FSMNX Fees and Costs — Fidelity SAI Municipal Income Fund
Data updated: 2026-08-24
The net expense ratio is 0.35%: a 0.33% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 10%.
FSMNX Fees and Expenses
Annual operating expenses and sales charges of FSMNX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.33% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.35% |
| Fee waiver | — |
| Net expense ratio | 0.35% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FSMNX Costs Over Time
On $10,000 invested in FSMNX, assuming 5% a year before costs, total costs come to $222 over 5 years, cutting the return by 0.37% 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 0.35%) | $37 | $115 | $202 |
| Lost growth on money paid in costs | $0 | $6 | $20 |
| Total costs | $37 | $121 | $222 |
| Value after costs | $10,463 | $11,455 | $12,541 |
| Impact on return, per year | 0.37% | 0.37% | 0.37% |
FSMNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.5B
- Portfolio turnover (prospectus): 10%
- Securities lending: none during the year
FSMNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $216.8M | 17.86% |
| JPMORGAN CHASE and CO | $204.6M | 16.86% |
| ROYAL BANK OF CANADA | $196.7M | 16.21% |
| MORGAN STANLEY | $160.5M | 13.23% |
| WELLS FARGO and CO | $125.8M | 10.37% |
| GOLDMAN SACHS GROUP INC (THE) | $103.8M | 8.56% |
| JEFFERIES FINANCIAL GROUP INC | $88.9M | 7.33% |
| SHANK WILLIAMS CISNEROS LLC | $42.6M | 3.51% |
| UBS GROUP AG | $38.1M | 3.14% |
| BARCLAYS PLC | $35.6M | 2.94% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.