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, 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

September 30, 2009 

1.807739.105

AMP-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.3%

Shares

Value

CONSUMER DISCRETIONARY - 17.5%

Auto Components - 0.9%

Amerigon, Inc. (a)

83,098

$ 610,770

Autoliv, Inc.

30

1,008

China Automotive Systems, Inc. (a)(b)

43,253

401,820

Fuel Systems Solutions, Inc. (a)(b)

424,462

15,276,387

Gentex Corp.

20,533

290,542

Minth Group Ltd.

38,000

34,126

New Focus Auto Tech Holdings Ltd. (a)

939,910

223,153

 

16,837,806

Automobiles - 0.2%

Geely Automobile Holdings Ltd.

11,355,000

3,091,490

Diversified Consumer Services - 0.3%

Benesse Corp.

35,200

1,723,110

Bridgepoint Education, Inc.

157,559

2,404,350

China Distance Education Holdings Ltd. ADR (a)

89,600

645,120

 

4,772,580

Hotels, Restaurants & Leisure - 1.3%

Interval Leisure Group, Inc. (a)

34,203

426,853

Jollibee Food Corp.

200

208

Kappa Create Co. Ltd.

142,800

3,619,621

Little Sheep Group Ltd.

1,776,000

857,063

McDonald's Corp.

57,500

3,281,525

Minor International PCL (For. Reg.)

464,420

172,342

Papa John's International, Inc. (a)

23,686

581,965

Shangri-La Asia Ltd.

250,000

470,968

Sonic Corp. (a)

177,428

1,962,354

Starbucks Corp. (a)

158,000

3,262,700

Starwood Hotels & Resorts Worldwide, Inc.

282,342

9,325,756

TAJ GVK Hotels & Resorts Ltd.

58,333

157,579

 

24,118,934

Household Durables - 0.8%

Tupperware Brands Corp.

398,263

15,898,659

Internet & Catalog Retail - 3.2%

Netflix, Inc. (a)(b)

1,299,210

59,984,526

Leisure Equipment & Products - 2.5%

Hasbro, Inc.

1,687,839

46,837,532

Media - 2.5%

Cinemax India Ltd.

63,270

85,822

Entertainment Network (India) Ltd. (a)

23,177

101,162

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

Eros International PLC (a)

658,259

$ 2,130,626

The Walt Disney Co.

1,648,563

45,269,540

 

47,587,150

Multiline Retail - 0.0%

Golden Eagle Retail Group Ltd. (H Shares)

74,000

124,129

Specialty Retail - 5.2%

Advance Auto Parts, Inc.

973,996

38,258,563

Hot Topic, Inc. (a)

741,692

5,555,273

Inditex SA

213

12,221

Ross Stores, Inc.

460,454

21,995,888

Sally Beauty Holdings, Inc. (a)

2,573,796

18,299,690

SAZABY, Inc.

121,200

1,820,405

TJX Companies, Inc.

281,864

10,471,248

Tsutsumi Jewelry Co. Ltd.

18,900

439,776

 

96,853,064

Textiles, Apparel & Luxury Goods - 0.6%

China Dongxiang Group Co. Ltd.

1,713,000

1,142,737

Columbia Sportswear Co.

46,412

1,910,318

Daphne International Holdings Ltd.

2,134,000

1,544,741

Shenzhou International Group Holdings Ltd.

5,651,000

5,672,875

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

55,224

1,536,884

 

11,807,555

TOTAL CONSUMER DISCRETIONARY

327,913,425

CONSUMER STAPLES - 7.2%

Beverages - 0.9%

Molson Coors Brewing Co. Class B

357,031

17,380,269

Food & Staples Retailing - 2.6%

BJ's Wholesale Club, Inc. (a)

295,042

10,686,421

Daikokutenbussan Co. Ltd.

16,300

354,595

Heng Tai Consumables Group Ltd. (a)

24,482,600

1,484,751

Kroger Co.

126,600

2,613,024

REI Six Ten Retail Ltd.

79

1,299

Sugi Holdings Co. Ltd. (b)

280,700

5,949,587

Wal-Mart Stores, Inc.

562,100

27,593,489

 

48,683,166

Food Products - 3.6%

Britannia Industries Ltd.

10,968

359,622

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - continued

Campbell Soup Co.

100,014

$ 3,262,457

ConAgra Foods, Inc.

281,460

6,102,053

Hormel Foods Corp.

373,627

13,271,231

Kellogg Co.

120,200

5,917,446

PureCircle Ltd. (a)(b)

1,861,594

7,260,395

REI Agro Ltd.

1,060

1,099

Toyo Suisan Kaisha Ltd.

750,000

20,295,365

Want Want China Holdings Ltd.

18,575,000

10,929,290

 

67,398,958

Personal Products - 0.1%

Concern Kalina OJSC sponsored ADR

30,300

469,409

Hengan International Group Co. Ltd.

198,000

1,196,942

 

1,666,351

TOTAL CONSUMER STAPLES

135,128,744

ENERGY - 6.9%

Energy Equipment & Services - 6.7%

BJ Services Co.

724,800

14,082,864

Dresser-Rand Group, Inc. (a)

650,800

20,220,356

ENSCO International, Inc.

408,963

17,397,286

Helix Energy Solutions Group, Inc. (a)

280,134

4,196,407

Helmerich & Payne, Inc.

120,950

4,781,154

Nabors Industries Ltd. (a)

1,340,467

28,015,760

Newpark Resources, Inc. (a)

2,060,534

6,614,314

Noble Corp.

37,500

1,423,500

Parker Drilling Co. (a)

1,414,832

7,724,983

Patterson-UTI Energy, Inc.

287,363

4,339,181

Weatherford International Ltd. (a)

795,240

16,485,325

 

125,281,130

Oil, Gas & Consumable Fuels - 0.2%

Forest Oil Corp. (a)

129,300

2,530,401

Oil Search Ltd.

3,164

18,004

Plains Exploration & Production Co. (a)

35,200

973,632

 

3,522,037

TOTAL ENERGY

128,803,167

Common Stocks - continued

Shares

Value

FINANCIALS - 9.8%

Capital Markets - 1.3%

Ameriprise Financial, Inc.

163,191

$ 5,928,729

JAFCO Co. Ltd.

27,400

833,655

Janus Capital Group, Inc.

764,951

10,847,005

Marusan Securities Co. Ltd.

764,300

4,666,273

W.P. Carey & Co. LLC

92,873

2,629,235

 

24,904,897

Commercial Banks - 0.7%

Bank of Baroda

169,433

1,731,427

Mitsubishi UFJ Financial Group, Inc. sponsored ADR

112,300

599,682

The Jammu & Kashmir Bank Ltd.

101

1,232

Union Bank of India

2,154,477

10,866,867

 

13,199,208

Diversified Financial Services - 0.2%

CRISIL Ltd.

24,430

2,102,587

Fifth Street Finance Corp.

135,500

1,481,015

 

3,583,602

Insurance - 6.8%

Admiral Group PLC

59,816

1,106,206

AFLAC, Inc.

7,400

316,276

Axis Capital Holdings Ltd.

300

9,054

CNinsure, Inc. ADR (b)

51,996

1,193,828

Old Republic International Corp.

3,153,959

38,415,221

Presidential Life Corp.

214,241

2,219,537

Progressive Corp. (a)

533,556

8,846,358

Protective Life Corp.

637,783

13,661,312

Reinsurance Group of America, Inc.

923,832

41,202,907

The Chubb Corp.

399,641

20,145,903

 

127,116,602

Real Estate Management & Development - 0.8%

Allgreen Properties Ltd.

327,000

262,259

Ayala Land, Inc.

3,521,280

850,729

Cyrela Commercial Properties SA Empreendimentos e Participates

220

1,291

Goldcrest Co. Ltd.

108,730

3,278,748

Iguatemi Empresa de Shopping Centers SA

423,900

6,653,729

Kenedix, Inc. (a)(b)

4,378

1,733,008

New World China Land Ltd.

2,843,600

1,346,582

Songbird Estates PLC:

rights 10/8/09 (a)

13,843,456

331,911

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Songbird Estates PLC: - continued

Class B (a)

140,800

$ 5,626

SPG Land (Holdings) Ltd.

283,000

160,671

 

14,624,554

Thrifts & Mortgage Finance - 0.0%

Housing Development Finance Corp. Ltd.

39

2,279

TOTAL FINANCIALS

183,431,142

HEALTH CARE - 16.8%

Biotechnology - 0.6%

3SBio, Inc. sponsored ADR (a)

152,999

1,682,989

AMAG Pharmaceuticals, Inc. (a)(b)

161,917

7,072,535

Dendreon Corp. (a)

100

2,799

ImmunoGen, Inc. (a)

70,494

571,706

Sangamo Biosciences, Inc. (a)

53,268

437,330

Vanda Pharmaceuticals, Inc. (a)

79,100

920,724

 

10,688,083

Health Care Equipment & Supplies - 4.3%

Abcam PLC

111,300

1,547,747

Covidien PLC

144,789

6,263,572

Edwards Lifesciences Corp. (a)

224,659

15,705,911

Electro-Optical Sciences, Inc. (a)(b)

186,969

1,791,163

Kinetic Concepts, Inc. (a)

881,083

32,582,449

Masimo Corp. (a)

120,573

3,159,013

Meridian Bioscience, Inc.

36,300

907,863

Mingyuan Medicare Development Co. Ltd. (a)

32,360,000

3,423,897

Quidel Corp. (a)

116,573

1,891,980

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

1,316,000

4,347,045

Steris Corp.

265,787

8,093,214

ThermoGenesis Corp. (a)

95,720

59,346

Vascular Solutions, Inc. (a)

21,668

179,194

 

79,952,394

Health Care Providers & Services - 2.1%

Centene Corp. (a)

339,535

6,430,793

Henry Schein, Inc. (a)

43,600

2,394,076

IPC The Hospitalist Co., Inc. (a)

107,868

3,392,449

Laboratory Corp. of America Holdings (a)

186,319

12,241,158

Medial Saude SA (a)

196,000

1,200,723

Message Co. Ltd. (b)

404

804,437

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Quest Diagnostics, Inc.

90,504

$ 4,723,404

ResCare, Inc. (a)

483,183

6,866,030

U.S. Physical Therapy, Inc. (a)

77,901

1,173,968

 

39,227,038

Health Care Technology - 6.3%

Allscripts-Misys Healthcare Solutions, Inc.

1,506,213

30,530,938

athenahealth, Inc. (a)(b)

223,117

8,560,999

Cerner Corp. (a)(b)

833,754

62,364,799

Eclipsys Corp. (a)

580,525

11,204,133

HLTH Corp. (a)(b)

324,545

4,741,602

Quality Systems, Inc.

9,738

599,569

 

118,002,040

Life Sciences Tools & Services - 1.8%

Albany Molecular Research, Inc. (a)

100

866

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

23,112

2,123,531

Harvard Bioscience, Inc. (a)

468,762

1,776,608

QIAGEN NV (a)

435,731

9,272,356

Thermo Fisher Scientific, Inc. (a)

459,344

20,059,552

 

33,232,913

Pharmaceuticals - 1.7%

Ardea Biosciences, Inc. (a)

62,791

1,150,331

Aspen Pharmacare Holdings Ltd.

536,200

4,415,681

Endo Pharmaceuticals Holdings, Inc. (a)

968,920

21,926,660

Piramal Healthcare Ltd.

586,016

4,706,788

 

32,199,460

TOTAL HEALTH CARE

313,301,928

INDUSTRIALS - 4.9%

Building Products - 0.2%

Asahi Glass Co. Ltd.

120,000

967,287

Blue Star Ltd.

356,646

2,691,189

 

3,658,476

Commercial Services & Supplies - 0.5%

Cintas Corp.

219,326

6,647,771

R.R. Donnelley & Sons Co.

53,328

1,133,753

Spice PLC

1,236,300

1,620,404

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Taiwan Secom Co.

1,000

$ 1,586

The Brink's Co.

39,357

1,059,097

 

10,462,611

Construction & Engineering - 0.1%

Insituform Technologies, Inc. Class A (a)

60,928

1,166,162

Electrical Equipment - 0.8%

Cooper Industries PLC Class A

362,314

13,612,137

Fortune Electric Co. Ltd.

573,562

536,756

PowerSecure International, Inc. (a)

86,339

585,378

 

14,734,271

Industrial Conglomerates - 0.3%

Max India Ltd. (a)

1,402,637

5,424,254

Machinery - 1.7%

AGCO Corp. (a)

965,997

26,690,497

Bell Equipment Ltd. (a)

3,076

4,771

China Fire & Security Group, Inc. (a)

22,400

430,080

EVA Precision Industrial Holdings Ltd.

2,752,000

287,628

K-Tron International, Inc. (a)

16,300

1,551,923

Nippon Thompson Co. Ltd.

261,000

1,478,704

Praj Industries Ltd. (a)

426,351

923,083

R. STAHL AG

12,440

318,560

Uzel Makina Sanayi AS (a)

101,200

26,593

 

31,711,839

Professional Services - 1.0%

Corporate Executive Board Co.

97,854

2,436,565

JobStreet Corp. Bhd

661,900

248,619

Michael Page International PLC

1,664,985

8,904,750

Randstad Holdings NV (a)

162,340

7,011,351

 

18,601,285

Road & Rail - 0.3%

CSX Corp.

117,566

4,921,313

TOTAL INDUSTRIALS

90,680,211

INFORMATION TECHNOLOGY - 19.5%

Communications Equipment - 2.0%

BYD Electronic International Co. Ltd. (a)

351,500

196,386

Comtech Telecommunications Corp. (a)

290,590

9,653,400

Juniper Networks, Inc. (a)

798,824

21,584,224

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

MIC Electronics Ltd.

470,196

$ 524,519

Polycom, Inc. (a)

168,082

4,496,194

ZTE Corp. (H Shares)

62,920

332,055

 

36,786,778

Computers & Peripherals - 1.4%

ASUSTeK Computer, Inc.

576,314

989,073

Gemalto NV (a)

553,877

25,826,207

Lenovo Group Ltd. ADR

2,700

23,841

 

26,839,121

Electronic Equipment & Components - 0.8%

Digital China Holdings Ltd. (H Shares)

3,957,000

3,773,191

Ingenico SA (b)

235,867

6,557,739

Ingenico SA (a)

87,700

2,438,297

Lumax International Corp. Ltd.

111,100

229,702

MTS Systems Corp.

85,592

2,500,142

Trimble Navigation Ltd. (a)

200

4,782

 

15,503,853

Internet Software & Services - 4.1%

eBay, Inc. (a)

2,777,608

65,579,331

F@N Communications, Inc. (b)

76

134,119

INFO Edge India Ltd.

2,147

30,148

Internet Brands, Inc. Class A (a)

354

2,825

LoopNet, Inc. (a)

190

1,718

Rediff.com India Ltd. sponsored ADR (a)

200

648

ValueClick, Inc. (a)

309,038

4,076,211

VeriSign, Inc. (a)

194,203

4,600,669

WebMD Health Corp. Class A (a)

69,933

2,316,181

 

76,741,850

IT Services - 2.4%

Affiliated Computer Services, Inc. Class A (a)

497,818

26,966,801

Datacash Group PLC

46,800

162,327

Perot Systems Corp. Class A (a)

593,023

17,612,783

 

44,741,911

Semiconductors & Semiconductor Equipment - 2.4%

Aixtron AG

132,640

3,613,995

Cree, Inc. (a)

250

9,188

Disco Corp.

40,200

2,673,130

Kontron AG

639,979

7,847,713

PMC-Sierra, Inc. (a)

1,453,153

13,892,143

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Richtek Technology Corp.

370,070

$ 3,187,085

Siliconware Precision Industries Co. Ltd. sponsored ADR

1,486,000

10,669,480

Veeco Instruments, Inc. (a)

95,071

2,217,056

 

44,109,790

Software - 6.4%

Autonomy Corp. PLC (a)

326,480

8,500,865

DemandTec, Inc. (a)

19,569

172,794

Epicor Software Corp. (a)

195,015

1,242,246

Kingdee International Software Group Co. Ltd.

4,308,000

728,191

Longtop Financial Technologies Ltd. ADR (a)

1,104,100

31,422,686

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

1,006,645

51,540,224

Solera Holdings, Inc.

160,670

4,998,444

Ubisoft Entertainment SA (a)

1,010,904

19,141,570

VanceInfo Technologies, Inc. ADR (a)

94,200

1,831,248

Yedang Online Corp. (a)

52,957

394,601

 

119,972,869

TOTAL INFORMATION TECHNOLOGY

364,696,172

MATERIALS - 6.2%

Chemicals - 1.0%

Asian Paints India Ltd.

133

3,917

FMC Corp.

118,473

6,664,106

Sensient Technologies Corp.

436,274

12,115,329

 

18,783,352

Containers & Packaging - 0.7%

Ball Corp.

256,132

12,601,694

Metals & Mining - 4.5%

Africa Cellular Towers Ltd. (a)

800

95

Agnico-Eagle Mines Ltd. (Canada)

72,900

4,931,050

Barrick Gold Corp.

121,300

4,593,650

Centerra Gold, Inc. (a)

119,700

815,145

Eldorado Gold Corp. (a)

1,912,400

21,723,292

Franco-Nevada Corp.

11,000

288,641

Great Basin Gold Ltd. (a)

1,298,900

1,989,908

IAMGOLD Corp.

1,087,500

15,370,271

Kinross Gold Corp.

237,300

5,171,610

Lihir Gold Ltd. (a)

914,989

2,260,169

Minefinders Corp. Ltd. (a)(b)

361,500

3,545,773

Newcrest Mining Ltd.

690,232

19,424,633

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Northgate Minerals Corp. (a)

3,400

$ 9,179

Yamana Gold, Inc.

409,533

4,407,118

 

84,530,534

TOTAL MATERIALS

115,915,580

TELECOMMUNICATION SERVICES - 1.3%

Diversified Telecommunication Services - 1.3%

LG Dacom Corp.

29,820

507,304

Verizon Communications, Inc.

814,598

24,657,881

 

25,165,185

UTILITIES - 0.2%

Independent Power Producers & Energy Traders - 0.1%

Calpine Corp. (a)

235,130

2,708,698

Multi-Utilities - 0.1%

Sempra Energy

35,300

1,758,293

TOTAL UTILITIES

4,466,991

TOTAL COMMON STOCKS

(Cost $1,406,544,805)

1,689,502,545

Money Market Funds - 13.4%

 

 

 

 

Fidelity Cash Central Fund, 0.25% (c)

186,863,926

186,863,926

Fidelity Securities Lending Cash Central Fund, 0.19% (c)(d)

63,205,390

63,205,390

TOTAL MONEY MARKET FUNDS

(Cost $250,069,316)

250,069,316

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $1,656,614,121)

1,939,571,861

NET OTHER ASSETS - (3.7)%

(69,739,994)

NET ASSETS - 100%

$ 1,869,831,867

Legend

(a) Non-income producing

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

(c) 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.

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

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

$ 467,752

Fidelity Securities Lending Cash Central Fund

1,932,792

Total

$ 2,400,544

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 327,913,425

$ 320,209,351

$ 7,704,074

$ -

Consumer Staples

135,128,744

108,059,788

27,068,956

-

Energy

128,803,167

128,803,167

-

-

Financials

183,431,142

159,989,253

23,441,889

-

Health Care

313,301,928

312,497,491

804,437

-

Industrials

90,680,211

88,207,627

2,445,991

26,593

Information Technology

364,696,172

361,888,923

2,807,249

-

Materials

115,915,580

115,915,580

-

-

Telecommunication Services

25,165,185

25,165,185

-

-

Utilities

4,466,991

4,466,991

-

-

Money Market Funds

250,069,316

250,069,316

-

-

Total Investments in Securities:

$ 1,939,571,861

$ 1,875,272,672

$ 64,272,596

$ 26,593

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

Investments in Securities:

Beginning Balance

$ 43,718

Total Realized Gain (Loss)

(428,587)

Total Unrealized Gain (Loss)

436,060

Cost of Purchases

-

Proceeds of Sales

(23,299)

Amortization/Accretion

-

Transfers in/out of Level 3

(1,299)

Ending Balance

$ 26,593

The change in unrealized gain (loss) attributable to Level 3 securities at September 30, 2009

$ 973

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $1,674,882,760. Net unrealized appreciation aggregated $264,689,101, of which $377,070,443 related to appreciated investment securities and $112,381,342 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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:

November 30, 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:

November 30, 2009

By:

/s/ Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 30, 2009