PNVAX Fees and Costs — Putnam International Small Cap Fund, Putnam Intl Small Cap Class A
Data updated: 2026-07-27
The net expense ratio is 1.48%: a 0.99% management fee, a 0.25% 12b-1 fee plus 0.29% other expenses, less a 0.05% 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 2025 the fund paid $352K in broker commissions, 0.1106% of average net assets, and portfolio turnover was 30%.
PNVAX Fees and Expenses
Annual operating expenses and sales charges of PNVAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.29% |
| Gross expense ratio | 1.53% |
| Fee waiver | −0.05% |
| Net expense ratio | 1.48% |
| 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 | Yes |
| Waived fees subject to recoupment | No |
PNVAX Costs Over Time
On $10,000 invested in PNVAX, assuming 5% a year before costs, total costs come to $1,661 over 5 years, cutting the return by 2.89% 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 | $672 | $575 | $575 |
| Fund expenses (net expense ratio 1.48%) | $146 | $454 | $783 |
| Trading costs (broker commissions) | $11 | $34 | $58 |
| Lost growth on money paid in costs | $29 | $115 | $244 |
| Total costs | $859 | $1,178 | $1,661 |
| Value after costs | $9,641 | $10,398 | $11,102 |
| Impact on return, per year | 8.59% | 3.69% | 2.89% |
PNVAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1106%
- Total broker commissions: $352K
- Bought from dealers (principal trades, not a cost): $11.0M
- Portfolio turnover (prospectus): 30%
- Securities on loan, average value: $765K
- Net income from securities lending: $3K (0.001% of average net assets)
PNVAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $64K | 22.43% |
| Citigroup Global Markets Inc. | $56K | 19.70% |
| BofA Securities, Inc. | $31K | 10.79% |
| UBS Securities LLC | $30K | 10.63% |
| Daiwa Capital Markets America Inc. | $29K | 10.13% |
| Goldman Sachs & Co. LLC | $28K | 9.77% |
| RBC Capital Markets, LLC | $16K | 5.59% |
| Mizuho Securities USA LLC | $12K | 4.34% |
| Davy Securities | $11K | 3.96% |
| Morgan Stanley & Co. LLC | $8K | 2.66% |
PNVAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO Capital Markets Corp. | $3.7M | 33.83% |
| Morgan Stanley & Co. LLC | $2.1M | 18.90% |
| J.P. Morgan Securities LLC | $1.8M | 16.16% |
| Wells Fargo Securities, LLC | $1.1M | 9.59% |
| Barclays Capital, Inc. | $889K | 8.09% |
| Goldman Sachs & Co. LLC | $597K | 5.43% |
| Citigroup Global Markets Inc. | $394K | 3.59% |
| Nomura Securities International, Inc. | $288K | 2.62% |
| Citadel Securities LLC | $99K | 0.90% |
| Amherst Pierpont Securities LLC | $98K | 0.89% |
Putnam International Small Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PICOX | Putnam Intl Small Cap Class R6 | 1.05% | none |
| PIVYX | Putnam Intl Small Cap Class Y | 1.05% | none |
| PNVAX | Putnam Intl Small Cap Class A | 1.48% | 5.75% |
| PICRX | Putnam Intl Small Cap Class R | 1.73% | none |
| PUVCX | Putnam Intl Small Cap Class C | 2.23% | 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.