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:

July 31

 

 

Date of reporting period:

October 31, 2010

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, 2010 

1.797936.106

ALSF-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 16.3%

Auto Components - 1.7%

Exide Technologies (a)

2,519,140

$ 14,838

Johnson Controls, Inc.

451,700

15,864

Tenneco, Inc. (a)

353,300

11,525

The Goodyear Tire & Rubber Co. (a)

255,000

2,606

TRW Automotive Holdings Corp. (a)

352,900

16,124

 

60,957

Automobiles - 0.3%

Daimler AG (United States) (a)

153,600

10,138

Diversified Consumer Services - 3.5%

Carriage Services, Inc. (a)

36,900

194

Service Corp. International (f)

14,661,501

121,389

Stewart Enterprises, Inc. Class A

1,163,232

6,468

 

128,051

Hotels, Restaurants & Leisure - 1.0%

Bally Technologies, Inc. (a)

165,440

5,969

Biglari Holdings, Inc. (a)

12,655

4,219

Domino's Pizza, Inc. (a)

538,309

7,989

O'Charleys, Inc. (a)

172,151

1,291

Penn National Gaming, Inc. (a)

420,164

13,975

Wendy's/Arby's Group, Inc.

453,200

2,085

 

35,528

Household Durables - 3.1%

Harman International Industries, Inc. (a)

1,045,394

35,073

Lennar Corp. Class A

516,600

7,496

Newell Rubbermaid, Inc.

2,699,800

47,651

Stanley Black & Decker, Inc.

330,497

20,481

 

110,701

Leisure Equipment & Products - 0.4%

Callaway Golf Co.

2,106,550

14,493

Media - 2.9%

Belo Corp. Series A (a)

136,200

789

Cablevision Systems Corp. - NY Group Class A

438,976

11,738

Cinemark Holdings, Inc.

926,803

16,265

Comcast Corp. Class A

2,583,700

53,173

Gray Television, Inc. (a)(e)

2,373,438

4,628

Liberty Global, Inc. Class A (a)(e)

263,846

9,971

LIN TV Corp. Class A (a)

671,815

2,795

LodgeNet Entertainment Corp. (a)

11,800

30

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

Nexstar Broadcasting Group, Inc. Class A (a)(f)

819,700

$ 4,640

Regal Entertainment Group Class A

100

1

 

104,030

Specialty Retail - 1.4%

Asbury Automotive Group, Inc. (a)

314,878

4,541

Charming Shoppes, Inc. (a)

3,254,039

11,357

GameStop Corp. Class A (a)

457,205

8,989

Sally Beauty Holdings, Inc. (a)

1,303,600

15,865

The Pep Boys - Manny, Moe & Jack

811,329

9,484

 

50,236

Textiles, Apparel & Luxury Goods - 2.0%

Coach, Inc.

262,180

13,109

Deckers Outdoor Corp. (a)

408,255

23,720

Hanesbrands, Inc. (a)

335,900

8,330

Phillips-Van Heusen Corp.

451,282

27,682

 

72,841

TOTAL CONSUMER DISCRETIONARY

586,975

CONSUMER STAPLES - 1.9%

Food & Staples Retailing - 0.9%

Safeway, Inc.

385,800

8,835

Whole Foods Market, Inc. (a)

589,533

23,434

 

32,269

Food Products - 0.8%

Darling International, Inc. (a)

1,701,070

17,028

Dean Foods Co. (a)

448,700

4,666

Smithfield Foods, Inc. (a)

457,894

7,670

 

29,364

Personal Products - 0.2%

Revlon, Inc. (a)

459,739

5,250

TOTAL CONSUMER STAPLES

66,883

ENERGY - 11.6%

Energy Equipment & Services - 1.9%

Baker Hughes, Inc.

182,000

8,432

Ensco International Ltd. ADR

90,000

4,171

Exterran Holdings, Inc. (a)(e)

943,555

23,749

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Noble Corp.

388,700

$ 13,422

Oil States International, Inc. (a)

103,500

5,291

Parker Drilling Co. (a)

944,929

3,997

Rowan Companies, Inc. (a)

108,000

3,553

Schlumberger Ltd.

90,600

6,332

 

68,947

Oil, Gas & Consumable Fuels - 9.7%

Alpha Natural Resources, Inc. (a)

298,810

13,497

Arch Coal, Inc.

311,745

7,666

ConocoPhillips

192,400

11,429

CONSOL Energy, Inc.

269,500

9,907

El Paso Corp.

8,076,936

107,100

Forest Oil Corp. (a)

1,194,491

36,707

Frontier Oil Corp.

1,441,000

19,093

International Coal Group, Inc. (a)(e)

1,134,600

6,376

Nexen, Inc.

150,800

3,209

Overseas Shipholding Group, Inc. (e)

809,218

27,052

Paladin Energy Ltd. (a)

849,100

3,410

Peabody Energy Corp.

1,624,286

85,925

Range Resources Corp.

227,800

8,517

Southwestern Energy Co. (a)

200,000

6,770

Teekay Tankers Ltd. (e)

37,700

448

 

347,106

TOTAL ENERGY

416,053

FINANCIALS - 10.0%

Commercial Banks - 7.4%

Huntington Bancshares, Inc.

9,144,520

51,849

KeyCorp

7,462,741

61,120

PNC Financial Services Group, Inc.

697,082

37,573

Regions Financial Corp.

1,676,805

10,564

SunTrust Banks, Inc.

2,009,600

50,280

Wells Fargo & Co.

2,053,812

53,563

 

264,949

Diversified Financial Services - 1.2%

Bank of America Corp.

3,291,451

37,654

Citigroup, Inc. (a)

1,361,600

5,678

 

43,332

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 0.7%

Assured Guaranty Ltd.

810,788

$ 15,446

Lincoln National Corp.

360,400

8,823

 

24,269

Real Estate Investment Trusts - 0.5%

FelCor Lodging Trust, Inc. (a)

900,948

5,541

Host Hotels & Resorts, Inc.

832,331

13,226

 

18,767

Real Estate Management & Development - 0.0%

Forestar Group, Inc. (a)

27,800

475

Thrifts & Mortgage Finance - 0.2%

First Niagara Financial Group, Inc.

705,856

8,364

TOTAL FINANCIALS

360,156

HEALTH CARE - 5.7%

Health Care Equipment & Supplies - 1.5%

Alere, Inc. (a)

343,292

10,144

Covidien PLC

286,325

11,416

Hospira, Inc. (a)

525,842

31,277

 

52,837

Health Care Providers & Services - 3.7%

Community Health Systems, Inc. (a)

506,424

15,233

DaVita, Inc. (a)

416,653

29,895

RehabCare Group, Inc. (a)

190,900

4,244

Rural/Metro Corp. (a)

343,733

2,963

Sun Healthcare Group, Inc. (a)

1,357,478

12,910

Tenet Healthcare Corp. (a)

15,515,871

67,649

 

132,894

Health Care Technology - 0.5%

Cerner Corp. (a)

230,291

20,226

TOTAL HEALTH CARE

205,957

INDUSTRIALS - 17.7%

Aerospace & Defense - 0.5%

American Science & Engineering, Inc.

69,305

5,707

Teledyne Technologies, Inc. (a)

280,200

11,648

 

17,355

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Airlines - 3.0%

AirTran Holdings, Inc. (a)

1,489,200

$ 11,020

AMR Corp. (a)

945,470

7,450

Delta Air Lines, Inc. (a)

4,488,114

62,340

United Continental Holdings, Inc. (a)

200,000

5,808

US Airways Group, Inc. (a)

1,683,000

19,843

 

106,461

Building Products - 3.3%

Armstrong World Industries, Inc. (a)

1,009,922

42,164

Masco Corp.

1,353,959

14,433

Owens Corning (a)

2,254,846

60,971

Owens Corning warrants 10/31/13 (a)

193,400

454

 

118,022

Commercial Services & Supplies - 3.5%

Cenveo, Inc. (a)

2,186,400

12,025

Clean Harbors, Inc. (a)

209,300

14,756

Deluxe Corp.

1,429,673

29,223

R.R. Donnelley & Sons Co.

363,600

6,708

Republic Services, Inc.

1,290,938

38,483

The Brink's Co.

389,160

9,184

Waste Management, Inc.

491,500

17,556

 

127,935

Construction & Engineering - 0.3%

Fluor Corp.

247,300

11,917

Electrical Equipment - 2.1%

Acuity Brands, Inc.

200,000

10,014

Baldor Electric Co.

187,400

7,875

Belden, Inc.

856,834

23,906

General Cable Corp. (a)

361,500

10,100

Harbin Electric, Inc. (a)(e)

451,631

9,737

Polypore International, Inc. (a)

451,600

15,025

 

76,657

Industrial Conglomerates - 1.0%

Carlisle Companies, Inc.

90,090

3,159

General Electric Co.

896,117

14,356

Textron, Inc.

449,800

9,365

Tyco International Ltd.

208,591

7,985

 

34,865

Machinery - 2.5%

Accuride Corp. (a)

25,982

32

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Accuride Corp. warrants 2/26/12 (a)

352,472

$ 32

Badger Meter, Inc. (e)

188,046

7,810

Ingersoll-Rand Co. Ltd.

882,377

34,686

Lindsay Corp. (e)

11,000

634

Middleby Corp. (a)

226,901

16,940

Mueller Water Products, Inc. Class A (e)

997,401

3,012

Navistar International Corp. (a)

29,100

1,402

SPX Corp.

19,800

1,328

Thermadyne Holdings Corp. (a)

5,100

77

Timken Co.

380,252

15,750

WABCO Holdings, Inc. (a)

193,300

8,973

 

90,676

Marine - 0.3%

Navios Maritime Holdings, Inc. (e)

1,788,039

10,710

Road & Rail - 1.0%

Avis Budget Group, Inc. (a)

680,470

7,900

CSX Corp.

90,600

5,567

Hertz Global Holdings, Inc. (a)(e)

2,124,200

24,046

 

37,513

Trading Companies & Distributors - 0.2%

Houston Wire & Cable Co. (e)

543,824

6,270

TOTAL INDUSTRIALS

638,381

INFORMATION TECHNOLOGY - 9.2%

Communications Equipment - 0.5%

Alcatel-Lucent SA sponsored ADR (a)

152,314

529

CommScope, Inc. (a)

381,346

12,073

Motorola, Inc. (a)

511,300

4,167

 

16,769

Computers & Peripherals - 0.7%

EMC Corp. (a)

1,160,700

24,386

Electronic Equipment & Components - 2.2%

Avnet, Inc. (a)

272,000

8,100

DDi Corp.

10,000

103

DDi Corp.

13,328

137

Flextronics International Ltd. (a)

7,703,563

55,158

SMTC Corp. (a)

343,580

1,312

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - continued

TTM Technologies, Inc. (a)

923,631

$ 9,680

Viasystems Group, Inc. (a)

192,266

3,028

 

77,518

Internet Software & Services - 0.4%

DealerTrack Holdings, Inc. (a)

117,818

2,276

NetEase.com, Inc. sponsored ADR (a)

157,800

6,596

VeriSign, Inc. (a)

194,300

6,752

 

15,624

IT Services - 0.8%

Alliance Data Systems Corp. (a)(e)

300,191

18,228

CACI International, Inc. Class A (a)

152,000

7,618

Cognizant Technology Solutions Corp. Class A (a)

26,400

1,721

 

27,567

Semiconductors & Semiconductor Equipment - 4.3%

Amkor Technology, Inc. (a)

3,808,719

27,461

Cypress Semiconductor Corp. (a)

541,200

7,631

Fairchild Semiconductor International, Inc. (a)

451,500

5,088

Intel Corp.

376,819

7,563

Micron Technology, Inc. (a)

1,446,400

11,962

ON Semiconductor Corp. (a)

12,628,560

96,861

 

156,566

Software - 0.3%

Autodesk, Inc. (a)

236,100

8,542

Nuance Communications, Inc. (a)

136,400

2,143

VMware, Inc. Class A (a)

10,700

818

 

11,503

TOTAL INFORMATION TECHNOLOGY

329,933

MATERIALS - 13.6%

Chemicals - 10.5%

Albemarle Corp.

799,608

40,084

Arch Chemicals, Inc.

317,658

11,280

Ashland, Inc.

27,901

1,441

Celanese Corp. Class A

3,024,895

107,838

Dow Chemical Co.

1,062,806

32,766

Ferro Corp. (a)

598,300

8,209

FMC Corp.

146,500

10,709

Georgia Gulf Corp. (a)

26,530

537

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

H.B. Fuller Co.

1,270,664

$ 26,227

LyondellBasell Industries NV:

Class A (a)

1,237,904

33,250

Class B (a)

1,095,912

29,469

Nalco Holding Co.

617,731

17,408

OMNOVA Solutions, Inc. (a)

337,722

2,695

Phosphate Holdings, Inc. (a)

192,500

1,617

Solutia, Inc. (a)

595,300

10,781

TPC Group, Inc. (a)

93,624

2,570

W.R. Grace & Co. (a)

1,327,541

42,561

 

379,442

Containers & Packaging - 0.8%

Owens-Illinois, Inc. (a)

347,100

9,729

Rock-Tenn Co. Class A

333,398

18,954

 

28,683

Metals & Mining - 1.8%

AngloGold Ashanti Ltd. sponsored ADR

437,500

20,611

Cliffs Natural Resources, Inc.

83,673

5,455

Compass Minerals International, Inc.

211,300

16,665

Ormet Corp. (a)

500,000

1,525

Ormet Corp. (a)(i)

150,000

458

Reliance Steel & Aluminum Co.

150,065

6,280

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

341,500

15,269

 

66,263

Paper & Forest Products - 0.5%

Domtar Corp.

168,833

13,399

Neenah Paper, Inc.

231,700

3,557

 

16,956

TOTAL MATERIALS

491,344

TELECOMMUNICATION SERVICES - 3.4%

Diversified Telecommunication Services - 1.2%

Level 3 Communications, Inc. (a)(e)

2,771,132

2,682

PAETEC Holding Corp. (a)

1,965,903

8,296

Qwest Communications International, Inc.

3,736,700

24,662

tw telecom, inc. (a)

272,503

5,014

Windstream Corp.

43,477

550

 

41,204

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 2.2%

Crown Castle International Corp. (a)

777,809

$ 33,539

Sprint Nextel Corp. (a)

4,653,313

19,172

Syniverse Holdings, Inc. (a)

892,162

27,202

 

79,913

TOTAL TELECOMMUNICATION SERVICES

121,117

UTILITIES - 3.7%

Electric Utilities - 0.0%

Allegheny Energy, Inc.

65,600

1,522

Great Plains Energy, Inc.

7,549

144

 

1,666

Independent Power Producers & Energy Traders - 3.7%

AES Corp. (a)

8,905,279

106,329

Calpine Corp. (a)

2,051,300

25,641

 

131,970

TOTAL UTILITIES

133,636

TOTAL COMMON STOCKS

(Cost $3,060,390)

3,350,435

Preferred Stocks - 0.4%

 

 

 

 

Convertible Preferred Stocks - 0.3%

ENERGY - 0.3%

Oil, Gas & Consumable Fuels - 0.3%

El Paso Corp. 4.99%

8,800

10,358

Nonconvertible Preferred Stocks - 0.1%

CONSUMER STAPLES - 0.1%

Personal Products - 0.1%

Revlon, Inc. Series A 12.75%

1,007,783

5,765

TOTAL PREFERRED STOCKS

(Cost $19,672)

16,123

Nonconvertible Bonds - 1.3%

 

Principal Amount (000s)

Value (000s)

CONSUMER DISCRETIONARY - 1.3%

Automobiles - 1.0%

General Motors Corp.:

6.75% 5/1/28 (d)

$ 2,515

$ 843

7.125% 7/15/13 (d)

6,805

2,382

7.2% 1/15/11 (d)

18,790

6,248

8.25% 7/15/23 (d)

20,460

7,161

8.375% 7/15/33 (d)

41,210

14,836

8.8% 3/1/21 (d)

8,800

3,014

 

34,484

Hotels, Restaurants & Leisure - 0.3%

MGM Mirage, Inc.:

6.75% 9/1/12

1,280

1,254

7.5% 6/1/16

3,575

3,173

7.625% 1/15/17

9,125

8,076

Station Casinos, Inc.:

6% 4/1/12 (d)

6,660

1

7.75% 8/15/16 (d)

7,395

1

 

12,505

TOTAL CONSUMER DISCRETIONARY

46,989

INDUSTRIALS - 0.0%

Airlines - 0.0%

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

530

0

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

215

0

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

1,605

0

TOTAL NONCONVERTIBLE BONDS

(Cost $30,662)

46,989

Floating Rate Loans - 1.6%

 

CONSUMER DISCRETIONARY - 0.2%

Media - 0.2%

Univision Communications, Inc. term loan 4.5063% 3/31/17 (h)

6,328

6,012

Floating Rate Loans - continued

 

Principal Amount (000s)

Value (000s)

INDUSTRIALS - 0.6%

Airlines - 0.6%

Delta Air Lines, Inc.:

Tranche 1LN, Revolving Credit-Linked Deposit 2.2842% 4/30/12 (h)

$ 6,859

$ 6,773

Tranche 2LN, term loan 3.5391% 4/30/14 (h)

7,038

6,827

US Airways Group, Inc. term loan 2.7884% 3/23/14 (h)

9,060

8,154

 

21,754

INFORMATION TECHNOLOGY - 0.7%

Semiconductors & Semiconductor Equipment - 0.7%

Freescale Semiconductor, Inc. term loan 4.5063% 12/1/16 (h)

26,821

25,346

UTILITIES - 0.1%

Electric Utilities - 0.1%

Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B2, term loan 3.9226% 10/10/14 (h)

4,473

3,483

TOTAL FLOATING RATE LOANS

(Cost $51,701)

56,595

Other - 0.0%

Shares

 

Other - 0.0%

Delta Air Lines ALPA Claim (a)
(Cost $348)

29,250,000

622

Money Market Funds - 4.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.23% (b)

106,478,504

$ 106,479

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)

48,333,050

48,333

TOTAL MONEY MARKET FUNDS

(Cost $154,812)

154,812

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $3,317,585)

3,625,576

NET OTHER ASSETS (LIABILITIES) - (0.7)%

(26,526)

NET ASSETS - 100%

$ 3,599,050

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(d) Non-income producing - Security is in default.

(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 $0 or 0.0% of net assets.

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

(i) 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 $458,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Ormet Corp.

5/14/07

$ 3,263

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

$ 25

Fidelity Securities Lending Cash Central Fund

155

Total

$ 180

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:

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Nexstar Broadcasting Group, Inc. Class A

$ 4,426

$ -

$ -

$ -

$ 4,640

Service Corp. International

124,916

-

-

586

121,389

Total

$ 129,342

$ -

$ -

$ 586

$ 126,029

Other Information

The following is a summary of the inputs used, as of October 31, 2010, involving the Fund's assets and liabilities carried at fair 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

$ 586,975

$ 586,975

$ -

$ -

Consumer Staples

72,648

66,883

-

5,765

Energy

426,411

416,053

10,358

-

Financials

360,156

360,156

-

-

Health Care

205,957

205,957

-

-

Industrials

638,381

638,381

-

-

Information Technology

329,933

329,933

-

-

Materials

491,344

491,344

-

-

Telecommunication Services

121,117

121,117

-

-

Utilities

133,636

133,636

-

-

Corporate Bonds

46,989

-

46,989

-

Floating Rate Loans

56,595

-

56,595

-

Other

622

-

622

-

Money Market Funds

154,812

154,812

-

-

Total Investments in Securities:

$ 3,625,576

$ 3,505,247

$ 114,564

$ 5,765

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 6,284

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

74

Cost of Purchases

-

Proceeds of Sales

(8)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

(585)

Ending Balance

$ 5,765

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010

$ 73

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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $3,322,775,000. Net unrealized appreciation aggregated $302,801,000, of which $758,483,000 related to appreciated investment securities and $455,682,000 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. 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. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category 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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and floating rate loans, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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, 2010

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, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 30, 2010