FBFZX Fees and Costs — Franklin Managed Income Fund, Advisor Class
Data updated: 2026-09-25
The net expense ratio is 0.66%: a 0.55% management fee plus 0.11% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $372K in broker commissions, 0.0111% of average net assets, and portfolio turnover was 42%.
FBFZX Fees and Expenses
Annual operating expenses and sales charges of FBFZX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.11% |
| Gross expense ratio | 0.66% |
| Fee waiver | — |
| Net expense ratio | 0.66% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
FBFZX Costs Over Time
On $10,000 invested in FBFZX, assuming 5% a year before costs, total costs come to $423 over 5 years, cutting the return by 0.70% 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 |
| Fund expenses (net expense ratio 0.66%) | $69 | $217 | $378 |
| Trading costs (broker commissions) | $1 | $4 | $6 |
| Lost growth on money paid in costs | $0 | $11 | $39 |
| Total costs | $70 | $232 | $423 |
| Value after costs | $10,430 | $11,345 | $12,340 |
| Impact on return, per year | 0.70% | 0.70% | 0.70% |
FBFZX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0111%
- Total broker commissions: $372K
- Bought from dealers (principal trades, not a cost): $3.8B
- Portfolio turnover (prospectus): 42%
- Securities on loan, average value: $4.1M
- Net income from securities lending: $40K (0.001% of average net assets)
FBFZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $61K | 21.45% |
| Morgan Stanley & Co. LLC | $35K | 12.29% |
| UBS Securities LLC | $33K | 11.44% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $27K | 9.50% |
| JonesTrading Institutional Services LLC | $27K | 9.44% |
| BTIG, LLC | $26K | 9.14% |
| Barclays Capital, Inc. | $22K | 7.87% |
| Rosenblatt Securities Inc. | $21K | 7.34% |
| RBC Capital Markets, LLC | $17K | 5.96% |
| Strategas Securities, LLC DBA Strategas Research Partners | $16K | 5.57% |
FBFZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $1.7B | 52.71% |
| Citigroup Global Markets Inc. | $422.2M | 13.47% |
| BofA Securities, Inc. | $367.9M | 11.74% |
| Barclays Capital, Inc. | $325.6M | 10.39% |
| Goldman Sachs & Co. LLC | $149.0M | 4.75% |
| BNP Paribas Securities Corp. | $112.4M | 3.59% |
| Morgan Stanley & Co. LLC | $105.3M | 3.36% |
Franklin Managed Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FBFRX | Class R6 | 0.59% | none |
| FBFZX | Advisor Class | 0.66% | none |
| FBLAX | Class A | 0.91% | 5.50% |
| FBFQX | Class R | 1.16% | none |
| FBMCX | Class C | 1.66% | 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.