PNSAX Fees and Costs — Putnam Small Cap Growth Fund, Putnam Small Cap Growth CL A
Data updated: 2026-09-10
The net expense ratio is 1.17%: a 0.67% management fee, a 0.25% 12b-1 fee plus 0.25% other expenses. 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 $2.4M in broker commissions, 0.0787% of average net assets, and portfolio turnover was 51%.
PNSAX Fees and Expenses
Annual operating expenses and sales charges of PNSAX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.67% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.25% |
| Gross expense ratio | 1.17% |
| Fee waiver | — |
| Net expense ratio | 1.17% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| 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 |
PNSAX Costs Over Time
On $10,000 invested in PNSAX, assuming 5% a year before costs, total costs come to $1,466 over 5 years, cutting the return by 2.53% 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 1.17%) | $116 | $360 | $623 |
| Trading costs (broker commissions) | $8 | $24 | $42 |
| Lost growth on money paid in costs | $29 | $110 | $226 |
| Total costs | $825 | $1,069 | $1,466 |
| Value after costs | $9,675 | $10,507 | $11,296 |
| Impact on return, per year | 8.25% | 3.34% | 2.53% |
PNSAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0787%
- Total broker commissions: $2.4M
- Bought from dealers (principal trades, not a cost): $60.6M
- Portfolio turnover (prospectus): 51%
- Securities on loan, average value: $229.7M
- Net income from securities lending: $1.0M (0.034% of average net assets)
PNSAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $505K | 25.81% |
| Jefferies LLC | $362K | 18.51% |
| Raymond James & Associates, Inc. | $276K | 14.09% |
| Barclays Capital, Inc. | $176K | 8.98% |
| RBC Capital Markets, LLC | $139K | 7.09% |
| William Blair & Company, L.L.C. | $128K | 6.55% |
| Citigroup Global Markets Inc. | $101K | 5.16% |
| Piper Sandler & Co. | $101K | 5.15% |
| Stifel, Nicolaus & Company, Incorporated | $90K | 4.60% |
| Stephens Inc. | $79K | 4.06% |
PNSAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $21.3M | 35.07% |
| Citigroup Global Markets Inc. | $10.0M | 16.43% |
| Stifel, Nicolaus & Company, Incorporated | $9.3M | 15.27% |
| Goldman Sachs & Co. LLC | $7.9M | 13.11% |
| J.P. Morgan Securities LLC | $6.7M | 11.11% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $3.3M | 5.42% |
| Stephens Inc. | $1.3M | 2.22% |
| ROBERT W. BAIRD & CO. INCORPORATED | $497K | 0.82% |
| Morgan Stanley & Co. LLC | $332K | 0.55% |
Putnam Small Cap Growth Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000158897 | Class R6 | 0.76% | none |
| C000002302 | Putnam Small Cap Growth CL Y | 0.92% | none |
| PNSAX | Putnam Small Cap Growth CL A | 1.17% | 5.75% |
| PSGRX | Class R | 1.42% | none |
| C000002301 | Putnam Small Cap Growth CL C | 1.93% | 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.