FSAWX Fees and Costs — Fidelity SAI Convertible Arbitrage Fund
Data updated: 2026-09-23
The net expense ratio is 1.46%: a 1.40% management fee plus 0.09% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $27K in broker commissions, 0.0040% of average net assets, and portfolio turnover was 363%.
FSAWX Fees and Expenses
Annual operating expenses and sales charges of FSAWX. Prospectus, as of April 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.09% |
| Gross expense ratio | 1.49% |
| Fee waiver | −0.03% |
| Net expense ratio | 1.46% |
| 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 |
FSAWX Costs Over Time
On $10,000 invested in FSAWX, assuming 5% a year before costs, total costs come to $907 over 5 years, cutting the return by 1.54% 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 1.46%) | $153 | $476 | $821 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $24 | $84 |
| Total costs | $154 | $501 | $907 |
| Value after costs | $10,346 | $11,075 | $11,856 |
| Impact on return, per year | 1.54% | 1.54% | 1.54% |
FSAWX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0040%
- Total broker commissions: $27K
- Bought from dealers (principal trades, not a cost): $3.9B
- Portfolio turnover (prospectus): 363%
- Securities lending: none during the year
FSAWX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $15K | 57.46% |
| BANK OF AMERICA CORPORATION | $4K | 13.32% |
| BARCLAYS PLC | $3K | 12.60% |
| UBS GROUP AG | $1K | 5.03% |
| MIZUHO FINANCIAL GROUP INC | $775 | 2.93% |
| PENSERRA SECURITIES LLC | $732 | 2.77% |
| GOLDMAN SACHS GROUP INC (THE) | $718 | 2.71% |
| JPMORGAN CHASE and CO | $536 | 2.03% |
| LOOP CAPITAL MARKETS, LLC | $255 | 0.96% |
| ROYAL BANK OF CANADA | $50 | 0.19% |
FSAWX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $527.1M | 17.21% |
| NOMURA HOLDINGS INC | $424.9M | 13.88% |
| JPMORGAN CHASE and CO | $354.3M | 11.57% |
| GOLDMAN SACHS GROUP INC (THE) | $341.0M | 11.14% |
| BANK OF AMERICA CORPORATION | $282.3M | 9.22% |
| BANK OF MONTREAL QUE | $247.0M | 8.07% |
| BARCLAYS PLC | $244.5M | 7.99% |
| DAIWA SECURITIES GROUP INC | $233.2M | 7.62% |
| CITIGROUP INC | $206.4M | 6.74% |
| WELLS FARGO and CO | $201.3M | 6.58% |
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.