PTBEX Fees and Costs — Putnam Tax Exempt Income Fund, Class B
Data updated: 2025-12-12
The net expense ratio is 1.54%: a 0.43% management fee, a 0.85% 12b-1 fee plus 0.26% other expenses. This share class carries a deferred sales charge of up to 5.00%. In fiscal 2025 the fund paid $4K in broker commissions, 0.0007% of average net assets, and portfolio turnover was 35%.
PTBEX Fees and Expenses
Annual operating expenses and sales charges of PTBEX. Prospectus, as of January 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.43% |
| 12b-1 fee | 0.85% |
| Other expenses | 0.26% |
| Gross expense ratio | 1.54% |
| Fee waiver | — |
| Net expense ratio | 1.54% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 5.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
PTBEX Costs Over Time
On $10,000 invested in PTBEX, assuming 5% a year before costs, total costs come to $953 over 5 years, cutting the return by 1.62% 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 | $517 | $0 | $0 |
| Fund expenses (net expense ratio 1.54%) | $162 | $502 | $865 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $25 | $88 |
| Total costs | $679 | $527 | $953 |
| Value after costs | $9,821 | $11,049 | $11,809 |
| Impact on return, per year | 6.79% | 1.62% | 1.62% |
PTBEX 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: $4K
- Bought from dealers (principal trades, not a cost): $528.8M
- Portfolio turnover (prospectus): 35%
- Securities lending: none during the year
PTBEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $3K | 68.23% |
| Citigroup Global Markets Inc. | $1K | 31.77% |
PTBEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $72.5M | 18.79% |
| Wells Fargo Securities, LLC | $46.2M | 11.97% |
| FMSBONDS, INC. | $43.6M | 11.31% |
| BofA Securities, Inc. | $43.2M | 11.19% |
| RBC Capital Markets, LLC | $41.1M | 10.65% |
| Barclays Capital, Inc. | $38.6M | 10.00% |
| Morgan Stanley & Co. LLC | $38.2M | 9.89% |
| Jefferies LLC | $27.6M | 7.15% |
| Piper Sandler & Co. | $19.5M | 5.05% |
| Stifel, Nicolaus & Company, Incorporated | $15.4M | 3.98% |
Putnam 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 |
|---|---|---|---|
| PTAEX | Class A | 0.92% | 4.00% |
| PTBEX | Class B | 1.54% | 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.