FRMCX Fees and Costs — Franklin Mutual Small-Mid Cap Value Fund, Class A
Data updated: 2026-09-25
The net expense ratio is 1.16%: a 0.70% management fee, a 0.25% 12b-1 fee plus 0.27% other expenses, less a 0.07% fee waiver. This share class carries a maximum front-end sales load of 5.50%. In fiscal 2025 the fund paid $172K in broker commissions, 0.0843% of average net assets, and portfolio turnover was 104%.
FRMCX Fees and Expenses
Annual operating expenses and sales charges of FRMCX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.23% |
| Fee waiver | −0.07% |
| Net expense ratio | 1.16% |
| 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 |
FRMCX Costs Over Time
On $10,000 invested in FRMCX, assuming 5% a year before costs, total costs come to $1,434 over 5 years, cutting the return by 2.47% 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 1.16%) | $115 | $358 | $620 |
| Trading costs (broker commissions) | $8 | $26 | $45 |
| Lost growth on money paid in costs | $28 | $106 | $219 |
| Total costs | $701 | $1,040 | $1,434 |
| Value after costs | $9,799 | $10,536 | $11,329 |
| Impact on return, per year | 7.01% | 3.24% | 2.47% |
FRMCX 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): 0.0843%
- Total broker commissions: $172K
- Bought from dealers (principal trades, not a cost): $173.3M
- Portfolio turnover (prospectus): 104%
- Securities on loan, average value: $2K
- Net income from securities lending: $14 (0.000% of average net assets)
FRMCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ROBERT W. BAIRD & CO. INCORPORATED | $20K | 17.48% |
| Barclays Capital, Inc. | $19K | 16.76% |
| Sanford C. Bernstein & Co., LLC | $18K | 15.62% |
| Wall Street Access | $12K | 10.22% |
| UBS Securities LLC | $11K | 9.81% |
| J.P. Morgan Securities LLC | $8K | 6.64% |
| BMO Capital Markets Corp. | $7K | 6.32% |
| Scotia Capital (USA) Inc. | $7K | 6.26% |
| Keefe, Bruyette & Woods, Inc. | $7K | 5.65% |
| Citigroup Global Markets Inc. | $6K | 5.25% |
FRMCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $173.1M | 99.92% |
| Fiduciary Trust Company International | $146K | 0.08% |
| Barclays Capital, Inc. | $7 | 0.00% |
Franklin Mutual Small-Mid Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FMCVX | Class R6 | 0.88% | none |
| FVRMX | Advisor Class | 0.91% | none |
| FRMCX | Class A | 1.16% | 5.50% |
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.