FENCX Fees and Costs — Fidelity SAI Enhanced Municipal Income Fund
Data updated: 2026-09-11
The net expense ratio is 0.15%: a 0.20% management fee plus 0.05% other expenses, less a 0.10% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $25K in broker commissions, 0.0027% of average net assets, and portfolio turnover was 23%.
FENCX Fees and Expenses
Annual operating expenses and sales charges of FENCX. Prospectus, as of August 29, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.05% |
| Gross expense ratio | 0.25% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.15% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FENCX Costs Over Time
On $10,000 invested in FENCX, assuming 5% a year before costs, total costs come to $97 over 5 years, cutting the return by 0.16% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.15%) | $16 | $50 | $87 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $2 | $9 |
| Total costs | $16 | $53 | $97 |
| Value after costs | $10,484 | $11,523 | $12,666 |
| Impact on return, per year | 0.16% | 0.16% | 0.16% |
FENCX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0027%
- Total broker commissions: $25K
- Bought from dealers (principal trades, not a cost): $1.4B
- Portfolio turnover (prospectus): 23%
- Securities lending: none during the year
FENCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS GROUP INC (THE) | $5K | 20.59% |
| MORGAN STANLEY | $5K | 18.55% |
| CITIGROUP INC | $4K | 17.91% |
| JEFFERIES FINANCIAL GROUP INC | $4K | 14.88% |
| BANK OF AMERICA CORPORATION | $3K | 11.15% |
| JANE STREET GROUP LLC | $2K | 8.55% |
| BARCLAYS PLC | $1K | 4.98% |
| OLD MISSION GROUP LLC | $500 | 2.04% |
| JPMORGAN CHASE and CO | $201 | 0.82% |
| UBS GROUP AG | $132 | 0.54% |
FENCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $159.3M | 16.16% |
| BANK OF AMERICA CORPORATION | $131.6M | 13.36% |
| LONDON STOCK EXCHANGE GROUP PLC | $131.6M | 13.36% |
| JPMORGAN CHASE and CO | $122.2M | 12.41% |
| WELLS FARGO and CO | $98.5M | 9.99% |
| ROYAL BANK OF CANADA | $93.2M | 9.46% |
| GOLDMAN SACHS GROUP INC (THE) | $70.5M | 7.16% |
| THE TORONTO DOMINION BANK | $63.5M | 6.44% |
| INTERCONTINENTAL EXCHANGE INC | $59.0M | 5.99% |
| RAYMOND JAMES FINANCIAL INC. | $55.9M | 5.67% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.