TESRX Fees and Costs — Franklin Mutual Shares Fund, Class R
Data updated: 2026-08-27
The net expense ratio is 1.24%: a 0.67% management fee, a 0.50% 12b-1 fee plus 0.07% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2.3M in broker commissions, 0.0332% of average net assets, and portfolio turnover was 52%.
TESRX Fees and Expenses
Annual operating expenses and sales charges of TESRX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.67% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.07% |
| Gross expense ratio | 1.24% |
| Fee waiver | — |
| Net expense ratio | 1.24% |
| 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 |
TESRX Costs Over Time
On $10,000 invested in TESRX, assuming 5% a year before costs, total costs come to $792 over 5 years, cutting the return by 1.34% 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 1.24%) | $130 | $405 | $700 |
| Trading costs (broker commissions) | $3 | $11 | $19 |
| Lost growth on money paid in costs | $0 | $21 | $73 |
| Total costs | $134 | $437 | $792 |
| Value after costs | $10,366 | $11,140 | $11,971 |
| Impact on return, per year | 1.34% | 1.34% | 1.34% |
TESRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0332%
- Total broker commissions: $2.3M
- Bought from dealers (principal trades, not a cost): $16.8B
- Portfolio turnover (prospectus): 52%
- Securities lending: none during the year
TESRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $274K | 16.11% |
| J.P. Morgan Securities LLC | $252K | 14.80% |
| Sanford C. Bernstein & Co., LLC | $246K | 14.49% |
| UBS Securities LLC | $240K | 14.15% |
| Morgan Stanley & Co. LLC | $166K | 9.78% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $148K | 8.73% |
| RBC Capital Markets, LLC | $142K | 8.38% |
| Wells Fargo Securities, LLC | $85K | 5.00% |
| Evercore Group L.L.C. | $75K | 4.43% |
| Goldman Sachs & Co. LLC | $70K | 4.13% |
TESRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital, Inc. | $10.1B | 60.08% |
| Jefferies LLC | $3.0B | 17.91% |
| J.P. Morgan Securities LLC | $2.4B | 14.46% |
| Bank of New York Mellon Corp. | $1.2B | 7.05% |
| Citigroup Global Markets Inc. | $33.2M | 0.20% |
| BofA Securities, Inc. | $28.3M | 0.17% |
| Goldman Sachs & Co. LLC | $8.3M | 0.05% |
| RBC Capital Markets, LLC | $6.8M | 0.04% |
| Morgan Stanley & Co. LLC | $4.6M | 0.03% |
| Fiduciary Trust Company International | $4.2M | 0.03% |
Franklin Mutual Shares Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FMSHX | Class R6 | 0.70% | none |
| MUTHX | Class Z | 0.74% | none |
| TESIX | Class A | 0.99% | 5.50% |
| TESRX | Class R | 1.24% | none |
| TEMTX | Class C | 1.74% | 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.