FMSAX Fees and Costs — Fidelity Advisor Mortgage Securities Fund, Class M
Data updated: 2026-07-24
The net expense ratio is 0.81%: a 0.28% management fee, a 0.25% 12b-1 fee plus 0.28% other expenses. This share class carries a maximum front-end sales load of 4.00%. In fiscal 2025 the fund paid $19K in broker commissions, 0.0032% of average net assets, and portfolio turnover was 652%.
FMSAX Fees and Expenses
Annual operating expenses and sales charges of FMSAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.28% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.28% |
| Gross expense ratio | 0.81% |
| Fee waiver | — |
| Net expense ratio | 0.81% |
| Sales charges | |
|---|---|
| Max front load | 4.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FMSAX Costs Over Time
On $10,000 invested in FMSAX, assuming 5% a year before costs, total costs come to $1,001 over 5 years, cutting the return by 1.70% 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 |
| Sales charges | $400 | $400 | $400 |
| Fund expenses (net expense ratio 0.81%) | $82 | $255 | $444 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $20 | $76 | $155 |
| Total costs | $502 | $732 | $1,001 |
| Value after costs | $9,998 | $10,844 | $11,762 |
| Impact on return, per year | 5.02% | 2.26% | 1.70% |
FMSAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0032%
- Total broker commissions: $19K
- Bought from dealers (principal trades, not a cost): $10.0B
- Portfolio turnover (prospectus): 652%
- Securities on loan, average value: $65K
- Net income from securities lending: $1K (0.000% of average net assets)
FMSAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $19K | 95.50% |
| JPMORGAN CHASE and CO | $732 | 3.77% |
| GOLDMAN SACHS GROUP INC (THE) | $142 | 0.73% |
FMSAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS GROUP INC (THE) | $2.5B | 24.81% |
| MORGAN STANLEY | $1.7B | 17.66% |
| BARCLAYS PLC | $1.4B | 14.19% |
| JPMORGAN CHASE and CO | $1.2B | 12.48% |
| BANK OF AMERICA CORPORATION | $1.1B | 10.89% |
| CITIGROUP INC | $853.0M | 8.61% |
| WELLS FARGO and CO | $506.7M | 5.11% |
| MIZUHO FINANCIAL GROUP INC | $371.2M | 3.75% |
| BNP PARIBAS | $225.6M | 2.28% |
| BANCO SANTANDER SA | $22.2M | 0.22% |
Fidelity Advisor Mortgage Securities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FIKUX | Class Z | 0.36% | none |
| FMSFX | Fidelity Mortgage Securities Fund | 0.45% | — |
| FMSCX | Class I | 0.60% | none |
| FMGAX | Class A | 0.81% | 4.00% |
| FMSAX | Class M | 0.81% | 4.00% |
| FOMCX | Class C | 1.60% | none |
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.