FKLQX Fees and Costs — Franklin K2 Long Short Credit Fund, Class R6
Data updated: 2023-04-25
The net expense ratio is 1.81%: a 1.50% management fee plus 2.40% other expenses, less a 2.10% fee waiver. There are no sales loads or redemption fees. In fiscal 2022 the fund paid $23K in broker commissions, 0.0225% of average net assets, and portfolio turnover was 169%.
FKLQX Fees and Expenses
Annual operating expenses and sales charges of FKLQX. Prospectus, as of May 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 2.40% |
| Gross expense ratio | 3.91% |
| Fee waiver | −2.10% |
| Net expense ratio | 1.81% |
| 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 |
FKLQX Costs Over Time
On $10,000 invested in FKLQX, assuming 5% a year before costs, total costs come to $1,127 over 5 years, cutting the return by 1.92% 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 1.81%) | $190 | $588 | $1,011 |
| Trading costs (broker commissions) | $2 | $7 | $13 |
| Lost growth on money paid in costs | $0 | $30 | $104 |
| Total costs | $192 | $625 | $1,127 |
| Value after costs | $10,308 | $10,951 | $11,636 |
| Impact on return, per year | 1.92% | 1.92% | 1.92% |
FKLQX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2022.
- Explicit cost rate (commissions ÷ average net assets): 0.0225%
- Total broker commissions: $23K
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 169%
- Securities lending: none during the year
FKLQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL, INC. | $4K | 22.64% |
| JEFFERIES LLC | $2K | 12.14% |
| GOLDMAN SACHS & CO. LLC | $2K | 11.85% |
| PIPER SANDLER & CO. | $2K | 10.33% |
| UBS Securities LLC | $2K | 10.32% |
| BNP PARIBAS SECURITIES CORP. | $2K | 9.77% |
| MORGAN STANLEY & CO. LLC | $1K | 6.61% |
| BOFA SECURITIES, INC. | $998 | 6.19% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $846 | 5.25% |
| BARCLAYS CAPITAL, INC. | $791 | 4.91% |
FKLQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNP PARIBAS SECURITIES CORP. | $519.6M | 51.20% |
| HSBC SECURITIES (USA), INC. | $237.7M | 23.42% |
| DEUTSCHE BANK SECURITIES, INC. | $71.5M | 7.05% |
| J.P. Morgan Securities LLC | $41.6M | 4.10% |
| Goldman Sachs & Co. LLC | $27.1M | 2.67% |
| MORGAN STANLEY & CO. LLC | $26.2M | 2.58% |
| CREDIT SUISSE SECURITIES (USA) LLC | $24.3M | 2.39% |
| BARCLAYS CAPITAL, INC. | $23.3M | 2.30% |
| BOFA SECURITIES, INC. | $23.1M | 2.27% |
| CitiGroup Global Markets Inc. | $20.5M | 2.02% |
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.