PSLAX Fees and Costs — Putnam Small Cap Value Fund, CL A
Data updated: 2026-07-27
The net expense ratio is 1.10%: a 0.60% 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 $1.5M in broker commissions, 0.5701% of average net assets, and portfolio turnover was 100%.
PSLAX Fees and Expenses
Annual operating expenses and sales charges of PSLAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.25% |
| Gross expense ratio | 1.10% |
| Fee waiver | — |
| Net expense ratio | 1.10% |
| 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 |
PSLAX Costs Over Time
On $10,000 invested in PSLAX, assuming 5% a year before costs, total costs come to $1,705 over 5 years, cutting the return by 2.97% 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 1.10%) | $109 | $337 | $581 |
| Trading costs (broker commissions) | $56 | $175 | $301 |
| Lost growth on money paid in costs | $29 | $116 | $249 |
| Total costs | $866 | $1,203 | $1,705 |
| Value after costs | $9,634 | $10,373 | $11,057 |
| Impact on return, per year | 8.66% | 3.77% | 2.97% |
PSLAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.5701%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $30.5M
- Portfolio turnover (prospectus): 100%
- Securities on loan, average value: $19.4M
- Net income from securities lending: $140K (0.053% of average net assets)
PSLAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Raymond James & Associates, Inc. | $270K | 21.70% |
| Jefferies LLC | $185K | 14.87% |
| Barclays Capital, Inc. | $182K | 14.59% |
| J.P. Morgan Securities LLC | $145K | 11.64% |
| UBS Securities LLC | $105K | 8.46% |
| Stifel, Nicolaus & Company, Incorporated | $94K | 7.54% |
| Piper Sandler & Co. | $82K | 6.62% |
| William Blair & Company, L.L.C. | $80K | 6.40% |
| RBC Capital Markets, LLC | $60K | 4.83% |
| Citigroup Global Markets Inc. | $42K | 3.35% |
PSLAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $4.4M | 17.28% |
| Piper Sandler & Co. | $3.6M | 14.27% |
| Keefe, Bruyette & Woods, Inc. | $3.3M | 13.21% |
| J.P. Morgan Securities LLC | $2.8M | 10.94% |
| Stifel, Nicolaus & Company, Incorporated | $2.6M | 10.37% |
| Jefferies LLC | $2.3M | 9.25% |
| Evercore Group L.L.C. | $1.7M | 6.76% |
| Wedbush Securities Inc. | $1.7M | 6.75% |
| William Blair & Company, L.L.C. | $1.5M | 6.02% |
| ROBERT W. BAIRD & CO. INCORPORATED | $1.3M | 5.14% |
Putnam Small Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000135941 | Class R6 | 0.73% | none |
| PYSVX | Putnam Small Cap Value Class Y | 0.85% | none |
| PSLAX | CL A | 1.10% | 5.75% |
| C000049250 | Putnam Small Cap Value Class R | 1.35% | none |
| PSLCX | Putnam Small Cap Value Class C | 1.85% | 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.