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:

April 30, 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

April 30, 2009 

1.805758.105

ALSF-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.0%

Auto Components - 0.7%

Johnson Controls, Inc.

451,700

$ 8,587

Tenneco, Inc. (a)

353,300

1,081

The Goodyear Tire & Rubber Co. (a)

255,000

2,802

TRW Automotive Holdings Corp. (a)

352,900

3,042

WABCO Holdings, Inc.

193,300

3,091

 

18,603

Automobiles - 0.2%

Daimler AG

153,600

5,484

Diversified Consumer Services - 2.7%

Brinks Home Security Holdings, Inc. (a)

272,100

7,232

Carriage Services, Inc. Class A (a)

36,900

97

Service Corp. International (f)

12,770,599

57,851

Stewart Enterprises, Inc. Class A

1,163,232

4,060

 

69,240

Hotels, Restaurants & Leisure - 1.8%

Bally Technologies, Inc. (a)

232,240

6,080

Domino's Pizza, Inc. (a)

450,300

4,251

Las Vegas Sands Corp. (a)(e)

2,268,683

17,741

Penn National Gaming, Inc. (a)

420,164

14,294

The Steak n Shake Co. (a)

253,100

2,926

 

45,292

Household Durables - 1.4%

Black & Decker Corp.

168,800

6,803

Lennar Corp. Class A

516,600

5,032

Newell Rubbermaid, Inc.

2,316,600

24,208

 

36,043

Leisure Equipment & Products - 0.1%

Callaway Golf Co.

455,273

3,437

Media - 2.1%

Cablevision Systems Corp. - NY Group Class A

438,976

7,533

Cinemark Holdings, Inc.

726,803

6,469

Comcast Corp. Class A

2,286,600

35,351

Gray Television, Inc.

1,348,792

917

Liberty Global, Inc. Class A (a)

263,846

4,351

LodgeNet Entertainment Corp. (a)

11,800

48

Nexstar Broadcasting Group, Inc. Class A (a)

819,700

639

Regal Entertainment Group Class A

100

1

 

55,309

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - 0.4%

Gap, Inc.

87,400

$ 1,358

Sally Beauty Holdings, Inc. (a)

1,303,600

9,647

 

11,005

Textiles, Apparel & Luxury Goods - 0.6%

Coach, Inc.

369,980

9,065

Hanesbrands, Inc. (a)

454,600

7,483

 

16,548

TOTAL CONSUMER DISCRETIONARY

260,961

CONSUMER STAPLES - 1.7%

Food & Staples Retailing - 0.4%

Kroger Co.

286,100

6,185

Safeway, Inc.

255,400

5,044

 

11,229

Food Products - 1.1%

Corn Products International, Inc.

227,904

5,447

Darling International, Inc. (a)

1,701,070

9,730

Dean Foods Co. (a)

448,700

9,288

Kellogg Co.

15,100

636

Smithfield Foods, Inc. (a)

225,294

1,947

 

27,048

Personal Products - 0.2%

Revlon, Inc. (a)

1,007,783

4,777

TOTAL CONSUMER STAPLES

43,054

ENERGY - 15.3%

Energy Equipment & Services - 2.5%

Exterran Holdings, Inc. (a)

1,210,523

24,997

Hercules Offshore, Inc. (a)

1,211,441

3,877

Noble Corp.

388,700

10,623

Oil States International, Inc. (a)

103,500

1,956

Parker Drilling Co. (a)

944,929

2,608

Precision Drilling Trust

1,029,149

4,890

Pride International, Inc. (a)

237,900

5,400

Rowan Companies, Inc.

108,000

1,686

Schoeller-Bleckmann Oilfield Equipment AG

256,600

7,967

 

64,004

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - 12.8%

Alpha Natural Resources, Inc. (a)

1,484,559

$ 30,404

Arch Coal, Inc.

311,745

4,355

CONSOL Energy, Inc.

269,500

8,430

El Paso Corp.

10,102,636

69,708

Forest Oil Corp. (a)

2,196,257

35,140

Frontier Oil Corp.

1,441,000

18,315

General Maritime Corp.

1,982,664

19,688

Mariner Energy, Inc. (a)

1,385,276

15,764

Nexen, Inc.

150,800

2,871

Occidental Petroleum Corp.

171,056

9,629

Overseas Shipholding Group, Inc.

1,002,318

28,777

Paladin Energy Ltd. (a)

849,100

2,846

Peabody Energy Corp.

2,386,192

62,972

Plains Exploration & Production Co. (a)

239,496

4,519

Southwestern Energy Co. (a)

200,000

7,172

Teekay Corp.

395,804

5,715

Teekay Tankers Ltd.

37,700

455

Western Refining, Inc. (e)

537,542

6,768

 

333,528

TOTAL ENERGY

397,532

FINANCIALS - 7.1%

Commercial Banks - 4.9%

Huntington Bancshares, Inc.

1,788,800

4,991

KeyCorp

7,063,232

43,439

PNC Financial Services Group, Inc.

1,220,161

48,440

Wells Fargo & Co.

1,523,912

30,493

 

127,363

Diversified Financial Services - 1.7%

Bank of America Corp.

4,557,200

40,696

CIT Group, Inc. (e)

221,300

491

JPMorgan Chase & Co.

90,100

2,973

 

44,160

Insurance - 0.5%

Assured Guaranty Ltd.

1,203,600

11,627

Real Estate Management & Development - 0.0%

Forestar Group, Inc. (a)

27,800

358

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.0%

Washington Mutual, Inc.

3,524,314

$ 388

TOTAL FINANCIALS

183,896

HEALTH CARE - 5.9%

Biotechnology - 0.0%

Lexicon Pharmaceuticals, Inc. (a)

122,038

134

Health Care Equipment & Supplies - 1.5%

Baxter International, Inc.

127,100

6,164

Beckman Coulter, Inc.

155,900

8,194

Covidien Ltd.

286,325

9,443

Hospira, Inc. (a)

162,700

5,348

Inverness Medical Innovations, Inc. (a)

343,292

11,085

 

40,234

Health Care Providers & Services - 3.5%

Community Health Systems, Inc. (a)

500,524

11,432

DaVita, Inc. (a)

325,453

15,091

Rural/Metro Corp. (a)

343,733

464

Sun Healthcare Group, Inc. (a)

794,946

6,733

Tenet Healthcare Corp. (a)

20,583,847

46,314

VCA Antech, Inc. (a)

454,800

11,379

 

91,413

Health Care Technology - 0.7%

Cerner Corp. (a)(e)

319,295

17,178

Pharmaceuticals - 0.2%

Allergan, Inc.

90,300

4,213

TOTAL HEALTH CARE

153,172

INDUSTRIALS - 14.9%

Aerospace & Defense - 0.5%

American Science & Engineering, Inc.

69,305

4,176

Teledyne Technologies, Inc. (a)

280,200

8,947

 

13,123

Air Freight & Logistics - 0.0%

Park-Ohio Holdings Corp. (a)

62,626

291

Airlines - 1.2%

AirTran Holdings, Inc. (a)

138,500

963

AMR Corp. (a)

288,770

1,375

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Airlines - continued

Delta Air Lines, Inc. (a)

4,599,805

$ 28,381

UAL Corp. (a)

200,000

984

 

31,703

Building Products - 3.3%

Armstrong World Industries, Inc.

47,390

862

Masco Corp.

2,211,221

19,591

Owens Corning (a)(e)

3,628,773

64,955

Owens Corning warrants 10/31/13 (a)

193,400

338

 

85,746

Commercial Services & Supplies - 3.9%

Cenveo, Inc. (a)

2,186,400

10,320

Clean Harbors, Inc. (a)

209,300

10,486

Deluxe Corp.

1,197,696

17,367

R.R. Donnelley & Sons Co.

363,600

4,236

Republic Services, Inc.

1,758,150

36,921

The Brink's Co.

272,100

7,714

Waste Management, Inc.

491,500

13,108

 

100,152

Construction & Engineering - 0.0%

Great Lakes Dredge & Dock Corp.

206,300

817

Electrical Equipment - 1.8%

Acuity Brands, Inc.

200,000

5,748

Baldor Electric Co.

187,400

4,348

Belden, Inc.

856,834

13,812

EnerSys (a)

558,502

9,522

General Cable Corp. (a)(e)

225,900

6,131

JA Solar Holdings Co. Ltd. ADR (a)

660,500

2,318

Sunpower Corp. Class B (a)

148,436

3,764

 

45,643

Industrial Conglomerates - 0.4%

General Electric Co.

896,117

11,336

Machinery - 2.6%

Accuride Corp. (a)

626,829

232

Badger Meter, Inc.

188,046

7,326

Cummins, Inc.

718,000

24,412

Dynamic Materials Corp. (e)

137,838

2,211

Ingersoll-Rand Co. Ltd. Class A

283,877

6,180

John Bean Technologies Corp.

17,150

189

Lindsay Corp. (e)

11,000

428

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Middleby Corp. (a)(e)

548,521

$ 24,009

Navistar International Corp. (a)

29,100

1,100

SPX Corp.

19,800

914

Terex Corp. (a)

35,600

491

Thermadyne Holdings Corp. (a)

5,100

16

Timken Co.

7,200

116

 

67,624

Marine - 0.9%

Diana Shipping, Inc.

222,100

3,487

Genco Shipping & Trading Ltd. (e)

660,186

12,610

Navios Maritime Holdings, Inc.

1,788,039

7,385

OceanFreight, Inc.

335,400

426

 

23,908

Trading Companies & Distributors - 0.2%

H&E Equipment Services, Inc. (a)

3,100

23

Houston Wire & Cable Co. (e)

440,405

4,246

 

4,269

Transportation Infrastructure - 0.1%

Aegean Marine Petroleum Network, Inc.

95,400

1,445

TOTAL INDUSTRIALS

386,057

INFORMATION TECHNOLOGY - 9.7%

Communications Equipment - 0.1%

Alcatel-Lucent SA sponsored ADR (a)

152,314

381

Motorola, Inc.

511,300

2,827

 

3,208

Computers & Peripherals - 0.6%

EMC Corp. (a)

1,160,700

14,544

Electronic Equipment & Components - 2.5%

Avnet, Inc. (a)

201,400

4,409

Bell Microproducts, Inc. (a)

376,239

297

Benchmark Electronics, Inc. (a)

150,000

1,820

Cogent, Inc. (a)

891,083

10,105

DDi Corp. (a)

23,328

79

Flextronics International Ltd. (a)

10,667,146

41,389

Merix Corp. (a)

446,225

277

SMTC Corp. (a)

343,580

203

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - continued

TTM Technologies, Inc. (a)

923,631

$ 6,853

Viasystems Group, Inc. (a)

213,790

428

Viasystems Group, Inc. (a)(i)

47,440

95

 

65,955

Internet Software & Services - 0.4%

DealerTrack Holdings, Inc. (a)

117,818

1,788

NetEase.com, Inc. sponsored ADR (a)

157,800

4,762

VeriSign, Inc. (a)

194,300

3,999

 

10,549

IT Services - 2.0%

Affiliated Computer Services, Inc. Class A (a)

20,000

968

Alliance Data Systems Corp. (a)(e)

818,100

34,254

CACI International, Inc. Class A (a)

152,000

6,012

Cognizant Technology Solutions Corp. Class A (a)

26,400

654

Global Cash Access Holdings, Inc. (a)

591,600

3,591

SAIC, Inc. (a)

326,600

5,911

 

51,390

Semiconductors & Semiconductor Equipment - 3.9%

Amkor Technology, Inc. (a)

3,721,719

16,041

Cypress Semiconductor Corp. (a)

541,200

4,292

Intel Corp.

638,700

10,079

Micron Technology, Inc. (a)

1,354,800

6,611

ON Semiconductor Corp. (a)

12,128,560

65,737

 

102,760

Software - 0.2%

Autodesk, Inc. (a)

236,100

4,708

VMware, Inc. Class A (a)

10,700

279

 

4,987

TOTAL INFORMATION TECHNOLOGY

253,393

MATERIALS - 14.1%

Chemicals - 7.0%

Albemarle Corp.

932,494

25,009

Arch Chemicals, Inc.

317,658

7,681

Ashland, Inc.

27,901

613

Celanese Corp. Class A

4,397,730

91,649

FMC Corp.

39,900

1,944

Georgia Gulf Corp.

447,285

492

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

H.B. Fuller Co.

1,270,664

$ 22,440

Nalco Holding Co.

1,108,800

18,096

Phosphate Holdings, Inc. (a)(i)

192,500

1,348

Pliant Corp. (a)

119

0 *

Solutia, Inc. (a)

349,900

1,316

Texas Petrochemicals, Inc. (a)

93,624

281

W.R. Grace & Co. (a)

1,278,441

11,289

 

182,158

Containers & Packaging - 0.9%

Owens-Illinois, Inc. (a)

347,100

8,466

Packaging Corp. of America

22,170

352

Rock-Tenn Co. Class A

333,398

12,589

Sealed Air Corp.

22,800

435

Temple-Inland, Inc.

85,950

1,026

 

22,868

Metals & Mining - 6.1%

Cliffs Natural Resources, Inc.

83,673

1,929

Freeport-McMoRan Copper & Gold, Inc. Class B

3,460,769

147,599

Ormet Corp. (a)

500,000

100

Ormet Corp. (a)(i)

150,000

27

Reliance Steel & Aluminum Co.

150,065

5,287

United States Steel Corp. (e)

120,000

3,186

 

158,128

Paper & Forest Products - 0.1%

Domtar Corp. (a)

1,202,800

2,189

Neenah Paper, Inc.

231,700

1,161

 

3,350

TOTAL MATERIALS

366,504

TELECOMMUNICATION SERVICES - 3.9%

Diversified Telecommunication Services - 0.9%

Level 3 Communications, Inc. (a)

2,771,132

3,104

PAETEC Holding Corp. (a)

1,965,903

6,035

Qwest Communications International, Inc. (e)

3,736,700

14,536

Windstream Corp.

43,477

361

 

24,036

Wireless Telecommunication Services - 3.0%

Centennial Communications Corp. Class A (a)

498,868

4,126

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

Crown Castle International Corp. (a)

1,221,980

$ 29,963

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

141,176

3,469

Sprint Nextel Corp. (a)

3,769,213

16,434

Syniverse Holdings, Inc. (a)

1,855,562

23,380

 

77,372

TOTAL TELECOMMUNICATION SERVICES

101,408

UTILITIES - 4.0%

Electric Utilities - 0.1%

Allegheny Energy, Inc.

65,600

1,700

Great Plains Energy, Inc.

7,549

109

 

1,809

Gas Utilities - 0.1%

ONEOK, Inc.

103,100

2,698

Independent Power Producers & Energy Traders - 3.1%

AES Corp. (a)

8,824,779

62,391

Calpine Corp. (a)

1,459,700

11,838

Dynegy, Inc. Class A (a)

648,600

1,155

Mirant Corp. (a)

320,300

4,077

 

79,461

Multi-Utilities - 0.7%

CMS Energy Corp.

1,632,100

19,618

TOTAL UTILITIES

103,586

TOTAL COMMON STOCKS

(Cost $3,515,248)

2,249,563

Preferred Stocks - 0.2%

 

 

 

 

Convertible Preferred Stocks - 0.2%

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

El Paso Corp. 4.99%

8,800

5,491

Preferred Stocks - continued

Shares

Value (000s)

Convertible Preferred Stocks - continued

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

CIT Group, Inc. Series C, 8.75%

41,100

$ 626

TOTAL CONVERTIBLE PREFERRED STOCKS

6,117

Nonconvertible Preferred Stocks - 0.0%

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Preferred Blocker, Inc. 7.00% (g)

611

183

TOTAL PREFERRED STOCKS

(Cost $8,886)

6,300

Nonconvertible Bonds - 6.7%

 

Principal Amount (000s)

 

CONSUMER DISCRETIONARY - 1.4%

Hotels, Restaurants & Leisure - 1.4%

MGM Mirage, Inc.:

6.625% 7/15/15

$ 2,515

1,402

6.75% 9/1/12

1,280

742

6.75% 4/1/13

1,070

610

7.5% 6/1/16

3,575

1,984

7.625% 1/15/17

9,125

5,064

8.375% 2/1/11

7,455

3,057

13% 11/15/13 (g)

8,080

7,474

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

14,626

10,238

Station Casinos, Inc.:

6% 4/1/12 (d)

6,660

2,331

7.75% 8/15/16 (d)

7,395

2,551

 

35,453

Specialty Retail - 0.0%

Sonic Automotive, Inc. 8.625% 8/15/13

2,010

874

TOTAL CONSUMER DISCRETIONARY

36,327

Nonconvertible Bonds - continued

 

Principal Amount (000s)

Value (000s)

CONSUMER STAPLES - 0.5%

Food Products - 0.3%

Smithfield Foods, Inc.:

7% 8/1/11

$ 10,600

$ 8,507

7.75% 7/1/17

650

419

 

8,926

Personal Products - 0.2%

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

6,255

4,941

TOTAL CONSUMER STAPLES

13,867

ENERGY - 1.7%

Oil, Gas & Consumable Fuels - 1.7%

Chesapeake Energy Corp.:

6.5% 8/15/17

4,415

3,797

6.625% 1/15/16

10,490

9,336

El Paso Energy Corp.:

7.75% 1/15/32

7,015

5,237

7.8% 8/1/31

1,535

1,167

Forest Oil Corp.:

7.25% 6/15/19

8,835

7,333

7.25% 6/15/19 (g)

1,265

1,031

Plains Exploration & Production Co. 7.75% 6/15/15

6,600

6,039

Range Resources Corp.:

7.25% 5/1/18

440

413

7.5% 10/1/17

5,285

5,126

SandRidge Energy, Inc. 8% 6/1/18 (g)

2,375

2,031

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

1,930

1,887

 

43,397

FINANCIALS - 1.1%

Consumer Finance - 1.1%

Ford Motor Credit Co. LLC 7% 10/1/13

18,000

13,414

GMAC LLC:

7.5% 12/31/13 (g)

14,207

9,661

8% 12/31/18 (g)

12,693

5,331

 

28,406

INDUSTRIALS - 0.1%

Airlines - 0.0%

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

530

5

Nonconvertible Bonds - continued

 

Principal Amount (000s)

Value (000s)

INDUSTRIALS - continued

Airlines - continued

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

515

Commercial Services & Supplies - 0.1%

Cenveo Corp. 7.875% 12/1/13

2,170

1,345

TOTAL INDUSTRIALS

1,879

INFORMATION TECHNOLOGY - 0.2%

Semiconductors & Semiconductor Equipment - 0.2%

Freescale Semiconductor, Inc.:

8.875% 12/15/14

3,150

1,055

10.125% 12/15/16

2,085

506

NXP BV:

7.875% 10/15/14

6,486

2,140

10% 7/15/13 (g)

1,234

864

 

4,565

MATERIALS - 0.1%

Chemicals - 0.1%

Chemtura Corp. 6.875% 6/1/16 (d)

4,450

2,136

Georgia Gulf Corp. 9.5% 10/15/14

2,780

605

 

2,741

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 0.6%

Sprint Capital Corp.:

6.875% 11/15/28

11,895

8,029

6.9% 5/1/19

8,400

6,972

 

15,001

Wireless Telecommunication Services - 0.8%

Digicel Group Ltd. 8.875% 1/15/15 (g)

1,520

1,102

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

13,160

9,393

Sprint Nextel Corp. 6% 12/1/16

12,345

10,246

 

20,741

TOTAL TELECOMMUNICATION SERVICES

35,742

Nonconvertible Bonds - continued

 

Principal Amount (000s)

Value (000s)

UTILITIES - 0.2%

Independent Power Producers & Energy Traders - 0.2%

AES Corp. 7.75% 10/15/15

$ 6,595

$ 6,034

TOTAL NONCONVERTIBLE BONDS

(Cost $169,433)

172,958

Floating Rate Loans - 3.9%

 

CONSUMER DISCRETIONARY - 1.1%

Auto Components - 0.1%

Visteon Corp. term loan 4.25% 6/13/13 (h)

8,540

1,836

Hotels, Restaurants & Leisure - 0.3%

OSI Restaurant Partners, Inc.:

Credit-Linked Deposit 3.57% 6/14/13 (h)

741

518

term loan 2.8125% 6/14/14 (h)

8,752

6,127

Venetian Macau Ltd. Tranche B, term loan:

2.68% 5/26/12 (h)

644

438

2.68% 5/26/13 (h)

1,116

759

 

7,842

Media - 0.7%

Charter Communications Operating LLC Tranche B 1LN, term loan 5.3107% 3/6/14 (h)

4,975

4,253

Univision Communications, Inc. Tranche 1LN, term loan 2.6775% 9/29/14 (h)

9,155

5,676

VNU, Inc. term loan 2.4694% 8/9/13 (h)

8,835

7,620

 

17,549

TOTAL CONSUMER DISCRETIONARY

27,227

CONSUMER STAPLES - 0.3%

Household Products - 0.0%

Huish Detergents, Inc. Tranche B 1LN, term loan 2.18% 4/26/14 (h)

1,318

1,186

Personal Products - 0.3%

Revlon Consumer Products Corp. term loan 4.9834% 1/15/12 (h)

8,731

7,596

TOTAL CONSUMER STAPLES

8,782

Floating Rate Loans - continued

 

Principal Amount (000s)

Value (000s)

INDUSTRIALS - 0.8%

Airlines - 0.5%

Delta Air Lines, Inc.:

Tranche 1LN, Revolving Credit-Linked Deposit 2.4854% 4/30/12 (h)

$ 6,929

$ 5,543

Tranche 2LN, term loan 3.7394% 4/30/14 (h)

13,954

7,396

 

12,939

Industrial Conglomerates - 0.1%

Sequa Corp. term loan 3.7391% 12/3/14 (h)

4,562

2,965

Machinery - 0.1%

Oshkosh Co. Tranche B, term loan 7.2431% 12/6/13 (h)

1,867

1,531

Trading Companies & Distributors - 0.1%

VWR Funding, Inc. term loan 2.9275% 6/29/14 (h)

3,680

2,962

TOTAL INDUSTRIALS

20,397

INFORMATION TECHNOLOGY - 1.2%

Electronic Equipment & Components - 0.4%

Flextronics International Ltd.:

Tranche B-A, term loan 3.1251% 10/1/14 (h)

6,956

5,565

Tranche B-A1, term loan 3.3813% 10/1/14 (h)

1,999

1,599

Texas Competitive Electric Holdings Co. LLC Tranche B2, term loan 3.969% 10/10/14 (h)

4,542

3,111

 

10,275

Semiconductors & Semiconductor Equipment - 0.8%

Freescale Semiconductor, Inc. term loan 2.2588% 12/1/13 (h)

33,755

20,084

TOTAL INFORMATION TECHNOLOGY

30,359

MATERIALS - 0.2%

Chemicals - 0.2%

Celanese Holding LLC term loan 2.9419% 4/2/14 (h)

2,985

2,627

Georgia Gulf Corp. term loan 8.911% 10/3/13 (h)

4,676

2,946

 

5,573

Floating Rate Loans - continued

 

Principal Amount (000s)

Value (000s)

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.3%

Level 3 Financing, Inc. term loan 3.1948% 3/13/14 (h)

$ 10,000

$ 7,925

TOTAL FLOATING RATE LOANS

(Cost $105,879)

100,263

Money Market Funds - 3.5%

Shares

 

Fidelity Cash Central Fund, 0.53% (b)

56,508,283

56,508

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)

34,813,725

34,814

TOTAL MONEY MARKET FUNDS

(Cost $91,322)

91,322

Other - 0.0%

 

 

 

 

Other - 0.0%

Delta Air Lines ALPA Claim (a)
(Cost $309)

29,250,000

146

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $3,891,077)

2,620,552

NET OTHER ASSETS - (0.9)%

(22,764)

NET ASSETS - 100%

$ 2,597,788

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) Non-income producing - Issuer 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 $39,807,000 or 1.5% 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 $1,470,000 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

* Amount represents less than $1,000

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

$ 2,051

Fidelity Securities Lending Cash Central Fund

985

Total

$ 3,036

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

Service Corp. International

$ 111,209

$ 11,482

$ -

$ 1,532

$ 57,851

Other Information

The following is a summary of the inputs used, as of April 30, 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
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 2,620,552

$ 2,332,368

$ 287,496

$ 688

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

(Amounts in thousands)

Investments in Securities

Beginning Balance

$ 660

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(2,308)

Cost of Purchases

-

Proceeds of Sales

(38)

Amortization/Accretion

-

Transfer in/out of Level 3

2,374

Ending Balance

$ 688

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 April 30, 2009, the aggregate cost of investment securities for income tax purposes was $3,899,376,000. Net unrealized depreciation aggregated $1,278,824,000, of which $168,953,000 related to appreciated investment securities and $1,447,777,000 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.

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 by independent pricing services or by dealers who make markets in such securities. Pricing services consider 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.

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:

June 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:

June 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 29, 2009