N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3785

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

December 31

 

 

Date of reporting period:

March 31, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

March 31, 2009 

1.814652.104

AMP-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%

Shares

Value

CONSUMER DISCRETIONARY - 22.2%

Auto Components - 0.8%

Amerigon, Inc. (a)

83,098

$ 307,463

Autoliv, Inc.

30

557

China Automotive Systems, Inc. (a)

38,260

134,293

Fuel Systems Solutions, Inc. (a)(d)

428,462

5,775,668

Gentex Corp.

20,533

204,509

New Focus Auto Tech Holdings Ltd.

939,910

113,995

Xinyi Glass Holdings Co. Ltd.

8,474,000

3,761,144

 

10,297,629

Automobiles - 0.1%

Geely Automobile Holdings Ltd.

11,355,000

996,252

Diversified Consumer Services - 0.3%

Benesse Corp.

35,200

1,296,428

Brinks Home Security Holdings, Inc. (a)

39,357

889,468

Educomp Solutions Ltd.

10,364

427,594

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

41,100

2,065,275

 

4,678,765

Hotels, Restaurants & Leisure - 2.3%

Jollibee Food Corp.

200

180

Kappa Create Co. Ltd.

87,700

1,411,489

McDonald's Corp.

57,500

3,137,775

Minor International PCL (For. Reg.)

464,420

85,140

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

50,172

1,147,935

Papa John's International, Inc. (a)

23,686

541,699

Shangri-La Asia Ltd.

250,000

283,854

Sonic Corp. (a)

128,139

1,283,953

Starbucks Corp. (a)

158,000

1,755,380

Starwood Hotels & Resorts Worldwide, Inc.

554,070

7,036,689

TAJ GVK Hotels & Resorts Ltd.

58,333

55,064

WMS Industries, Inc. (a)

645,425

13,495,837

 

30,234,995

Household Durables - 1.2%

Goldcrest Co. Ltd.

108,730

2,409,858

Tupperware Brands Corp.

690,341

11,728,894

Whirlpool Corp.

47,900

1,417,361

 

15,556,113

Internet & Catalog Retail - 4.2%

Netflix, Inc. (a)(d)

1,299,210

55,762,094

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Leisure Equipment & Products - 3.2%

Hasbro, Inc.

1,687,839

$ 42,314,124

Leapfrog Enterprises, Inc. Class A (a)

46,547

64,235

 

42,378,359

Media - 2.0%

Ascent Media Corp. (a)

19,100

477,500

Cinemax India Ltd.

63,270

57,444

Entertainment Network (India) Ltd. (a)

23,177

51,588

Eros International PLC (a)

267,600

314,841

SinoMedia Holding Ltd.

1,309,000

182,405

The Walt Disney Co.

1,221,985

22,191,248

VisionChina Media, Inc. ADR (a)

603,900

3,895,155

 

27,170,181

Multiline Retail - 0.0%

REI Six Ten Retail Ltd. (a)

79

1,324

Specialty Retail - 7.3%

ABC-Mart, Inc.

399,700

7,628,040

Advance Auto Parts, Inc.

110,200

4,527,016

Aeropostale, Inc. (a)

647,114

17,187,348

Hot Topic, Inc. (a)

315,942

3,535,391

Inditex SA

213

8,303

Nitori Co. Ltd.

109,200

6,110,907

Pou Sheng International (Holdings) Ltd.

25,612

2,677

Ross Stores, Inc.

875,831

31,424,816

Sally Beauty Holdings, Inc. (a)(d)

2,573,796

14,619,161

SAZABY, Inc.

55,900

625,340

TJX Companies, Inc.

428,582

10,988,842

Tsutsumi Jewelry Co. Ltd.

6,000

104,443

 

96,762,284

Textiles, Apparel & Luxury Goods - 0.8%

China Dongxiang Group Co. Ltd.

3,832,000

1,409,105

Columbia Sportswear Co. (d)

46,412

1,388,647

Daphne International Holdings Ltd.

2,134,000

459,816

Shenzhou International Group Holdings Ltd.

3,355,000

861,427

Under Armour, Inc. Class A (sub. vtg.) (a)

103,024

1,692,684

VF Corp.

92,553

5,285,702

 

11,097,381

TOTAL CONSUMER DISCRETIONARY

294,935,377

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - 8.9%

Beverages - 2.0%

Molson Coors Brewing Co. Class B

776,090

$ 26,604,365

Food & Staples Retailing - 3.3%

BJ's Wholesale Club, Inc. (a)

295,042

9,438,394

Daikokutenbussan Co. Ltd.

16,300

262,660

Heng Tai Consumables Group Ltd. (a)

6,268,400

303,292

Kroger Co.

126,600

2,686,452

Plant Co. Ltd.

9,800

21,491

Sugi Holdings Co. Ltd.

121,900

2,244,332

Tsuruha Holdings, Inc.

70,200

1,792,175

Wal-Mart Stores, Inc.

515,600

26,862,760

 

43,611,556

Food Products - 3.4%

Britannia Industries Ltd.

10,968

303,065

Chiquita Brands International, Inc. (a)

135,570

898,829

ConAgra Foods, Inc.

281,460

4,748,230

Hormel Foods Corp.

496,480

15,743,381

Kellogg Co.

120,200

4,402,926

PureCircle Ltd. (a)

92,394

251,877

REI Agro Ltd.

1,060

813

Toyo Suisan Kaisha Ltd.

537,000

11,078,591

Want Want China Holdings Ltd.

17,676,000

8,210,310

 

45,638,022

Personal Products - 0.2%

American Oriental Bioengineering, Inc. (a)

9,150

35,319

Concern Kalina OJSC sponsored ADR

30,300

151,319

Godrej Consumer Products Ltd.

44,723

117,985

Hengan International Group Co. Ltd.

429,000

1,724,203

 

2,028,826

TOTAL CONSUMER STAPLES

117,882,769

ENERGY - 5.9%

Energy Equipment & Services - 4.7%

Atwood Oceanics, Inc. (a)

4,100

68,019

BJ Services Co.

313,000

3,114,350

Dresser-Rand Group, Inc. (a)

650,800

14,382,680

ENSCO International, Inc.

165,968

4,381,555

Helix Energy Solutions Group, Inc. (a)

280,134

1,439,889

Helmerich & Payne, Inc.

120,950

2,754,032

Nabors Industries Ltd. (a)

1,340,467

13,391,265

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Newpark Resources, Inc. (a)

2,060,534

$ 5,213,151

Noble Corp.

37,500

903,375

Parker Drilling Co. (a)

1,414,832

2,603,291

Patterson-UTI Energy, Inc.

287,363

2,574,772

Weatherford International Ltd. (a)

1,116,540

12,360,098

 

63,186,477

Oil, Gas & Consumable Fuels - 1.2%

Forest Oil Corp. (a)

129,300

1,700,295

Oil Search Ltd.

269,409

989,625

Pioneer Natural Resources Co.

809,192

13,327,392

 

16,017,312

TOTAL ENERGY

79,203,789

FINANCIALS - 8.5%

Capital Markets - 0.9%

Franklin Resources, Inc.

200

10,774

JAFCO Co. Ltd.

27,400

494,164

Janus Capital Group, Inc.

775,751

5,158,744

Marusan Securities Co. Ltd. (d)

764,300

3,963,773

W.P. Carey & Co. LLC

92,873

2,060,852

 

11,688,307

Commercial Banks - 0.6%

Bank of Baroda

169,433

783,916

Mitsubishi UFJ Financial Group, Inc. sponsored ADR

112,300

552,516

The Jammu & Kashmir Bank Ltd.

101

626

Union Bank of India

2,154,477

6,246,149

 

7,583,207

Insurance - 5.8%

Admiral Group PLC

59,816

732,508

AFLAC, Inc.

7,400

143,264

Axis Capital Holdings Ltd.

300

6,762

Old Republic International Corp.

2,182,341

23,612,930

Presidential Life Corp.

214,241

1,668,937

Progressive Corp. (a)

533,556

7,170,993

Protective Life Corp.

304,183

1,596,961

Reinsurance Group of America, Inc.

845,304

27,379,397

The Chubb Corp.

368,741

15,605,119

 

77,916,871

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - 0.9%

CapitaMall Trust (d)

12,602,700

$ 10,977,424

Digital Realty Trust, Inc.

29,800

988,764

 

11,966,188

Real Estate Management & Development - 0.3%

Ayala Land, Inc.

3,521,280

416,072

Cyrela Commercial Properties SA Empreendimentos e Participações

220

730

Housing Development and Infrastructure Ltd.

426,932

689,938

Iguatemi Empresa de Shopping Centers SA

408,400

2,438,603

New World China Land Ltd.

2,364,400

805,375

Songbird Estates PLC Class B (a)

140,800

52,525

SPG Land (Holdings) Ltd.

283,000

37,609

 

4,440,852

Thrifts & Mortgage Finance - 0.0%

Housing Development Finance Corp. Ltd.

39

1,088

TOTAL FINANCIALS

113,596,513

HEALTH CARE - 17.4%

Biotechnology - 0.5%

3SBio, Inc. sponsored ADR (a)

55,300

374,381

Celera Corp. (a)

100

763

Grifols SA

379,541

5,469,348

Sangamo Biosciences, Inc. (a)

53,268

225,324

 

6,069,816

Health Care Equipment & Supplies - 6.2%

Abcam PLC

111,300

970,136

Angiodynamics, Inc. (a)

100

1,124

Becton, Dickinson & Co.

162,778

10,945,193

Boston Scientific Corp. (a)

1,049,963

8,347,206

Covidien Ltd.

288,064

9,575,247

DENTSPLY International, Inc.

49,845

1,338,338

Edwards Lifesciences Corp. (a)

224,659

13,621,075

Kinetic Concepts, Inc. (a)

881,083

18,608,473

Mingyuan Medicare Development Co. Ltd.

39,240,000

2,354,263

Quidel Corp. (a)

116,573

1,074,803

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

2,172,000

3,867,337

Steris Corp.

526,234

12,250,728

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

ThermoGenesis Corp. (a)

95,720

$ 57,432

Vascular Solutions, Inc. (a)

21,668

132,608

 

83,143,963

Health Care Providers & Services - 3.0%

American CareSource Holdings, Inc. (a)

65,396

500,933

Centene Corp. (a)

339,535

6,118,421

Henry Schein, Inc. (a)

43,600

1,744,436

IPC The Hospitalist Co., Inc. (a)

95,028

1,808,383

Laboratory Corp. of America Holdings (a)

186,319

10,897,798

LifePoint Hospitals, Inc. (a)

116,793

2,436,302

Medial Saude SA

196,000

451,235

Message Co. Ltd. (d)

404

518,408

Quest Diagnostics, Inc.

165,200

7,843,696

ResCare, Inc. (a)

483,183

7,035,144

U.S. Physical Therapy, Inc. (a)

77,901

754,082

 

40,108,838

Health Care Technology - 4.4%

Allscripts Healthcare Solutions, Inc. (d)

971,963

10,001,499

athenahealth, Inc. (a)(d)

263,717

6,358,217

Cerner Corp. (a)(d)

789,454

34,712,292

Eclipsys Corp. (a)

531,025

5,384,594

HLTH Corp. (a)

220,345

2,280,571

 

58,737,173

Life Sciences Tools & Services - 2.0%

Albany Molecular Research, Inc. (a)

100

943

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

23,112

1,523,081

Harvard Bioscience, Inc. (a)

468,762

1,396,911

QIAGEN NV (a)

417,231

6,659,007

Thermo Fisher Scientific, Inc. (a)

459,344

16,384,800

 

25,964,742

Pharmaceuticals - 1.3%

Aspen Pharmacare Holdings Ltd.

32,300

155,449

Endo Pharmaceuticals Holdings, Inc. (a)

968,920

17,130,506

 

17,285,955

TOTAL HEALTH CARE

231,310,487

Common Stocks - continued

Shares

Value

INDUSTRIALS - 6.5%

Air Freight & Logistics - 0.0%

Transport Corp. of India Ltd.

22,645

$ 14,922

Building Products - 0.1%

Asahi Glass Co. Ltd.

120,000

636,979

Blue Star Ltd.

264,064

809,897

 

1,446,876

Commercial Services & Supplies - 0.8%

Cintas Corp.

296,377

7,326,439

Fuel Tech, Inc. (a)(d)

168,264

1,760,041

R.R. Donnelley & Sons Co.

53,328

390,894

Republic Services, Inc.

15,300

262,395

Taiwan Secom Co.

1,000

1,360

The Brink's Co.

39,357

1,041,386

 

10,782,515

Construction & Engineering - 0.1%

Insituform Technologies, Inc. Class A (a)

60,928

952,914

Maire Tecnimont SpA

164,000

338,269

 

1,291,183

Electrical Equipment - 1.4%

Cooper Industries Ltd. Class A

362,314

9,369,440

Fortune Electric Co. Ltd.

498,750

478,394

Neo-Neon Holdings Ltd.

6,497,000

1,165,201

PowerSecure International, Inc. (a)

86,339

295,279

Q-Cells SE (a)(d)

303,900

5,925,212

Thomas & Betts Corp. (a)

61,100

1,528,722

 

18,762,248

Industrial Conglomerates - 0.1%

Max India Ltd. (a)

1,081,686

2,107,450

Machinery - 2.7%

AGCO Corp. (a)

965,997

18,933,541

Badger Meter, Inc.

12,200

352,458

Bell Equipment Ltd.

3,076

1,786

Cummins, Inc.

238,178

6,061,630

EVA Precision Industrial Holdings Ltd.

2,178,000

132,078

K-Tron International, Inc. (a)

16,300

988,921

Miura Co. Ltd.

41,100

927,611

NGK Insulators Ltd.

348,000

5,442,098

Nippon Thompson Co. Ltd.

261,000

882,591

R. STAHL AG

12,440

210,658

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

Uzel Makina Sanayi AS

101,200

$ 23,737

Weichai Power Co. Ltd. (H Shares)

676,800

1,475,775

 

35,432,884

Professional Services - 0.8%

JobStreet Corp. Bhd

661,900

177,987

Manpower, Inc.

130,600

4,117,818

Michael Page International PLC

1,176,907

3,102,851

Randstad Holdings NV

162,340

2,755,520

 

10,154,176

Road & Rail - 0.5%

CSX Corp.

276,366

7,144,061

TOTAL INDUSTRIALS

87,136,315

INFORMATION TECHNOLOGY - 16.6%

Communications Equipment - 2.2%

Alvarion Ltd. (a)

100

331

Comtech Telecommunications Corp. (a)

290,590

7,197,914

Juniper Networks, Inc. (a)

931,424

14,027,245

MIC Electronics Ltd.

470,196

166,656

Polycom, Inc. (a)

524,674

8,074,733

Sandvine Corp. (a)

420,600

250,268

ZTE Corp. (H Shares)

48,400

197,023

 

29,914,170

Computers & Peripherals - 0.3%

ASUSTeK Computer, Inc.

575,164

604,232

Gemalto NV (a)

108,300

3,092,531

Lenovo Group Ltd. ADR

2,700

12,474

 

3,709,237

Electronic Equipment & Components - 0.8%

Ingenico SA

230,300

3,823,412

Ingenico SA (a)

87,700

1,455,984

Lumax International Corp. Ltd.

111,100

129,156

MTS Systems Corp.

70,921

1,613,453

Trimble Navigation Ltd. (a)

200

3,056

Vishay Intertechnology, Inc. (a)

1,106,297

3,849,914

 

10,874,975

Internet Software & Services - 0.9%

eBay, Inc. (a)

126,079

1,583,552

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

F@N Communications, Inc. (d)

76

$ 99,960

GigaMedia Ltd. (a)

375,210

2,071,159

LoopNet, Inc. (a)

190

1,155

Rediff.com India Ltd. sponsored ADR (a)

200

372

ValueClick, Inc. (a)

309,038

2,629,913

VeriSign, Inc. (a)

200,953

3,791,983

WebMD Health Corp. Class A (a)

69,933

1,559,506

 

11,737,600

IT Services - 3.7%

Accenture Ltd. Class A

539,307

14,825,549

Affiliated Computer Services, Inc. Class A (a)

497,818

23,840,504

Cap Gemini SA

64,400

2,071,606

Datacash Group PLC

46,800

137,655

Perot Systems Corp. Class A (a)

593,023

7,638,136

SRA International, Inc. Class A (a)

62,056

912,223

 

49,425,673

Semiconductors & Semiconductor Equipment - 2.5%

Aixtron AG

200

1,033

Cree, Inc. (a)

250

5,883

Disco Corp. (d)

40,200

1,003,371

Formosa Epitaxy, Inc.

2,642,806

1,580,933

International Rectifier Corp. (a)

2,300

31,073

Kontron AG

580,879

5,601,050

Opto Technology Corp.

1,340,418

703,092

PMC-Sierra, Inc. (a)

1,627,953

10,386,340

Richtek Technology Corp.

333,400

1,571,946

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

1,671,500

9,694,700

Veeco Instruments, Inc. (a)

379,524

2,531,425

 

33,110,846

Software - 6.2%

Adobe Systems, Inc. (a)

64,030

1,369,602

Aspen Technology, Inc. (a)

101,785

711,477

Autonomy Corp. PLC (a)

252,512

4,728,070

DemandTec, Inc. (a)

10,200

89,250

Epicor Software Corp. (a)

195,015

743,007

Global Digital Creations Holdings Ltd. (a)

662,000

11,616

Kingdee International Software Group Co. Ltd.

4,308,000

555,839

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

1,063,400

22,575,982

Manhattan Associates, Inc. (a)

102,580

1,776,686

Quality Systems, Inc.

9,738

440,645

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

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

820,545

$ 32,436,144

Solera Holdings, Inc. (a)

60,770

1,505,881

Symantec Corp. (a)

465,172

6,949,670

Ubisoft Entertainment SA (a)

435,800

7,964,395

Yedang Online Corp. (a)

52,957

325,895

 

82,184,159

TOTAL INFORMATION TECHNOLOGY

220,956,660

MATERIALS - 6.4%

Chemicals - 1.6%

Asian Paints India Ltd.

133

2,071

FMC Corp.

118,473

5,110,925

Sensient Technologies Corp.

677,074

15,911,239

 

21,024,235

Containers & Packaging - 1.2%

Ball Corp.

335,632

14,566,429

Greif, Inc. Class A

54,550

1,815,970

 

16,382,399

Metals & Mining - 3.6%

Africa Cellular Towers Ltd. (a)

800

76

Agnico-Eagle Mines Ltd.

72,900

4,191,410

Centerra Gold, Inc. (a)

119,700

426,398

Eldorado Gold Corp. (a)

1,837,700

16,620,873

Great Basin Gold Ltd. (a)

1,298,900

1,669,418

IAMGOLD Corp.

937,300

8,090,622

Kinross Gold Corp.

48,800

886,991

Lihir Gold Ltd. (a)

914,989

2,069,702

Minefinders Corp. Ltd. (a)

361,500

2,836,475

Newcrest Mining Ltd.

332,790

7,658,959

Northgate Minerals Corp. (a)

3,400

4,613

Yamana Gold, Inc.

409,533

3,824,192

 

48,279,729

TOTAL MATERIALS

85,686,363

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - 1.9%

Diversified Telecommunication Services - 1.9%

LG Dacom Corp.

29,820

$ 381,414

Verizon Communications, Inc.

814,598

24,600,860

 

24,982,274

UTILITIES - 0.4%

Independent Power Producers & Energy Traders - 0.3%

Calpine Corp. (a)

496,730

3,382,731

Multi-Utilities - 0.1%

Sempra Energy

35,300

1,632,272

TOTAL UTILITIES

5,015,003

TOTAL COMMON STOCKS

(Cost $1,464,240,766)

1,260,705,550

Nonconvertible Bonds - 0.6%

 

Principal Amount

 

CONSUMER DISCRETIONARY - 0.0%

Specialty Retail - 0.0%

GSC Holdings Corp./Gamestop, Inc. 8% 10/1/12

$ 185,000

183,150

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

Southwestern Energy Co. 7.5% 2/1/18 (e)

2,150,000

2,042,500

HEALTH CARE - 0.0%

Health Care Providers & Services - 0.0%

Sun Healthcare Group, Inc. 9.125% 4/15/15

540,000

502,200

MATERIALS - 0.4%

Containers & Packaging - 0.4%

Crown Americas LLC/Crown Americas Capital Corp. 7.75% 11/15/15

1,845,000

1,840,388

Owens-Brockway Glass Container, Inc. 8.25% 5/15/13

2,940,000

2,962,050

 

4,802,438

TOTAL NONCONVERTIBLE BONDS

(Cost $6,966,034)

7,530,288

Money Market Funds - 11.5%

Shares

Value

Fidelity Cash Central Fund, 0.52% (b)

81,292,494

$ 81,292,494

Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)

71,001,620

71,001,620

TOTAL MONEY MARKET FUNDS

(Cost $152,294,114)

152,294,114

TOTAL INVESTMENT PORTFOLIO - 106.8%

(Cost $1,623,500,914)

1,420,529,952

NET OTHER ASSETS - (6.8)%

(89,866,872)

NET ASSETS - 100%

$ 1,330,663,080

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 $2,042,500 or 0.2% of net assets.

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

$ 189,965

Fidelity Securities Lending Cash Central Fund

325,233

Total

$ 515,198

Other Information

The following is a summary of the inputs used, as of March 31, 2009, 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

$ 1,420,529,952

$ 1,329,517,482

$ 90,987,409

$ 25,061

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

 

Investments in Securities

Beginning Balance

$ 43,718

Total Realized Gain (Loss)

(195,107)

Total Unrealized Gain (Loss)

198,722

Cost of Purchases

-

Proceeds of Sales

(10,656)

Amortization/Accretion

-

Transfer in/out of Level 3

(11,616)

Ending Balance

$ 25,061

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 March 31, 2009, the aggregate cost of investment securities for income tax purposes was $1,644,997,458. Net unrealized depreciation aggregated $224,467,506, of which $98,711,020 related to appreciated investment securities and $323,178,526 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 is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). 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:

May 29, 2009

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:

May 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 29, 2009