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:

September 30, 2008

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

September 30, 2008 

1.807739.104

AMP-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%

Shares

Value

CONSUMER DISCRETIONARY - 14.9%

Auto Components - 1.3%

Amerigon, Inc. (a)

115,117

$ 757,470

Autoliv, Inc.

30

1,013

Automotive Axles Ltd.

4,661

24,019

Fuel Systems Solutions, Inc. (a)

151,311

5,212,664

Gentex Corp.

809,833

11,580,612

New Focus Auto Tech Holdings Ltd.

1,115,910

173,214

Nokian Tyres Ltd.

245,700

5,910,168

Xinyi Glass Holdings Co. Ltd.

2,776,000

1,135,599

 

24,794,759

Automobiles - 0.0%

Geely Automobile Holdings Ltd.

11,355,000

875,896

Hyundai Motor Co.

537

33,605

 

909,501

Diversified Consumer Services - 0.2%

Benesse Corp.

16,100

657,841

Educomp Solutions Ltd.

182

13,394

Hillenbrand, Inc.

71,300

1,437,408

New Oriental Education & Technology Group, Inc.
sponsored ADR (a)

20,200

1,297,648

Princeton Review, Inc. (a)

87,538

700,304

Strayer Education, Inc.

200

40,052

 

4,146,647

Hotels, Restaurants & Leisure - 0.8%

Ajisen (China) Holdings Ltd.

535,000

312,347

Jollibee Food Corp.

200

211

Minor International PCL (For. Reg.)

464,420

155,711

P.F. Chang's China Bistro, Inc. (a)(d)

50,172

1,181,049

Papa John's International, Inc. (a)

46,886

1,273,424

Peet's Coffee & Tea, Inc. (a)

192

5,361

Shangri-La Asia Ltd.

250,000

358,171

Sonic Corp. (a)

184,796

2,692,478

St. Marc Holdings Co. Ltd. (d)

129,600

4,037,757

Starbucks Corp. (a)

240,308

3,573,380

TAJ GVK Hotels & Resorts Ltd.

58,333

105,055

Yum! Brands, Inc.

18,300

596,763

 

14,291,707

Household Durables - 1.1%

Cyrela Brazil Realty SA

200

2,019

Henry Boot PLC

92,500

134,948

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Snap-On, Inc.

25,384

$ 1,336,721

Tupperware Brands Corp.

530,486

14,657,328

Whirlpool Corp.

39,000

3,092,310

Woongjin Coway Co. Ltd.

44,410

1,120,976

 

20,344,302

Internet & Catalog Retail - 3.2%

Netflix, Inc. (a)(d)

1,149,158

35,485,999

Priceline.com, Inc. (a)(d)

328,273

22,463,721

 

57,949,720

Leisure Equipment & Products - 2.1%

Giant Manufacturing Co. Ltd.

1,104,000

2,755,999

Hasbro, Inc.

830,468

28,833,849

Leapfrog Enterprises, Inc. Class A (a)(d)

374,846

3,958,374

Merida Industry Co. Ltd. (a)

1,190,000

1,922,702

SHIMANO, Inc.

5,400

185,970

 

37,656,894

Media - 0.4%

Ascent Media Corp. (a)

9,000

219,690

Cinemax India Ltd.

63,270

114,213

Clear Media Ltd. (a)

1,000

507

Entertainment Network (India) Ltd. (a)

23,177

123,134

Eros International PLC (a)

267,600

1,434,044

Inox Leisure Ltd.

74,668

101,982

Marvel Entertainment, Inc. (a)(d)

148,195

5,059,377

PVR Ltd.

82,480

263,013

Trader Classified Media NV (NY Shares) Class A

8,000

901

ValueCommerce Co. Ltd. (a)

193

22,913

Voyager Learning Co. (a)

9,800

39,200

 

7,378,974

Multiline Retail - 0.0%

Pantaloon Retail India Ltd.

103,722

719,701

Specialty Retail - 4.8%

ABC-Mart, Inc.

650,200

18,454,549

Advance Auto Parts, Inc.

117,000

4,640,220

Belle International Holdings Ltd.

205,000

147,305

Brown Shoe Co., Inc.

106,576

1,745,715

Gamestop Corp. Class A (a)

912,020

31,200,204

Golfsmith International Holdings, Inc. (a)

100

267

Hot Topic, Inc. (a)

657,460

4,345,811

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Inditex SA

213

$ 9,010

Nafco Co. Ltd.

400

5,442

Otsuka Kagu Ltd.

21,300

195,606

Pou Sheng International (Holdings) Ltd.

25,612

3,025

Ross Stores, Inc.

427,809

15,747,649

Sally Beauty Holdings, Inc. (a)(d)

1,052,998

9,055,783

TJX Companies, Inc.

73,809

2,252,651

 

87,803,237

Textiles, Apparel & Luxury Goods - 1.0%

China Dongxiang Group Co. Ltd.

3,832,000

1,104,149

China Ting Group Holdings Ltd.

2,464,000

268,380

Daphne International Holdings Ltd.

2,134,000

943,368

Gitanjali Gems Ltd.

30,792

128,572

Hartmarx Corp. (a)

89,607

167,565

Koutons Retail India Ltd.

87,208

1,332,915

Liz Claiborne, Inc.

79,500

1,306,185

Shenzhou International Group Holdings Ltd.

40,000

8,507

VF Corp.

111,853

8,647,355

Yue Yuen Industrial Holdings Ltd.

1,331,500

3,637,290

 

17,544,286

TOTAL CONSUMER DISCRETIONARY

273,539,728

CONSUMER STAPLES - 10.0%

Beverages - 1.4%

C&C Group PLC

10,427

27,895

Heineken NV (Bearer)

65,700

2,638,713

Molson Coors Brewing Co. Class B

285,154

13,330,950

The Coca-Cola Co.

173,030

9,149,826

 

25,147,384

Food & Staples Retailing - 4.4%

BJ's Wholesale Club, Inc. (a)(d)

197,697

7,682,505

Daikokutenbussan Co. Ltd.

16,300

180,616

Heng Tai Consumables Group Ltd. (a)

6,268,400

548,007

Plant Co. Ltd.

9,800

24,326

Safeway, Inc.

1,280,163

30,365,466

Tsuruha Holdings, Inc.

149,900

4,537,030

Wal-Mart Stores, Inc.

634,900

38,024,161

 

81,362,111

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 3.7%

Ajinomoto Co., Inc.

56,000

$ 533,926

Britannia Industries Ltd.

10,968

318,740

CCL Products (India) Ltd.

25,053

75,754

Chiquita Brands International, Inc. (a)(d)

107,800

1,704,318

ConAgra Foods, Inc.

407,360

7,927,226

Corn Products International, Inc.

556,858

17,975,376

Del Monte Foods Co.

386,300

3,013,140

H.J. Heinz Co.

87,000

4,347,390

Hormel Foods Corp.

316,411

11,479,391

Kellogg Co. (d)

151,900

8,521,590

REI Agro Ltd. (a)

177

3,589

Sara Lee Corp.

240,753

3,040,710

Toyo Suisan Kaisha Ltd.

328,000

8,318,247

 

67,259,397

Household Products - 0.4%

Clorox Co.

71,444

4,478,824

Pigeon Corp. (d)

90,200

2,544,275

Procter & Gamble Co.

2,400

167,256

 

7,190,355

Personal Products - 0.1%

Beiersdorf AG

800

50,547

Concern Kalina OJSC sponsored ADR

30,300

632,483

Dabur India Ltd.

450,782

888,718

Godrej Consumer Products Ltd.

44,723

106,868

Hengan International Group Co. Ltd.

429,000

1,220,866

Natura Cosmeticos SA

200

1,967

 

2,901,449

TOTAL CONSUMER STAPLES

183,860,696

ENERGY - 9.0%

Energy Equipment & Services - 6.5%

BJ Services Co.

66,900

1,279,797

Dresser-Rand Group, Inc. (a)

607,400

19,114,878

ENSCO International, Inc.

229,910

13,249,713

Helix Energy Solutions Group, Inc. (a)

280,134

6,801,654

ION Geophysical Corp. (a)(d)

477,464

6,775,214

Nabors Industries Ltd. (a)

488,632

12,176,709

National Oilwell Varco, Inc. (a)

115,018

5,777,354

Newpark Resources, Inc. (a)

1,451,434

10,595,468

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Parker Drilling Co. (a)(d)

1,031,889

$ 8,275,750

Patterson-UTI Energy, Inc.

217,483

4,354,010

Petroleum Geo-Services ASA (a)

69,100

912,877

Pioneer Drilling Co. (a)

158,936

2,113,849

Pride International, Inc. (a)

314,059

9,299,287

Rowan Companies, Inc.

54,400

1,661,920

Weatherford International Ltd. (a)

671,100

16,871,454

 

119,259,934

Oil, Gas & Consumable Fuels - 2.5%

Arch Coal, Inc.

61,200

2,012,868

Berry Petroleum Co. Class A

57,474

2,225,968

Callon Petroleum Co. (a)

50,603

912,372

Canadian Natural Resources Ltd.

54,500

3,737,787

Chesapeake Energy Corp.

184,275

6,608,102

Concho Resources, Inc. (a)

83,998

2,319,185

Denbury Resources, Inc. (a)

132,756

2,527,674

Forest Oil Corp. (a)

47,000

2,331,200

Foundation Coal Holdings, Inc.

68,900

2,451,462

International Coal Group, Inc. (a)(d)

1,435,622

8,958,281

Ithaca Energy, Inc. (a)

581,500

699,286

Murphy Oil Corp.

2,700

173,178

Oil Search Ltd.

269,409

1,205,605

Oilexco, Inc. (a)

43,500

427,072

Rosetta Resources, Inc. (a)

156,679

2,876,626

Swift Energy Co. (a)

56,600

2,189,854

Valero Energy Corp.

143,550

4,349,565

 

46,006,085

TOTAL ENERGY

165,266,019

FINANCIALS - 6.2%

Capital Markets - 1.4%

JAFCO Co. Ltd.

12,300

463,792

Janus Capital Group, Inc.

726,116

17,630,096

Japan Asia Investment Co. Ltd.

557,000

1,116,061

Marusan Securities Co. Ltd. (d)

705,100

4,343,253

W.P. Carey & Co. LLC

43,681

1,140,074

 

24,693,276

Commercial Banks - 0.8%

Banco Latin Americano de Exporaciones SA (BLADEX) Series E

219,947

3,171,636

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Bank of Baroda

322,360

$ 2,128,318

Bank of India

27,241

168,561

Boston Private Financial Holdings, Inc.

1,154

10,086

Iyo Bank Ltd.

55,000

599,778

Mitsubishi UFJ Financial Group, Inc. sponsored ADR

222,400

1,943,776

National Penn Bancshares, Inc. (d)

10,961

160,031

Seven Bank Ltd. (d)

616

1,642,363

Sumitomo Trust & Banking Co. Ltd.

364,600

2,430,041

The Jammu & Kashmir Bank Ltd.

101

976

Union Bank of India

790,727

2,563,997

 

14,819,563

Consumer Finance - 0.0%

Capital One Financial Corp.

14,600

744,600

Insurance - 2.7%

Admiral Group PLC

216

3,972

AFLAC, Inc.

46,600

2,737,750

Old Republic International Corp.

54,600

696,150

Progressive Corp.

51,730

900,102

Protective Life Corp.

213,230

6,079,187

Reinsurance Group of America, Inc.:

Class A (d)

529,118

28,572,372

Class B

131,034

6,213,632

XL Capital Ltd. Class A

281,669

5,053,142

 

50,256,307

Real Estate Investment Trusts - 1.0%

CapitalSource, Inc.

52,600

646,980

First Industrial Realty Trust, Inc. (d)

6,200

177,816

ProLogis Trust

105,300

4,345,731

Senior Housing Properties Trust (SBI)

497,505

11,855,544

SL Green Realty Corp.

11,000

712,800

 

17,738,871

Real Estate Management & Development - 0.3%

Ayala Land, Inc.

3,521,280

684,900

Babis Vovos International Technical SA (a)

2,800

77,053

Cyrela Commercial Properties SA Empreendimentos e Participações

220

937

Kenedix, Inc. (d)

4,956

2,914,349

Megaworld Corp.

2,953,000

87,404

New World China Land Ltd.

2,364,400

553,484

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Songbird Estates PLC Class B (a)

140,800

$ 233,288

SPG Land (Holdings) Ltd.

283,000

59,036

 

4,610,451

Thrifts & Mortgage Finance - 0.0%

Farmer Mac Class C (non-vtg.)

98,250

402,825

TOTAL FINANCIALS

113,265,893

HEALTH CARE - 15.8%

Biotechnology - 1.3%

3SBio, Inc. sponsored ADR (a)

13,100

84,495

Amylin Pharmaceuticals, Inc. (a)

68,000

1,374,960

Basilea Pharmaceutica AG (a)

10,253

1,518,858

BioCryst Pharmaceuticals, Inc. (a)(d)

178,430

560,270

BioMarin Pharmaceutical, Inc. (a)

21,300

564,237

Celera Corp. (a)

300

4,635

CSL Ltd.

37,968

1,150,164

Cubist Pharmaceuticals, Inc. (a)

145,259

3,229,108

CytRx Corp.

172

88

Grifols SA

90,990

2,324,094

Human Genome Sciences, Inc. (a)(d)

319,632

2,029,663

Momenta Pharmaceuticals, Inc. (a)(d)

17,800

233,358

Myriad Genetics, Inc. (a)

137,685

8,933,003

Sangamo Biosciences, Inc. (a)(d)

293,369

2,258,941

 

24,265,874

Health Care Equipment & Supplies - 6.0%

Abiomed, Inc. (a)(d)

42,700

757,925

Angiodynamics, Inc. (a)

100

1,580

Baxter International, Inc.

81,450

5,345,564

Becton, Dickinson & Co.

212,378

17,045,458

Boston Scientific Corp. (a)

579,800

7,114,146

DENTSPLY International, Inc.

131,029

4,918,829

Edwards Lifesciences Corp. (a)

253,468

14,640,312

Insulet Corp. (a)(d)

101,432

1,411,933

Kinetic Concepts, Inc. (a)(d)

693,330

19,822,305

Medtronic, Inc.

449,521

22,521,002

Mingyuan Medicare Development Co. Ltd.

13,980,000

1,493,108

Osteotech, Inc. (a)

19,200

81,792

Quidel Corp. (a)

232,574

3,816,539

RTI Biologics, Inc. (a)

229,749

2,148,153

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

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

576,000

$ 864,579

Steris Corp.

72,175

2,712,337

Terumo Corp.

25,600

1,335,912

ThermoGenesis Corp. (a)

201,365

251,706

Varian Medical Systems, Inc. (a)

47,413

2,708,705

 

108,991,885

Health Care Providers & Services - 2.6%

Amedisys, Inc. (a)

11,800

574,306

athenahealth, Inc.

93,346

3,105,621

Centene Corp. (a)

298,175

6,115,569

Emeritus Corp. (a)

283,628

7,062,337

Health Grades, Inc. (a)

219,092

622,221

Henry Schein, Inc. (a)

43,600

2,347,424

IPC The Hospitalist Co., Inc.

87,484

2,248,339

Laboratory Corp. of America Holdings (a)

103,747

7,210,417

Lincare Holdings, Inc. (a)

71,479

2,150,803

Medial Saude SA

196,000

1,133,335

Message Co. Ltd. (a)

404

387,707

Molina Healthcare, Inc. (a)

62,894

1,949,714

Omnicare, Inc.

99,700

2,868,369

Quest Diagnostics, Inc.

114,900

5,936,883

U.S. Physical Therapy, Inc. (a)

257,784

4,475,130

 

48,188,175

Health Care Technology - 0.3%

Allscripts Healthcare Solutions, Inc. (a)

114,723

1,427,154

Eclipsys Corp. (a)

1,752

36,704

HLTH Corp. (a)

301,639

3,447,734

 

4,911,592

Life Sciences Tools & Services - 3.9%

Albany Molecular Research, Inc. (a)

100

1,809

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

100

9,912

Bruker BioSciences Corp. (a)

378,557

5,046,165

Divi's Laboratories Ltd.

18,241

530,968

Harvard Bioscience, Inc. (a)

468,762

2,179,743

Invitrogen Corp. (a)

13,800

521,640

PerkinElmer, Inc.

312,973

7,814,936

QIAGEN NV (a)

1,022,500

20,173,925

Sequenom, Inc. (a)(d)

46,720

1,243,686

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Life Sciences Tools & Services - continued

Strategic Diagnostics, Inc. (a)

230,504

$ 373,416

Thermo Fisher Scientific, Inc. (a)

616,844

33,926,420

 

71,822,620

Pharmaceuticals - 1.7%

Allergan, Inc.

119,002

6,128,603

Ardea Biosciences, Inc. (a)(d)

18,283

252,854

Endo Pharmaceuticals Holdings, Inc. (a)

853,203

17,064,060

Piramal Healthcare Ltd.

88,434

633,305

Teva Pharmaceutical Industries Ltd. sponsored ADR

159,300

7,294,347

 

31,373,169

TOTAL HEALTH CARE

289,553,315

INDUSTRIALS - 10.8%

Aerospace & Defense - 0.4%

Raytheon Co.

120,744

6,461,011

Air Freight & Logistics - 0.0%

Transport Corp. of India Ltd.

42,129

60,397

Building Products - 0.2%

Asahi Glass Co. Ltd.

120,000

1,055,272

Blue Star Ltd.

264,064

1,649,889

 

2,705,161

Commercial Services & Supplies - 1.4%

American Ecology Corp.

51,536

1,426,001

Copart, Inc. (a)

71,393

2,712,934

Fuel Tech, Inc. (a)(d)

320,161

5,791,712

Moshi Moshi Hotline, Inc.

151,300

3,955,885

R.R. Donnelley & Sons Co.

111,828

2,743,141

Republic Services, Inc.

84,900

2,545,302

Taiwan Secom Co.

1,000

1,440

The Brink's Co.

38,400

2,343,168

Waste Management, Inc.

106,780

3,362,502

 

24,882,085

Construction & Engineering - 0.3%

Insituform Technologies, Inc. Class A (a)

3,200

47,872

IVRCL Infrastructures & Projects Ltd.

204,647

1,043,257

LANCO Infratech Ltd. (a)

178

708

Larsen & Toubro Ltd.

12,836

681,295

Maire Tecnimont SpA

164,000

588,743

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - continued

Midas Holdings Ltd.

7,008,000

$ 2,066,538

Nagarjuna Construction Co. Ltd.

68,179

142,855

Pike Electric Corp. (a)

15,700

231,261

Pratibha Industries Ltd.

35,560

182,877

Taihei Dengyo Kaisha Ltd.

42,000

297,722

 

5,283,128

Electrical Equipment - 2.5%

AMETEK, Inc.

108,074

4,406,177

Cooper Industries Ltd. Class A

591,658

23,636,737

Fortune Electric Co. Ltd.

498,750

482,293

II-VI, Inc. (a)

45,866

1,773,180

Lloyd Electric & Engineering Ltd.

34,881

41,847

Neo-Neon Holdings Ltd.

6,497,000

1,513,846

PowerSecure International, Inc. (a)(d)

176,489

1,069,523

Roper Industries, Inc.

31,600

1,799,936

SolarWorld AG

181,800

7,649,438

Vestas Wind Systems AS (a)

39,800

3,473,120

 

45,846,097

Industrial Conglomerates - 0.1%

Max India Ltd. (a)

338,448

1,206,791

Machinery - 5.0%

AGCO Corp. (a)

1,152,097

49,090,850

Basin Water, Inc. (a)

191

351

Bell Equipment Ltd.

3,076

9,380

Chart Industries, Inc. (a)

5,200

148,512

Cummins, Inc.

228,900

10,007,508

Deere & Co. (d)

206,664

10,229,868

EVA Precision Industrial Holdings Ltd.

2,178,000

187,110

Haitian International Holdings Ltd.

1,697,000

401,666

IDEX Corp.

18,750

581,625

Joy Global, Inc.

48,714

2,198,950

K-Tron International, Inc. (a)

16,300

2,099,929

R. STAHL AG

12,440

465,556

Shanthi Gears Ltd.

105,127

160,076

SPX Corp.

196,667

15,143,359

Uzel Makina Sanayi AS

101,200

61,838

Weichai Power Co. Ltd. (H Shares)

423,000

1,618,379

 

92,404,957

Professional Services - 0.4%

Administaff, Inc.

120

3,266

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Professional Services - continued

JobStreet Corp. Bhd

661,900

$ 326,145

Manpower, Inc.

90,900

3,923,244

Randstad Holdings NV

118,540

3,115,850

WS Atkins PLC

54,600

711,541

 

8,080,046

Road & Rail - 0.5%

CSX Corp.

180,366

9,842,573

Trading Companies & Distributors - 0.0%

DXP Enterprises, Inc. (a)

11,906

634,709

Transportation Infrastructure - 0.0%

Quixote Corp.

9,700

79,540

TOTAL INDUSTRIALS

197,486,495

INFORMATION TECHNOLOGY - 18.2%

Communications Equipment - 3.1%

Adtran, Inc.

193,659

3,774,414

Airspan Networks, Inc. (a)

149

51

Alvarion Ltd. (a)

100

581

Comtech Telecommunications Corp. (a)

394,978

19,448,717

Juniper Networks, Inc. (a)

1,028,879

21,678,481

MIC Electronics Ltd.

470,196

972,085

Polycom, Inc. (a)

469,074

10,849,682

Sandvine Corp. (a)

420,600

414,910

 

57,138,921

Computers & Peripherals - 1.1%

Acer, Inc.

3,719,518

6,317,552

ASUSTeK Computer, Inc.

859,164

1,696,188

Gemalto NV (a)

92,100

3,321,362

HTC Corp.

6,500

100,638

I-Chiun Precision Industries Co. Ltd.

1,307,985

1,085,198

Lenovo Group Ltd.

1,920,000

847,420

Lenovo Group Ltd. ADR

2,700

23,220

Logitech International SA (a)

26,800

624,976

STEC, Inc. (a)(d)

656,506

5,055,096

Wacom Co. Ltd.

368

685,048

 

19,756,698

Electronic Equipment & Components - 1.5%

Arrow Electronics, Inc. (a)

39,200

1,027,824

Ingenico SA

202,800

5,092,050

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - continued

Ingenico SA

87,700

$ 2,209,186

Lumax International Corp. Ltd.

111,100

140,125

Mettler-Toledo International, Inc. (a)

138,561

13,578,978

MTS Systems Corp.

82,616

3,478,134

National Instruments Corp.

70,000

2,103,500

Trimble Navigation Ltd. (a)

200

5,172

Universal Display Corp. (a)(d)

75,869

831,524

 

28,466,493

Internet Software & Services - 0.5%

F@N Communications, Inc. (d)

76

55,485

GigaMedia Ltd. (a)

116,800

860,816

LBI International AB (a)

19,000

35,336

LivePerson, Inc. (a)

403,286

1,173,562

Rediff.com India Ltd. sponsored ADR (a)

200

820

Sify Technologies Ltd. sponsored ADR (a)

200

352

Tencent Holdings Ltd.

318,400

2,327,341

ValueClick, Inc. (a)

285,638

2,922,077

WebMD Health Corp. Class A (a)(d)

27,333

812,883

Zix Corp. (a)(d)

225,436

509,485

 

8,698,157

IT Services - 3.5%

Accenture Ltd. Class A

810,927

30,815,226

Affiliated Computer Services, Inc. Class A (a)

193,300

9,786,779

Cap Gemini SA

59,800

2,824,000

Ciber, Inc. (a)

241,507

1,688,134

Datacash Group PLC

46,800

241,563

DST Systems, Inc. (a)(d)

42,500

2,379,575

Online Resources Corp. (a)

227,344

1,766,463

Perot Systems Corp. Class A (a)

807,246

14,005,718

 

63,507,458

Office Electronics - 0.5%

Zebra Technologies Corp. Class A (a)

313,402

8,728,246

Semiconductors & Semiconductor Equipment - 4.9%

Aixtron AG

200

1,174

Altera Corp.

1,229,765

25,431,540

ATMI, Inc. (a)

231,761

4,167,063

Cree, Inc. (a)(d)

179,965

4,099,603

Cymer, Inc. (a)(d)

167,019

4,230,591

Disco Corp. (d)

40,200

1,180,292

Epistar Corp.

1,039,742

1,407,518

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Formosa Epitaxy, Inc.

2,642,806

$ 1,419,985

Intersil Corp. Class A

555,410

9,208,698

Kontron AG

155,300

1,594,223

National Semiconductor Corp.

49,900

858,779

Omnivision Technologies, Inc. (a)

61,692

703,906

Opto Technology Corp.

1,340,418

585,641

Pericom Semiconductor Corp. (a)

76,009

798,095

PMC-Sierra, Inc. (a)

1,863,228

13,825,152

Powertech Technology, Inc.

294,745

653,879

Richtek Technology Corp.

397,400

2,145,746

Rubicon Technology, Inc.

9,100

65,702

Seoul Semiconductor Co. Ltd.

103,298

994,718

Xilinx, Inc.

715,926

16,788,465

 

90,160,770

Software - 3.1%

Adobe Systems, Inc. (a)

49,830

1,966,790

Ansys, Inc. (a)

132,325

5,011,148

Aspen Technology, Inc. (a)

279,200

3,545,840

Autonomy Corp. PLC (a)

484,212

8,991,233

Global Digital Creations Holdings Ltd. (a)

1,224,000

32,126

Kingdee International Software Group Co. Ltd.

9,284,000

1,789,788

Longtop Financial Technologies Ltd. ADR (d)

147,700

2,081,093

Macrovision Solutions Corp. (a)

227,110

3,492,952

NDS Group PLC sponsored ADR (a)

33,100

1,849,959

Perfect World Co. Ltd. sponsored ADR Class B (a)(d)

191,900

4,306,236

Quality Systems, Inc. (d)

56,910

2,405,017

Shanda Interactive Entertainment Ltd. sponsored ADR (a)

360,800

9,218,440

Solera Holdings, Inc. (a)

70,670

2,029,642

SPSS, Inc. (a)

7,848

230,417

Sybase, Inc. (a)

75,354

2,307,339

Ubisoft Entertainment SA (a)

111,500

7,753,781

Yedang Online Corp.

52,957

324,989

 

57,336,790

TOTAL INFORMATION TECHNOLOGY

333,793,533

MATERIALS - 8.6%

Chemicals - 1.7%

Albemarle Corp.

311,345

9,601,880

Asian Paints India Ltd. (a)

34,368

878,806

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Bayer CropScience Ltd.

6,906

$ 40,793

Celanese Corp. Class A

31,363

875,341

Ecolab, Inc.

204

9,898

FMC Corp.

93,448

4,802,293

Landec Corp. (a)

152

1,245

Sensient Technologies Corp.

479,678

13,493,342

Syngenta AG sponsored ADR

40,500

1,713,960

 

31,417,558

Containers & Packaging - 0.5%

Ball Corp.

83,600

3,301,364

Owens-Illinois, Inc. (a)

211,400

6,215,160

 

9,516,524

Metals & Mining - 6.4%

Africa Cellular Towers Ltd. (a)

800

169

Barrick Gold Corp.

640,489

23,449,696

Centerra Gold, Inc. (a)

119,700

438,585

Eldorado Gold Corp. (a)

2,286,000

14,260,654

Goldcorp, Inc.

47,800

1,503,068

Great Basin Gold Ltd. (a)

481,400

985,956

High River Gold Mines Ltd. (a)

3,131,800

1,824,235

IAMGOLD Corp.

996,700

5,496,645

Jaguar Mining, Inc. (a)

223,600

1,245,723

Kinross Gold Corp.

173,100

2,779,293

Lihir Gold Ltd. (a)

914,989

2,069,006

Maharashtra Seamless Ltd.

16,870

100,908

Minefinders Corp. Ltd. (a)

231,600

1,729,820

Newcrest Mining Ltd.

371,979

7,728,462

Newmont Mining Corp.

1,255,710

48,671,320

Nucor Corp.

41,600

1,643,200

Shore Gold, Inc. (a)

194,100

200,592

United States Steel Corp.

6,200

481,182

Yamana Gold, Inc.

313,033

2,573,317

 

117,181,831

Paper & Forest Products - 0.0%

Glatfelter

15,200

205,808

TOTAL MATERIALS

158,321,721

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.8%

LG Dacom Corp.

60,490

$ 1,074,422

Verizon Communications, Inc.

414,298

13,294,823

 

14,369,245

Wireless Telecommunication Services - 0.0%

Sprint Nextel Corp.

200

1,220

TOTAL TELECOMMUNICATION SERVICES

14,370,465

UTILITIES - 0.2%

Gas Utilities - 0.0%

Aegis Logistics Ltd.

15,164

39,069

Multi-Utilities - 0.2%

RWE AG

32,400

3,087,811

TOTAL UTILITIES

3,126,880

TOTAL COMMON STOCKS

(Cost $1,861,003,974)

1,732,584,745

Money Market Funds - 10.1%

 

 

 

 

Fidelity Cash Central Fund, 1.92% (b)

82,924,757

82,924,757

Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)

101,492,281

101,492,281

TOTAL MONEY MARKET FUNDS

(Cost $184,417,038)

184,417,038

TOTAL INVESTMENT PORTFOLIO - 104.6%

(Cost $2,045,421,012)

1,917,001,783

NET OTHER ASSETS - (4.6)%

(84,752,571)

NET ASSETS - 100%

$ 1,832,249,212

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.

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

$ 1,309,531

Fidelity Securities Lending Cash Central Fund

1,686,913

Total

$ 2,996,444

Other Information

The following is a summary of the inputs used, as of September 30, 2008, involving the Fund's assets 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

$ 1,917,001,783

$ 1,710,977,003

$ 205,959,353

$ 65,427

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

 

Investments in Securities

Beginning Balance

$ -

Total Realized Gain (Loss)

900,424

Total Unrealized Gain (Loss)

(763,196)

Cost of Purchases

-

Proceeds of Sales

(1,082,338)

Amortization/Accretion

-

Transfer in/out of Level 3

1,010,537

Ending Balance

$ 65,427

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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 either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $2,056,732,435. Net unrealized depreciation aggregated $139,730,652, of which $125,582,592 related to appreciated investment securities and $265,313,244 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. 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.

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. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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 1, 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:

December 1, 2008

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 1, 2008