PCTEX Fees and Costs — Putnam California Tax Exempt Income Fund, Class A
Data updated: 2025-12-12
The net expense ratio is 0.88%: a 0.42% management fee, a 0.25% 12b-1 fee plus 0.21% other expenses. This share class carries a maximum front-end sales load of 4.00% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $5K in broker commissions, 0.0007% of average net assets, and portfolio turnover was 30%.
PCTEX Fees and Expenses
Annual operating expenses and sales charges of PCTEX. Prospectus, as of January 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.42% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.21% |
| Gross expense ratio | 0.88% |
| Fee waiver | — |
| Net expense ratio | 0.88% |
| Sales charges | |
|---|---|
| Max front load | 4.00% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PCTEX Costs Over Time
On $10,000 invested in PCTEX, assuming 5% a year before costs, total costs come to $1,041 over 5 years, cutting the return by 1.77% 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 | $500 | $400 | $400 |
| Fund expenses (net expense ratio 0.88%) | $89 | $277 | $481 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $20 | $77 | $159 |
| Total costs | $609 | $754 | $1,041 |
| Value after costs | $9,891 | $10,822 | $11,722 |
| Impact on return, per year | 6.09% | 2.33% | 1.77% |
PCTEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0007%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): $755.9M
- Portfolio turnover (prospectus): 30%
- Securities lending: none during the year
PCTEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $3K | 62.11% |
| Citigroup Global Markets Inc. | $2K | 37.89% |
PCTEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $85.2M | 16.45% |
| Wells Fargo Securities, LLC | $78.3M | 15.10% |
| Stifel, Nicolaus & Company, Incorporated | $74.5M | 14.38% |
| Morgan Stanley & Co. LLC | $68.4M | 13.20% |
| J.P. Morgan Securities LLC | $56.5M | 10.90% |
| Piper Sandler & Co. | $43.2M | 8.33% |
| Raymond James & Associates, Inc. | $36.6M | 7.06% |
| Barclays Capital, Inc. | $35.6M | 6.87% |
| BofA Securities, Inc. | $22.0M | 4.25% |
| Mesirow Financial, Inc. | $18.0M | 3.48% |
Putnam California Tax Exempt Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PCTEX | Class A | 0.88% | 4.00% |
| PCTBX | Class B | 1.49% | none |
| PCTCX | Class C | 1.63% | 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.