FREEX Fees and Costs — Franklin Real Estate Securities Fund, Class A
Data updated: 2026-09-25
The net expense ratio is 1.08%: a 0.55% management fee, a 0.25% 12b-1 fee plus 0.28% other expenses. This share class carries a maximum front-end sales load of 5.50%. In fiscal 2026 the fund paid $132K in broker commissions, 0.0545% of average net assets, and portfolio turnover was 32%.
FREEX Fees and Expenses
Annual operating expenses and sales charges of FREEX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.28% |
| Gross expense ratio | 1.08% |
| Fee waiver | — |
| Net expense ratio | 1.08% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| 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 |
FREEX Costs Over Time
On $10,000 invested in FREEX, assuming 5% a year before costs, total costs come to $1,371 over 5 years, cutting the return by 2.36% 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 |
| Sales charges | $550 | $550 | $550 |
| Fund expenses (net expense ratio 1.08%) | $107 | $334 | $578 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $27 | $104 | $213 |
| Total costs | $690 | $1,005 | $1,371 |
| Value after costs | $9,810 | $10,571 | $11,392 |
| Impact on return, per year | 6.90% | 3.13% | 2.36% |
FREEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0545%
- Total broker commissions: $132K
- Bought from dealers (principal trades, not a cost): $76.7M
- Portfolio turnover (prospectus): 32%
- Securities on loan, average value: $182K
- Net income from securities lending: $3K (0.001% of average net assets)
FREEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Keybanc Capital Markets Inc. | $17K | 15.51% |
| Mizuho Securities USA LLC | $16K | 15.22% |
| BMO Nesbitt Burns Securities Ltd. | $14K | 13.25% |
| Evercore Group L.L.C. | $14K | 12.83% |
| J.P. Morgan Securities LLC | $13K | 12.01% |
| Raymond James & Associates, Inc. | $11K | 10.65% |
| Barclays Capital, Inc. | $9K | 8.00% |
| Rosenblatt Securities Inc. | $7K | 6.17% |
| Wells Fargo Securities, LLC | $4K | 3.43% |
| TD SECURITIES (USA) LLC | $3K | 2.94% |
FREEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $74.1M | 96.66% |
| CIBC World Markets Corp. | $1.3M | 1.66% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $1.2M | 1.62% |
| Fiduciary Trust Company International | $44K | 0.06% |
Franklin Real Estate Securities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FSERX | Class R6 | 0.66% | none |
| FRLAX | Advisor Class | 0.83% | none |
| FREEX | Class A | 1.08% | 5.50% |
| FRRSX | Class C | 1.83% | 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.