FKLRX Fees and Costs — Franklin K2 Long Short Credit Fund, Class R
Data updated: 2023-04-25
The net expense ratio is 2.34%: a 1.50% management fee, a 0.50% 12b-1 fee plus 0.84% other expenses, less a 0.51% 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%.
FKLRX Fees and Expenses
Annual operating expenses and sales charges of FKLRX. Prospectus, as of May 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.50% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.84% |
| Gross expense ratio | 2.85% |
| Fee waiver | −0.51% |
| Net expense ratio | 2.34% |
| 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 |
FKLRX Costs Over Time
On $10,000 invested in FKLRX, assuming 5% a year before costs, total costs come to $1,438 over 5 years, cutting the return by 2.48% 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 2.34%) | $246 | $756 | $1,292 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $38 | $134 |
| Total costs | $248 | $801 | $1,438 |
| Value after costs | $10,252 | $10,775 | $11,325 |
| Impact on return, per year | 2.48% | 2.48% | 2.48% |
FKLRX 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
FKLRX 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% |
FKLRX 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.