PNRAX Fees and Costs — Putnam Research Fund, Class A
Data updated: 2026-10-13
The net expense ratio is 0.88%: a 0.53% management fee, a 0.25% 12b-1 fee plus 0.20% other expenses, less a 0.10% fee waiver. This share class carries a maximum front-end sales load of 5.75% and a deferred sales charge of up to 1.00%. In fiscal 2026 the fund paid $193K in broker commissions, 0.0283% of average net assets, and portfolio turnover was 65%.
PNRAX Fees and Expenses
Annual operating expenses and sales charges of PNRAX. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.53% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.20% |
| Gross expense ratio | 0.98% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.88% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 1.00% |
| Redemption fee | — |
PNRAX Costs Over Time
On $10,000 invested in PNRAX, assuming 5% a year before costs, total costs come to $1,270 over 5 years, cutting the return by 2.18% 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 | $673 | $575 | $575 |
| Fund expenses (net expense ratio 0.88%) | $87 | $272 | $472 |
| Trading costs (broker commissions) | $3 | $9 | $15 |
| Lost growth on money paid in costs | $29 | $105 | $208 |
| Total costs | $792 | $960 | $1,270 |
| Value after costs | $9,708 | $10,616 | $11,492 |
| Impact on return, per year | 7.92% | 2.99% | 2.18% |
PNRAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0283%
- Total broker commissions: $193K
- Bought from dealers (principal trades, not a cost): $21.9M
- Portfolio turnover (prospectus): 65%
PNRAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $39K | 23.73% |
| Citigroup Global Markets Inc. | $35K | 21.37% |
| UBS Securities LLC | $35K | 21.36% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $12K | 7.54% |
| Piper Sandler & Co. | $11K | 6.75% |
| J.P. Morgan Securities LLC | $9K | 5.24% |
| Goldman Sachs & Co. LLC | $7K | 4.17% |
| Mizuho Securities USA LLC | $7K | 4.16% |
| Evercore Group L.L.C. | $6K | 3.47% |
| Barclays Capital, Inc. | $4K | 2.20% |
PNRAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $7.2M | 32.93% |
| Citigroup Global Markets Inc. | $5.1M | 23.05% |
| Bank of Montreal | $3.0M | 13.49% |
| BofA Securities, Inc. | $1.9M | 8.53% |
| J.P. Morgan Securities LLC | $1.6M | 7.09% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $1.1M | 4.88% |
| Raymond James & Associates, Inc. | $948K | 4.32% |
| RBC Capital Markets, LLC | $739K | 3.37% |
| Morgan Stanley & Co. LLC | $414K | 1.89% |
| Mizuho Securities USA LLC | $99K | 0.45% |
Putnam Research Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PURYX | Class Y | 0.49% | none |
| C000158892 | Class R6 | 0.49% | none |
| PNRAX | Class A | 0.88% | 5.75% |
| PRSRX | Class R | 1.13% | none |
| PRACX | 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.