75% 5/21/18 (e)

380

371

HSBC Holdings PLC 6.5% 9/15/37

575

539

Standard Chartered Bank 6.4% 9/26/17 (e)

874

865

Wachovia Bank NA 6.6% 1/15/38

1,000

924

Wells Fargo & Co. 5.625% 12/11/17

595

594

4,098

Consumer Finance - 0.2%

American Express Co. 8.15% 3/19/38

390

445

American General Finance Corp. 6.9% 12/15/17

295

280

General Electric Capital Corp.:

5.625% 9/15/17

325

322

5.875% 1/14/38

900

818

6.375% 11/15/67 (h)

500

492

SLM Corp.:

3.06% 7/27/09 (h)

148

139

3.08% 7/26/10 (h)

564

506

Corporate Bonds - continued

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

FINANCIALS - continued

Consumer Finance - continued

SLM Corp.: - continued

4% 1/15/09

$ 135

$ 133

4.5% 7/26/10

325

299

3,434

Diversified Financial Services - 0.1%

Bank of America Corp. 5.75% 12/1/17

260

255

GlaxoSmithKline Capital, Inc.:

5.65% 5/15/18

229

226

6.375% 5/15/38

290

286

ZFS Finance USA Trust V 6.5% 5/9/67 (e)(h)

500

440

1,207

Insurance - 0.1%

American International Group, Inc.:

5.85% 1/16/18

590

569

8.175% 5/15/58 (e)(h)

305

293

The Chubb Corp.:

5.75% 5/15/18

160

157

6.5% 5/15/38

135

133

1,152

Real Estate Investment Trusts - 0.1%

Duke Realty LP:

5.4% 8/15/14

210

192

5.95% 2/15/17

35

33

6.5% 1/15/18

285

273

Liberty Property LP 6.625% 10/1/17

210

196

UDR, Inc. 5.5% 4/1/14

405

373

1,067

Real Estate Management & Development - 0.0%

ERP Operating LP:

5.375% 8/1/16

95

88

5.5% 10/1/12

135

133

5.75% 6/15/17

280

264

485

Corporate Bonds - continued

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.0%

Credit Suisse First Boston (New York Branch) 5% 5/15/13

$ 243

$ 239

TOTAL FINANCIALS

18,026

HEALTH CARE - 0.0%

Pharmaceuticals - 0.0%

AstraZeneca PLC:

5.9% 9/15/17

265

271

6.45% 9/15/37

195

199

470

INDUSTRIALS - 0.2%

Aerospace & Defense - 0.1%

Bombardier, Inc. 6.3% 5/1/14 (e)

780

764

Airlines - 0.0%

Delta Air Lines, Inc. pass-thru trust certificates 7.57% 11/18/10

470

456

Industrial Conglomerates - 0.1%

Covidien International Finance SA 6.55% 10/15/37 (e)

245

245

General Electric Co. 5.25% 12/6/17

890

870

1,115

TOTAL INDUSTRIALS

2,335

INFORMATION TECHNOLOGY - 0.0%

Electronic Equipment & Instruments - 0.0%

Tyco Electronics Group SA 7.125% 10/1/37

140

141

MATERIALS - 0.1%

Metals & Mining - 0.1%

United States Steel Corp. 6.65% 6/1/37

335

296

Vale Overseas Ltd. 6.25% 1/23/17

485

489

785

TELECOMMUNICATION SERVICES - 0.6%

Diversified Telecommunication Services - 0.6%

AT&T, Inc.:

6.3% 1/15/38

548

526

Corporate Bonds - continued

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

AT&T, Inc.: - continued

6.8% 5/15/36

$ 1,100

$ 1,117

BellSouth Capital Funding Corp. 7.875% 2/15/30

85

94

British Telecommunications PLC 9.125% 12/15/30

625

775

SBC Communications, Inc.:

6.15% 9/15/34

750

708

6.45% 6/15/34

415

401

Sprint Capital Corp. 6.875% 11/15/28

1,149

919

Telecom Italia Capital SA 7.2% 7/18/36

385

369

Telefonica Emisiones SAU 7.045% 6/20/36

234

246

Verizon Communications, Inc.:

6.1% 4/15/18

235

240

6.25% 4/1/37

187

180

6.4% 2/15/38

341

333

6.9% 4/15/38

260

270

Verizon Global Funding Corp. 7.75% 12/1/30

990

1,098

7,276

Wireless Telecommunication Services - 0.0%

Sprint Nextel Corp. 6% 12/1/16

105

87

TOTAL TELECOMMUNICATION SERVICES

7,363

UTILITIES - 0.3%

Electric Utilities - 0.2%

Commonwealth Edison Co.:

5.4% 12/15/11

321

322

5.8% 3/15/18

435

426

Duke Energy Carolinas LLC:

5.25% 1/15/18

235

232

6.05% 4/15/38

301

295

EDP Finance BV 6% 2/2/18 (e)

380

380

Enel Finance International SA:

6.25% 9/15/17 (e)

195

199

6.8% 9/15/37 (e)

708

717

Illinois Power Co. 6.125% 11/15/17

165

159

Nevada Power Co. 6.5% 5/15/18

165

167

Corporate Bonds - continued

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

UTILITIES - continued

Electric Utilities - continued

PPL Capital Funding, Inc. 6.7% 3/30/67 (h)

$ 235

$ 202

Southern California Edison Co. 5.95% 2/1/38

300

293

3,392

Independent Power Producers & Energy Traders - 0.0%

PPL Energy Supply LLC 6.5% 5/1/18

310

303

Multi-Utilities - 0.1%

MidAmerican Energy Holdings, Co.:

5.75% 4/1/18 (e)

195

194

6.5% 9/15/37

445

448

NiSource Finance Corp. 5.45% 9/15/20

335

291

933

TOTAL UTILITIES

4,628

TOTAL NONCONVERTIBLE BONDS

48,261

TOTAL CORPORATE BONDS

(Cost $52,612)

51,605

U.S. Government and Government Agency Obligations - 5.3%

U.S. Government Agency Obligations - 1.8%

Fannie Mae 5% 2/16/12

2,000

2,079

Freddie Mac:

3.5% 5/29/13

15,770

15,352

4% 6/12/13

2,342

2,328

5.25% 7/18/11

1,896

1,977

5.75% 1/15/12

2,024

2,154

Tennessee Valley Authority 5.375% 4/1/56

405

404

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

24,294

U.S. Treasury Inflation Protected Obligations - 1.8%

U.S. Treasury Inflation-Indexed Notes:

2% 1/15/14

20,225

21,171

2.625% 7/15/17

2,060

2,256

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

23,427

U.S. Government and Government Agency Obligations - continued

Principal Amount (000s)

Value (000s)

U.S. Treasury Obligations - 1.7%

U.S. Treasury Notes:

2.75% 2/28/13 (f)

$ 9,750

$ 9,466

3.5% 5/31/13 (f)

7,727

7,747

4.875% 6/30/12

5,369

5,697

TOTAL U.S. TREASURY OBLIGATIONS

22,910

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $69,953)

70,631

U.S. Government Agency - Mortgage Securities - 3.8%

Fannie Mae - 2.5%

4.5% 4/1/20

183

180

5% 12/1/21 to 5/1/22

3,641

3,624

5.5% 6/1/38 (f)

20,000

19,851

5.611% 7/1/37 (h)

112

114

6% 11/1/32 to 10/1/37

9,131

9,280

6.027% 4/1/36 (h)

84

86

6.239% 6/1/36 (h)

29

30

6.309% 4/1/36 (h)

82

84

TOTAL FANNIE MAE

33,249

Freddie Mac - 1.3%

5.756% 10/1/35 (h)

49

50

5.846% 6/1/36 (h)

99

101

6% 6/1/38 (f)

16,000

16,244

6.02% 7/1/37 (h)

499

509

6.033% 6/1/36 (h)

93

95

6.091% 4/1/36 (h)

154

158

6.105% 6/1/36 (h)

88

90

TOTAL FREDDIE MAC

17,247

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $50,796)

50,496

Asset-Backed Securities - 0.1%

Principal Amount (000s)

Value (000s)

ACE Securities Corp. Home Equity Loan Trust Series 2005-SD1 Class A1, 2.7925% 11/25/50 (h)

$ 29

$ 23

Capital Auto Receivables Asset Trust Series 2006-SN1A:

Class B, 5.5% 4/20/10 (e)

70

70

Class C, 5.77% 5/20/10 (e)

65

64

Class D, 6.15% 4/20/11 (e)

115

113

Citibank Credit Card Issuance Trust Series 2005-B1
Class B1, 4.4% 9/15/10

100

100

Merna Reinsurance Ltd. Series 2007-1 Class B, 4.4463% 6/30/12 (e)(h)

470

446

TOTAL ASSET-BACKED SECURITIES

(Cost $848)

816

Collateralized Mortgage Obligations - 0.1%

Private Sponsor - 0.1%

Chase Mortgage Finance Trust Series 2007-A1
Class 1A5, 4.3547% 2/25/37 (h)

90

88

Credit Suisse First Boston Mortgage Securities Corp. floater Series 2007-AR7 Class 2A1, 4.6228% 11/25/34 (h)

130

126

JPMorgan Mortgage Trust Series 2007-A1 Class 3A2, 5.0065% 7/25/35 (h)

139

137

Provident Funding Mortgage Loan Trust Series 2005-2 Class 3A, 4.8348% 10/25/35 (h)

233

230

Wells Fargo Mortgage Backed Securities Trust:

Series 2005-AR10 Class 2A2, 4.1103% 6/25/35 (h)

109

104

Series 2005-AR12 Class 2A6, 4.336% 7/25/35 (h)

188

178

Series 2005-AR3 Class 2A1, 4.2062% 3/25/35 (h)

72

70

TOTAL PRIVATE SPONSOR

933

U.S. Government Agency - 0.0%

Fannie Mae subordinate REMIC pass-thru certificates planned amortization class:

Series 2001-68 Class QZ, 5.5% 12/25/16

343

346

Series 2002-9 Class PC, 6% 3/25/17

56

57

TOTAL U.S. GOVERNMENT AGENCY

403

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $1,348)

1,336

Commercial Mortgage Securities - 0.3%

Principal Amount (000s)

Value (000s)

Banc of America Commercial Mortgage, Inc. sequential payer Series 2007-1 Class A2, 5.381% 1/15/49

$ 175

$ 173

Citigroup Commercial Mortgage Trust:

sequential payer Series 2006-C5 Class A4, 5.431% 10/15/49

430

420

Series 2007-C6 Class A1, 5.622% 12/10/49 (h)

700

704

Credit Suisse Commercial Mortgage Trust sequential payer Series 2007-C2 Class A2, 5.448% 1/15/49 (h)

435

432

Credit Suisse First Boston Mortgage Securities Corp. Series 2004-C1 Class ASP, 0.8374% 1/15/37 (e)(h)(j)

5,049

114

JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-LDP3 Class A3, 4.959% 8/15/42

480

469

LB-UBS Commercial Mortgage Trust sequential payer Series 2006-C7 Class A1, 5.279% 11/15/38

98

98

Merrill Lynch-CFC Commercial Mortgage Trust sequential payer Series 2007-5 Class A3, 5.364% 8/12/48

470

448

Morgan Stanley Capital I Trust Series 2007-HQ12 Class A2, 5.8113% 4/12/49 (h)

535

533

Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28

407

438

Wachovia Bank Commercial Mortgage Trust:

sequential payer:

Series 2007-C30 Class A4, 5.305% 12/15/43

355

342

Series 2007-C32 Class A2, 5.9235% 6/15/49 (h)

140

140

Series 2006-C23 Class A5, 5.416% 1/15/45 (h)

350

343

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $4,506)

4,654

Fixed-Income Funds - 17.7%

Shares

Fidelity 1-3 Year Duration Securitized Bond Central Fund (i)

181,378

15,600

Fidelity 2-5 Year Duration Securitized Bond Central Fund (i)

287,566

26,502

Fidelity Corporate Bond 1-10 Year Central Fund (i)

577,322

56,312

Fidelity High Income Central Fund 2 (i)

196,021

20,229

Fidelity Mortgage Backed Securities Central Fund (i)

886,668

87,381

Fidelity Ultra-Short Central Fund (i)

376,791

31,146

TOTAL FIXED-INCOME FUNDS

(Cost $251,254)

237,170

Money Market Funds - 4.7%

Shares

Value (000s)

Fidelity Cash Central Fund, 2.44% (b)

52,749,416

$ 52,749

Fidelity Securities Lending Cash Central Fund, 2.42% (b)(c)

10,144,531

10,145

TOTAL MONEY MARKET FUNDS

(Cost $62,894)

62,894

TOTAL INVESTMENT PORTFOLIO - 104.4%

(Cost $1,312,190)

1,397,526

NET OTHER ASSETS - (4.4)%

(59,194)

NET ASSETS - 100%

$ 1,338,332

Swap Agreements

Expiration Date

Notional Amount (000s)

Credit Default Swaps

Receive monthly notional amount multiplied by 3.3% and pay Morgan Stanley, Inc. upon credit event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R11 Class M9, 6.3950% 11/25/34

Dec. 2034

$ 59

(32)

Receive from Citibank upon credit event of Bristol-Myers Squibb Co., par value of the notional amount of Bristol-Myers Squibb Co. 5.25% 8/15/13, and pay quarterly notional amount multiplied by .32%

Sept. 2017

100

0

Receive from Citibank upon credit event of Merrill Lynch & Co., Inc., par value of the notional amount of Merrill Lynch & Co., Inc. 5% 1/15/15, and pay quarterly notional amount multiplied by .90%

Dec. 2012

300

10

Receive from Credit Suisse First Boston upon credit event of Merrill Lynch & Co., Inc., par value of the notional amount of Merrill Lynch & Co., Inc. 5% 1/15/15, and pay quarterly notional amount multiplied by 1.5%

March 2013

200

2

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value (000s)

Credit Default Swaps - continued

Receive from Deutsche Bank upon credit event of Hartford Financial Services Group, Inc., par value of the notional amount of Hartford Financial Services Group, Inc. 4.75% 3/1/14, and pay quarterly notional amount multiplied by 1.67%

March 2013

$ 100

$ (4)

Receive from Goldman Sachs upon credit event of CSX Corp., par value of the notional amount of CSX Corp. 5.30% 2/15/14, and pay quarterly notional amount multiplied by 1.18%

March 2013

242

(3)

Receive from Goldman Sachs upon credit event of CSX Corp., par value of the notional amount of CSX Corp. 5.30% 2/15/14, and pay quarterly notional amount multiplied by 1.18%

March 2013

242

(3)

Receive from Goldman Sachs upon credit event of CSX Corp., par value of the notional amount of CSX Corp. 5.30% 2/15/14, and pay quarterly notional amount multiplied by 1.19%

March 2018

214

(2)

Receive from Goldman Sachs upon credit event of Lowe's Companies, Inc., par value of the notional amount of Lowe's Companies, Inc. 8.25% 6/1/10, and pay quarterly notional amount multiplied by 1.07%

March 2013

200

(5)

Receive from Lehman Brothers, Inc. upon credit event of Hartford Financial Services Group, Inc., par value of the notional amount of Hartford Financial Services Group, Inc. 4.75% 3/1/14, and pay quarterly notional amount multiplied by 1.67%

March 2013

100

(4)

Receive from Lehman Brothers, Inc. upon credit event of Lowe's Companies, Inc., par value of the notional amount of Lowe's Companies, Inc. 8.25% 6/1/10, and pay quarterly notional amount miltiplied by 1.03%

March 2013

200

(5)

Receive from Morgan Stanley, Inc. upon credit event of H.J. Heinz Co., par value of the notional amount of H.J. Heinz Co. 6% 3/15/08, and pay quarterly notional amount multiplied by .65%

March 2013

200

(3)

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value (000s)

Credit Default Swaps - continued

Receive monthly a fixed rate of .15% multiplied by the notional amount and pay to Credit Suisse First Boston upon each credit event of one of the issues of Dow Jones ABX AA 07-1 Index, par value of the proportional notional amount (g)

Sept. 2037

$ 300

$ (261)

Receive monthly a fixed rate of .15% multiplied by the notional amount and pay to JPMorgan Chase, Inc. upon each credit event of one of the issues of Dow Jones ABX AA 07-1 Index, par value of the proportional notional amount (g)

Sept. 2037

200

(174)

Receive monthly notional amount multiplied by 1.6% and pay Morgan Stanley, Inc. upon credit event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M7, 5.4413% 5/25/35

June 2035

110

(71)

Receive monthly notional amount multiplied by 2.39% and pay UBS upon credit event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-1 Class M9, 7.73% 2/25/34

March 2034

87

(42)

Receive monthly notional amount multiplied by 2.4% and pay Deutsche Bank upon credit event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-A Class B3, 7.2288% 1/25/34

Feb. 2034

27

(23)

Receive monthly notional amount multiplied by 2.5% and pay Credit Suisse First Boston upon credit event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R11 Class M9, 8.03% 11/25/34

Dec. 2034

85

(47)

Receive monthly notional amount multiplied by 2.7% and pay Morgan Stanley, Inc. upon credit event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M9, 6.41% 5/25/35

June 2035

420

(295)

Swap Agreements - continued

Expiration Date

Notional Amount (000s)

Value (000s)

Credit Default Swaps - continued

Receive monthly notional amount multiplied by 2.79% and pay Merrill Lynch, Inc. upon credit event of New Century Home Equity Loan Trust, par value of the notional amount of New Century Home Equity Loan Trust Series 2004-4 Class M9, 7.0788% 2/25/35

March 2035

$ 90

$ (62)

Receive monthly notional amount multiplied by 3% and pay UBS upon credit event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2005-R4 Class M9, 7.07% 7/25/35

August 2035

200

(125)

Receive monthly notional amount multiplied by 5.55% and pay Deutsche Bank upon credit event of Carrington Mortgage Loan Trust, par value of the notional amount of Carrington Mortgage Loan Trust Series 2006-FRE1
Class M10, 7.74% 7/25/36

August 2036

200

(169)

Receive monthly notional amount multiplied by 6.25% and pay Deutsche Bank upon credit event of Residential Asset Mortgage Products, Inc., par value of the notional amount of Residential Asset Mortgage Products, Inc. Series 2006-RS5, 7.17% 9/25/36

Oct. 2036

200

(173)

TOTAL CREDIT DEFAULT SWAPS

4,076

(1,491)

Interest Rate Swaps

Receive quarterly a fixed rate equal to 4.3875% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston

March 2010

1,500

32

Receive quarterly a fixed rate equal to 4.774% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston

March 2015

1,500

35

Receive semi-annually a fixed rate equal to 5.186% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

Sept. 2011

5,000

226

Receive semi-annually a fixed rate equal to 5.388% and pay quarterly a floating rate based on 3-month LIBOR with JP Morgan Chase, Inc.

August 2011

10,000

611

TOTAL INTEREST RATE SWAPS

18,000

904

$ 22,076

$ (587)

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.

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

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

(e) 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 $10,570,000 or 0.8% of net assets.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(g) Represents a tradable index of credit default swaps on home equity asset-backed debt securities.

(h) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at advisor.fidelity.com. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

(j) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period.

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 High Income Central Fund 2

$ 279

Fidelity 1-3 Year Duration Securitized Bond Central Fund

635

Fidelity 2-5 Year Duration Securitized Bond Central Fund

1,100

Fidelity Cash Central Fund

1,008

Fidelity Corporate Bond 1-10 Year Central Fund

2,553

Fidelity Mortgage Backed Securities Central Fund

4,242

Fidelity Securities Lending Cash Central Fund

190

Fidelity Ultra-Short Central Fund

1,852

Total

$ 11,859

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Value,
end of
period

% ownership, end of
period

Fidelity 1-3 Year Duration Securitized Bond Central Fund

$ 20,530

$ 635

$ 3,775

$ 15,600

0.8%

Fidelity 2-5 Year Duration Securitized Bond Central Fund

26,989

1,100

-

26,502

0.7%

Fidelity Corporate Bond 1-10 Year Central Fund

54,534

12,556

9,997

56,312

0.7%

Fidelity High Income Central Fund 2

-

28,211*

8,674

20,229

4.5%

Fidelity Mortgage Backed Securities Central Fund

132,512

4,243

50,058

87,381

2.3%

Fidelity Ultra-Short Central Fund

64,377

17,357

43,696

31,146

0.6%

Total

$ 298,942

$ 64,102

$ 116,200

$ 237,170

*Includes the value of shares received through in-kind contributions.

Income Tax Information

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,316,381,000. Net unrealized appreciation aggregated $81,145,000, of which $194,092,000 related to appreciated investment securities and $112,947,000 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. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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. Actual prices received at disposition may differ. Swaps are marked-to-market daily based on dealer-supplied valuations. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the New York Stock Exchange (NYSE) that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include current market trading activity, interest rates, credit quality and default rates. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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.

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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:

July 30, 2008

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:

July 30, 2008

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

July 30, 2008