FZBAX Fees and Costs — Franklin Flexible Alpha Bond Fund, Advisor Class
Data updated: 2019-12-27
The net expense ratio is 0.92% (1.01% before fee waivers). There are no sales loads or redemption fees. In fiscal 2019 the fund paid $17K in broker commissions, 0.0045% of average net assets, and portfolio turnover was 25%.
FZBAX Fees and Expenses
Annual operating expenses and sales charges of FZBAX. Prospectus, as of August 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.39% |
| Gross expense ratio | 1.01% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.92% |
| 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 |
FZBAX Costs Over Time
On $10,000 invested in FZBAX, assuming 5% a year before costs, total costs come to $579 over 5 years, cutting the return by 0.97% 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 0.92%) | $97 | $302 | $524 |
| Trading costs (broker commissions) | $0 | $1 | $3 |
| Lost growth on money paid in costs | $0 | $15 | $53 |
| Total costs | $97 | $318 | $579 |
| Value after costs | $10,403 | $11,258 | $12,184 |
| Impact on return, per year | 0.97% | 0.97% | 0.97% |
FZBAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0045%
- Total broker commissions: $17K
- Bought from dealers (principal trades, not a cost): $419.3M
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
FZBAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JP MORGAN SECURITIES LLC | $17K | 100.00% |
FZBAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INC (FORMELYBANK OF AMERICA NA) | $71.2M | 23.16% |
| CITIGROUP GLOBAL MARKETS INC | $52.4M | 17.02% |
| MORGAN STANLEY & CO INC | $41.1M | 13.38% |
| JP MORGAN SECURITIES LLC | $29.9M | 9.72% |
| GOLDMAN, SACHS & CO | $24.4M | 7.92% |
| BARCLAYS CAPITAL INC. | $21.4M | 6.96% |
| CREDIT SUISSE HOLDINGS (USA), INC. | $19.6M | 6.38% |
| BANQUE NATIONALE DE PARIS | $18.5M | 6.00% |
| NOMURA SECURITIES LTD | $15.5M | 5.03% |
| SG COWEN & CO., LLC | $13.6M | 4.43% |
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.