N-Q 1 a1.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:

July 31

 

 

Date of reporting period:

October 31, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Advisor Leveraged
Company Stock Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2009 

1.797936.105

ALSF-QTLY-1209

Investments October 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.4%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.0%

Auto Components - 0.8%

Johnson Controls, Inc.

451,700

$ 10,805

Tenneco, Inc. (a)

353,300

4,812

The Goodyear Tire & Rubber Co. (a)

255,000

3,284

TRW Automotive Holdings Corp. (a)

352,900

5,523

WABCO Holdings, Inc.

193,300

4,585

 

29,009

Automobiles - 0.2%

Daimler AG

153,600

7,408

Diversified Consumer Services - 3.4%

Brinks Home Security Holdings, Inc. (a)

272,100

8,430

Carriage Services, Inc. (a)

36,900

140

Service Corp. International (f)

14,850,201

102,021

Stewart Enterprises, Inc. Class A

1,163,232

5,328

 

115,919

Hotels, Restaurants & Leisure - 1.2%

Bally Technologies, Inc. (a)

209,540

8,254

Domino's Pizza, Inc. (a)

675,334

4,957

Las Vegas Sands Corp. (a)(e)

927,072

13,990

Penn National Gaming, Inc. (a)

420,164

10,559

The Steak n Shake Co. (a)

253,100

2,949

 

40,709

Household Durables - 2.3%

Black & Decker Corp.

182,800

8,632

Harman International Industries, Inc.

650,026

24,447

Lennar Corp. Class A

516,600

6,509

Newell Rubbermaid, Inc.

2,699,800

39,174

 

78,762

Leisure Equipment & Products - 0.1%

Callaway Golf Co.

455,273

3,114

Media - 1.8%

Cablevision Systems Corp. - NY Group Class A

438,976

10,079

Cinemark Holdings, Inc.

726,803

8,424

Comcast Corp. Class A

2,286,600

33,156

Gray Television, Inc.

1,962,983

3,435

Liberty Global, Inc. Class A (a)

263,846

5,417

LodgeNet Entertainment Corp. (a)

11,800

57

Nexstar Broadcasting Group, Inc. Class A (a)

819,700

1,812

Regal Entertainment Group Class A

100

1

 

62,381

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - 0.6%

Asbury Automotive Group, Inc. (a)

314,878

$ 3,067

Gap, Inc.

87,400

1,865

Sally Beauty Holdings, Inc. (a)

1,303,600

8,799

The Pep Boys - Manny, Moe & Jack

814,929

7,147

 

20,878

Textiles, Apparel & Luxury Goods - 0.6%

Coach, Inc.

328,080

10,817

Hanesbrands, Inc. (a)

454,600

9,828

 

20,645

TOTAL CONSUMER DISCRETIONARY

378,825

CONSUMER STAPLES - 1.8%

Food & Staples Retailing - 0.8%

Kroger Co.

286,100

6,617

Rite Aid Corp. (a)(e)

13,502,018

17,418

Safeway, Inc.

255,400

5,703

 

29,738

Food Products - 1.0%

Corn Products International, Inc.

227,904

6,422

Darling International, Inc. (a)

1,701,070

11,822

Dean Foods Co. (a)

448,700

8,180

Kellogg Co.

15,100

778

Smithfield Foods, Inc. (a)

457,894

6,108

 

33,310

TOTAL CONSUMER STAPLES

63,048

ENERGY - 13.6%

Energy Equipment & Services - 2.4%

ENSCO International, Inc.

90,000

4,121

Exterran Holdings, Inc. (a)(e)

1,210,523

24,731

Hercules Offshore, Inc. (a)

1,211,441

6,215

Noble Corp.

388,700

15,836

Oil States International, Inc. (a)

103,500

3,565

Parker Drilling Co. (a)

944,929

4,914

Pride International, Inc. (a)

237,900

7,032

Rowan Companies, Inc.

108,000

2,511

Schlumberger Ltd.

90,600

5,635

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Schoeller-Bleckmann Oilfield Equipment AG

190,544

$ 8,914

Seahawk Drilling, Inc. (a)

15,860

428

 

83,902

Oil, Gas & Consumable Fuels - 11.2%

Alpha Natural Resources, Inc. (a)

959,752

32,603

Arch Coal, Inc.

311,745

6,752

CONSOL Energy, Inc.

269,500

11,537

El Paso Corp.

9,207,136

90,322

Forest Oil Corp. (a)

2,028,557

39,760

Frontier Oil Corp.

1,441,000

19,972

Mariner Energy, Inc. (a)

1,758,276

22,400

Massey Energy Co.

112,500

3,273

Nexen, Inc.

150,800

3,242

Overseas Shipholding Group, Inc. (e)

1,002,318

39,341

Paladin Energy Ltd. (a)

849,100

3,071

Peabody Energy Corp.

2,386,192

94,469

Plains Exploration & Production Co. (a)

239,496

6,347

Southwestern Energy Co. (a)

200,000

8,716

Teekay Tankers Ltd.

37,700

305

Western Refining, Inc. (a)(e)

459,242

2,576

 

384,686

TOTAL ENERGY

468,588

FINANCIALS - 11.4%

Capital Markets - 0.4%

Morgan Stanley

451,100

14,489

Commercial Banks - 8.1%

Huntington Bancshares, Inc.

9,313,520

35,485

KeyCorp

10,646,332

57,384

PNC Financial Services Group, Inc.

1,911,447

93,546

Regions Financial Corp.

903,500

4,373

SunTrust Banks, Inc.

2,084,900

39,842

Wells Fargo & Co.

1,768,612

48,672

 

279,302

Diversified Financial Services - 2.1%

Bank of America Corp.

4,653,600

67,849

JPMorgan Chase & Co.

90,100

3,763

 

71,612

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 0.6%

Assured Guaranty Ltd.

763,088

$ 12,652

Lincoln National Corp.

268,200

6,391

 

19,043

Real Estate Investment Trusts - 0.2%

Host Hotels & Resorts, Inc.

812,900

8,218

Real Estate Management & Development - 0.0%

Forestar Group, Inc. (a)

27,800

410

Thrifts & Mortgage Finance - 0.0%

Washington Mutual, Inc. (a)

3,524,314

504

TOTAL FINANCIALS

393,578

HEALTH CARE - 7.1%

Biotechnology - 0.0%

Lexicon Pharmaceuticals, Inc. (a)

122,038

160

Health Care Equipment & Supplies - 1.8%

Beckman Coulter, Inc.

155,900

10,029

Boston Scientific Corp. (a)

870,400

7,068

Covidien PLC

286,325

12,060

Hospira, Inc. (a)

478,942

21,380

Inverness Medical Innovations, Inc. (a)

343,292

13,049

 

63,586

Health Care Providers & Services - 4.4%

Community Health Systems, Inc. (a)

500,524

15,656

DaVita, Inc. (a)

325,453

17,259

Rural/Metro Corp. (a)

343,733

1,736

Sun Healthcare Group, Inc. (a)

1,357,478

12,326

Tenet Healthcare Corp. (a)

17,995,165

92,135

VCA Antech, Inc. (a)

454,800

10,833

 

149,945

Health Care Technology - 0.7%

Cerner Corp. (a)

319,295

24,279

Pharmaceuticals - 0.2%

Allergan, Inc.

90,300

5,079

TOTAL HEALTH CARE

243,049

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 15.4%

Aerospace & Defense - 0.4%

American Science & Engineering, Inc.

69,305

$ 4,582

Teledyne Technologies, Inc. (a)

280,200

9,572

 

14,154

Air Freight & Logistics - 0.0%

Park-Ohio Holdings Corp. (a)

62,626

390

Airlines - 1.1%

AirTran Holdings, Inc. (a)

138,500

586

AMR Corp. (a)

288,770

1,556

Delta Air Lines, Inc. (a)

4,629,979

33,058

UAL Corp. (a)(e)

200,000

1,302

 

36,502

Building Products - 3.5%

Armstrong World Industries, Inc. (a)

614,989

22,908

Masco Corp.

2,211,221

25,982

Owens Corning (a)

3,166,434

70,010

Owens Corning warrants 10/31/13 (a)

193,400

385

 

119,285

Commercial Services & Supplies - 3.5%

Cenveo, Inc. (a)

2,186,400

15,480

Clean Harbors, Inc. (a)

209,300

11,815

Deluxe Corp.

1,429,673

20,344

R.R. Donnelley & Sons Co.

363,600

7,301

Republic Services, Inc.

1,758,150

45,554

The Brink's Co.

272,100

6,457

Waste Management, Inc.

491,500

14,686

 

121,637

Construction & Engineering - 0.2%

Fluor Corp.

155,100

6,890

Great Lakes Dredge & Dock Corp.

206,300

1,265

 

8,155

Electrical Equipment - 1.9%

Acuity Brands, Inc.

200,000

6,332

Baldor Electric Co.

187,400

4,844

Belden, Inc.

856,834

19,664

EnerSys (a)

254,072

5,615

General Cable Corp. (a)(e)

361,500

11,257

Harbin Electric, Inc. (a)

451,631

7,194

JA Solar Holdings Co. Ltd. ADR (a)

660,500

2,530

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - continued

Polypore International, Inc. (a)

451,600

$ 4,950

SunPower Corp. Class B (a)

148,436

3,215

 

65,601

Industrial Conglomerates - 0.7%

Carlisle Companies, Inc.

90,090

2,796

General Electric Co.

896,117

12,779

Textron, Inc.

449,800

7,997

 

23,572

Machinery - 2.6%

Accuride Corp. (a)

626,829

125

Badger Meter, Inc. (e)

188,046

7,008

Cummins, Inc.

603,100

25,969

Ingersoll-Rand Co. Ltd.

696,377

21,999

Lindsay Corp.

11,000

361

Middleby Corp. (a)(e)

548,521

24,853

Navistar International Corp. (a)

29,100

964

SPX Corp.

19,800

1,045

Terex Corp. (a)

35,600

720

Thermadyne Holdings Corp. (a)

5,100

31

Timken Co.

380,252

8,377

 

91,452

Marine - 0.5%

Diana Shipping, Inc.

222,100

2,870

Genco Shipping & Trading Ltd. (e)

310,686

6,180

Navios Maritime Holdings, Inc.

1,788,039

8,171

OceanFreight, Inc.

335,400

322

 

17,543

Road & Rail - 0.7%

Avis Budget Group, Inc. (a)

680,470

5,716

Hertz Global Holdings, Inc. (a)(e)

2,124,200

19,776

 

25,492

Trading Companies & Distributors - 0.2%

H&E Equipment Services, Inc. (a)

3,100

33

Houston Wire & Cable Co.

440,405

5,324

 

5,357

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Transportation Infrastructure - 0.1%

Aegean Marine Petroleum Network, Inc.

95,400

$ 2,242

TOTAL INDUSTRIALS

531,382

INFORMATION TECHNOLOGY - 9.3%

Communications Equipment - 0.1%

Alcatel-Lucent SA sponsored ADR (a)

152,314

562

Motorola, Inc.

511,300

4,382

 

4,944

Computers & Peripherals - 0.5%

EMC Corp. (a)

1,160,700

19,117

Electronic Equipment & Components - 2.7%

Avnet, Inc. (a)

201,400

4,991

Bell Microproducts, Inc. (a)

376,239

1,099

Benchmark Electronics, Inc. (a)

150,000

2,520

DDi Corp. (a)

23,328

94

Flextronics International Ltd. (a)

11,183,546

72,469

Merix Corp. (a)

629,225

1,000

SMTC Corp. (a)

343,580

309

TTM Technologies, Inc. (a)

923,631

9,393

Viasystems Group, Inc. (a)

213,790

641

Viasystems Group, Inc. (a)(j)

47,440

142

 

92,658

Internet Software & Services - 0.4%

DealerTrack Holdings, Inc. (a)

117,818

1,942

NetEase.com, Inc. sponsored ADR (a)

157,800

6,094

VeriSign, Inc. (a)

194,300

4,432

 

12,468

IT Services - 1.6%

Affiliated Computer Services, Inc. Class A (a)

20,000

1,042

Alliance Data Systems Corp. (a)(e)

666,173

36,626

CACI International, Inc. Class A (a)

152,000

7,238

Cognizant Technology Solutions Corp. Class A (a)

26,400

1,020

Global Cash Access Holdings, Inc. (a)

591,600

3,745

SAIC, Inc. (a)

285,600

5,058

 

54,729

Semiconductors & Semiconductor Equipment - 3.8%

Amkor Technology, Inc. (a)

3,808,719

20,986

Cypress Semiconductor Corp. (a)

541,200

4,562

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Fairchild Semiconductor International, Inc. (a)

451,500

$ 3,377

Intel Corp.

638,700

12,206

Micron Technology, Inc. (a)

1,354,800

9,199

ON Semiconductor Corp. (a)

12,128,560

81,140

 

131,470

Software - 0.2%

Autodesk, Inc. (a)

236,100

5,886

VMware, Inc. Class A (a)

10,700

411

 

6,297

TOTAL INFORMATION TECHNOLOGY

321,683

MATERIALS - 11.5%

Chemicals - 7.3%

Albemarle Corp.

932,494

29,448

Arch Chemicals, Inc.

317,658

8,796

Ashland, Inc.

27,901

964

Celanese Corp. Class A

3,821,230

104,893

Dow Chemical Co.

717,706

16,852

FMC Corp.

146,500

7,486

Georgia Gulf Corp. (a)

137,350

1,974

H.B. Fuller Co.

1,270,664

24,282

Nalco Holding Co.

1,108,800

23,451

Phosphate Holdings, Inc. (a)(j)

192,500

1,540

Pliant Corp. (a)

119

0

Solutia, Inc. (a)

365,200

4,017

Texas Petrochemicals, Inc. (a)

93,624

515

W.R. Grace & Co. (a)

1,278,441

27,985

 

252,203

Containers & Packaging - 0.8%

Owens-Illinois, Inc. (a)

347,100

11,066

Packaging Corp. of America

22,170

405

Rock-Tenn Co. Class A

333,398

14,603

Sealed Air Corp.

22,800

438

Temple-Inland, Inc.

85,950

1,328

 

27,840

Metals & Mining - 3.1%

AngloGold Ashanti Ltd. sponsored ADR

205,300

7,707

Cliffs Natural Resources, Inc.

83,673

2,976

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Compass Minerals International, Inc.

211,300

$ 13,168

Freeport-McMoRan Copper & Gold, Inc.

886,748

65,052

Ormet Corp. (a)

500,000

595

Ormet Corp. (a)(j)

150,000

179

Reliance Steel & Aluminum Co.

150,065

5,474

Teck Resources Ltd. Class B (sub. vtg.) (a)

341,500

9,906

 

105,057

Paper & Forest Products - 0.3%

Domtar Corp. (a)(e)

212,133

8,886

Neenah Paper, Inc.

231,700

2,398

 

11,284

TOTAL MATERIALS

396,384

TELECOMMUNICATION SERVICES - 3.4%

Diversified Telecommunication Services - 0.8%

Level 3 Communications, Inc. (a)

2,771,132

3,270

PAETEC Holding Corp. (a)

1,965,903

6,370

Qwest Communications International, Inc. (e)

3,736,700

13,415

tw telecom, inc. (a)

272,503

3,434

Windstream Corp.

43,477

419

 

26,908

Wireless Telecommunication Services - 2.6%

Centennial Communications Corp. Class A (a)

498,868

4,220

Crown Castle International Corp. (a)

1,221,980

36,928

Rogers Communications, Inc. Class B (non-vtg.)

141,176

4,139

Sprint Nextel Corp. (a)

4,653,313

13,774

Syniverse Holdings, Inc. (a)

1,755,562

30,073

 

89,134

TOTAL TELECOMMUNICATION SERVICES

116,042

UTILITIES - 4.9%

Electric Utilities - 0.0%

Allegheny Energy, Inc.

65,600

1,497

Great Plains Energy, Inc.

7,549

131

 

1,628

Gas Utilities - 0.1%

ONEOK, Inc.

103,100

3,733

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Independent Power Producers & Energy Traders - 4.2%

AES Corp.

8,905,279

$ 116,394

Calpine Corp. (a)

1,636,000

18,389

NRG Energy, Inc. (a)

375,472

8,632

 

143,415

Multi-Utilities - 0.6%

CMS Energy Corp.

1,632,100

21,707

TOTAL UTILITIES

170,483

TOTAL COMMON STOCKS

(Cost $3,572,819)

3,083,062

Preferred Stocks - 0.4%

 

 

 

 

Convertible Preferred Stocks - 0.2%

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

El Paso Corp. 4.99%

8,800

7,690

Nonconvertible Preferred Stocks - 0.2%

CONSUMER STAPLES - 0.2%

Personal Products - 0.2%

Revlon, Inc. Series A 12.75% (a)

1,007,783

5,885

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Preferred Blocker, Inc. 7.00% (g)

611

367

TOTAL NONCONVERTIBLE PREFERRED STOCKS

6,252

TOTAL PREFERRED STOCKS

(Cost $19,868)

13,942

Nonconvertible Bonds - 4.1%

 

Principal Amount (000s)

 

CONSUMER DISCRETIONARY - 1.4%

Automobiles - 0.4%

General Motors Corp.:

6.75% 5/1/28 (c)

$ 2,515

352

Nonconvertible Bonds - continued

 

Principal Amount (000s)

Value (000s)

CONSUMER DISCRETIONARY - continued

Automobiles - continued

General Motors Corp.: - continued

7.125% 7/15/13 (c)

$ 6,805

$ 1,021

7.2% 1/15/11 (c)

18,790

2,631

8.25% 7/15/23 (c)

20,460

3,018

8.375% 7/15/33 (c)

32,130

4,820

8.8% 3/1/21 (c)

8,800

1,232

 

13,074

Hotels, Restaurants & Leisure - 0.9%

MGM Mirage, Inc.:

6.75% 9/1/12

1,280

1,088

7.5% 6/1/16

3,575

2,574

7.625% 1/15/17

9,125

6,889

8.375% 2/1/11

7,455

6,747

Six Flags Operations, Inc. 12.25% 7/15/16 (c)(g)

9,711

9,031

Station Casinos, Inc.:

6% 4/1/12 (c)

6,660

1,582

7.75% 8/15/16 (c)

7,395

1,701

 

29,612

Media - 0.1%

Umbrella Acquisition, Inc. 10.5% 3/15/15 pay-in-kind (d)(g)

4,631

3,527

TOTAL CONSUMER DISCRETIONARY

46,213

CONSUMER STAPLES - 0.0%

Food Products - 0.0%

Smithfield Foods, Inc. 7.75% 7/1/17

650

528

Personal Products - 0.0%

Revlon Consumer Products Corp. 9.5% 4/1/11

780

772

TOTAL CONSUMER STAPLES

1,300

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

El Paso Energy Corp.:

7.75% 1/15/32

7,015

6,568

7.8% 8/1/31

1,535

1,428

 

7,996

Nonconvertible Bonds - continued

 

Principal Amount (000s)

Value (000s)

FINANCIALS - 1.1%

Consumer Finance - 0.9%

GMAC LLC:

7.5% 12/31/13 (g)

$ 22,222

$ 20,555

8% 12/31/18 (g)

12,693

10,408

 

30,963

Diversified Financial Services - 0.2%

CIT Group, Inc.:

5% 2/13/14

2,250

1,456

5% 2/1/15

1,185

767

5.125% 9/30/14

6,340

4,105

 

6,328

TOTAL FINANCIALS

37,291

INDUSTRIALS - 0.1%

Airlines - 0.0%

Delta Air Lines, Inc. 8% 12/15/07 (a)(g)

530

5

Northwest Airlines Corp. 10% 2/1/09 (a)

215

2

Northwest Airlines, Inc. 9.875% 3/15/07 (a)

1,605

12

 

19

Building Products - 0.0%

Owens Corning 7% 12/1/36

837

702

Commercial Services & Supplies - 0.1%

Cenveo Corp. 7.875% 12/1/13

2,170

1,893

TOTAL INDUSTRIALS

2,614

INFORMATION TECHNOLOGY - 0.2%

Semiconductors & Semiconductor Equipment - 0.2%

Freescale Semiconductor, Inc.:

8.875% 12/15/14

3,150

2,552

10.125% 12/15/16

2,085

1,475

NXP BV:

7.875% 10/15/14

3,520

2,886

10% 7/15/13 (g)

1,234

1,209

 

8,122

Nonconvertible Bonds - continued

 

Principal Amount (000s)

Value (000s)

TELECOMMUNICATION SERVICES - 1.1%

Diversified Telecommunication Services - 0.5%

Sprint Capital Corp.:

6.875% 11/15/28

$ 11,895

$ 8,921

6.9% 5/1/19

8,400

7,308

 

16,229

Wireless Telecommunication Services - 0.6%

Nextel Communications, Inc. 7.375% 8/1/15

13,160

11,663

Sprint Nextel Corp. 6% 12/1/16

12,345

10,617

 

22,280

TOTAL TELECOMMUNICATION SERVICES

38,509

TOTAL NONCONVERTIBLE BONDS

(Cost $115,235)

142,045

Floating Rate Loans - 2.8%

 

CONSUMER DISCRETIONARY - 0.8%

Auto Components - 0.2%

Visteon Corp. term loan 4.426% 6/13/13 (c)(h)

8,540

7,302

Hotels, Restaurants & Leisure - 0.3%

OSI Restaurant Partners, Inc.:

Credit-Linked Deposit 2.5522% 6/14/13 (h)

741

615

term loan 2.5625% 6/14/14 (h)

8,704

7,224

Venetian Macau Ltd.:

Tranche B, term loan 5.79% 5/26/13 (h)

1,110

1,016

Tranche DD, term loan 5.79% 5/26/12 (h)

641

587

 

9,442

Media - 0.3%

Charter Communications Operating LLC Tranche B 1LN, term loan 6.25% 3/6/14 (h)

4,950

4,517

Univision Communications, Inc. Tranche 1LN, term loan 2.5325% 9/29/14 (h)

7,170

5,736

 

10,253

TOTAL CONSUMER DISCRETIONARY

26,997

Floating Rate Loans - continued

 

Principal Amount (000s)

Value (000s)

INDUSTRIALS - 0.6%

Airlines - 0.5%

Delta Air Lines, Inc.:

Tranche 1LN, Revolving Credit-Linked Deposit 2.2843% 4/30/12 (h)

$ 6,929

$ 6,202

Tranche 2LN, term loan 3.5344% 4/30/14 (h)

13,865

11,508

 

17,710

Industrial Conglomerates - 0.1%

Sequa Corp. term loan 3.881% 12/3/14 (h)

2,318

2,016

TOTAL INDUSTRIALS

19,726

INFORMATION TECHNOLOGY - 0.8%

Semiconductors & Semiconductor Equipment - 0.8%

Freescale Semiconductor, Inc. term loan 1.9963% 12/1/13 (h)

33,581

26,949

MATERIALS - 0.1%

Chemicals - 0.1%

Georgia Gulf Corp. term loan 10% 10/3/13 (h)

4,652

4,629

TELECOMMUNICATION SERVICES - 0.4%

Diversified Telecommunication Services - 0.4%

FairPoint Communications, Inc. Tranche B, term loan 5% 3/31/15 (h)

6,750

5,434

Level 3 Financing, Inc. term loan 2.53% 3/13/14 (h)

10,000

8,575

 

14,009

UTILITIES - 0.1%

Electric Utilities - 0.1%

Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B2, term loan 3.7446% 10/10/14 (h)

4,519

3,480

TOTAL FLOATING RATE LOANS

(Cost $82,551)

95,790

Money Market Funds - 7.0%

Shares

 

Fidelity Cash Central Fund, 0.20% (i)

115,554,926

115,555

Fidelity Securities Lending Cash Central Fund, 0.15% (b)(i)

126,202,709

126,203

TOTAL MONEY MARKET FUNDS

(Cost $241,758)

241,758

Other - 0.0%

Shares

Value (000s)

Other - 0.0%

Delta Air Lines ALPA Claim (a)
(Cost $234)

29,250,000

$ 146

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $4,032,465)

3,576,743

NET OTHER ASSETS - (3.7)%

(128,762)

NET ASSETS - 100%

$ 3,447,981

Legend

(a) Non-income producing

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

(c) Non-income producing - Issuer is in default.

(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(f) Affiliated company

(g) 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 $45,102,000 or 1.3% of net assets.

(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. 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.

(j) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,861,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Ormet Corp.

5/14/07

$ 3,263

Phosphate Holdings, Inc.

1/25/08

$ 6,256

Viasystems Group, Inc.

2/13/04

$ 955

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 Cash Central Fund

$ 121

Fidelity Securities Lending Cash Central Fund

114

Total

$ 235

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Service Corp. International

$ 80,710

$ 14,636

$ -

$ 551

$ 102,021

Total

$ 80,710

$ 14,636

$ -

$ 551

$ 102,021

Other Information

The following is a summary of the inputs used, as of October 31, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 378,825

$ 378,825

$ -

$ -

Consumer Staples

68,933

63,048

-

5,885

Energy

476,278

465,517

10,761

-

Financials

393,945

393,578

367

-

Health Care

243,049

243,049

-

-

Industrials

531,382

531,382

-

-

Information Technology

321,683

320,900

-

783

Materials

396,384

396,384

-

-

Telecommunication Services

116,042

116,042

-

-

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Utilities

$ 170,483

$ 170,483

$ -

$ -

Corporate Bonds

142,045

-

142,026

19

Floating Rate Loans

95,790

-

95,790

-

Money Market Funds

241,758

241,758

-

-

Other

146

-

146

-

Total Investments in Securities:

$ 3,576,743

$ 3,320,966

$ 249,090

$ 6,687

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

Investments in Securities:
(Amounts in thousands)

Beginning Balance

$ 762

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(6,581)

Cost of Purchases

13,037

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in/out of Level 3

(531)

Ending Balance

$ 6,687

The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009

$ (6,629)

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 October 31, 2009, the cost of investment securities for income tax purposes was $4,040,811,000. Net unrealized depreciation aggregated $464,068,000, of which $437,178,000 related to appreciated investment securities and $901,246,000 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. 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. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds and floating rate loans pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available 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.

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:

December 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:

December 30, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 30, 2009