PTHAX Fees and Costs — Putnam Tax Free High Yield Fund
Data updated: 2025-10-10
The net expense ratio is 0.96%: a 0.46% management fee, a 0.25% 12b-1 fee plus 0.25% other expenses. This share class carries a maximum front-end sales load of 4.00% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $3K in broker commissions, 0.0004% of average net assets, and portfolio turnover was 25%.
PTHAX Fees and Expenses
Annual operating expenses and sales charges of PTHAX. Prospectus, as of November 30, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.46% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.25% |
| Gross expense ratio | 0.96% |
| Fee waiver | — |
| Net expense ratio | 0.96% |
| Sales charges | |
|---|---|
| Max front load | 4.00% |
| 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 |
PTHAX Costs Over Time
On $10,000 invested in PTHAX, assuming 5% a year before costs, total costs come to $1,088 over 5 years, cutting the return by 1.85% 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 | $500 | $400 | $400 |
| Fund expenses (net expense ratio 0.96%) | $97 | $302 | $524 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $20 | $78 | $163 |
| Total costs | $617 | $780 | $1,088 |
| Value after costs | $9,883 | $10,796 | $11,675 |
| Impact on return, per year | 6.17% | 2.41% | 1.85% |
PTHAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0004%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $640.9M
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
PTHAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $2K | 70.02% |
| Citigroup Global Markets Inc. | $894 | 29.98% |
PTHAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $96.0M | 21.72% |
| RBC Capital Markets, LLC | $50.8M | 11.50% |
| FMSBONDS, INC. | $48.1M | 10.88% |
| Wells Fargo Securities, LLC | $47.4M | 10.72% |
| BofA Securities, Inc. | $42.2M | 9.54% |
| Jefferies LLC | $37.0M | 8.37% |
| Barclays Capital, Inc. | $32.8M | 7.43% |
| Stifel, Nicolaus & Company, Incorporated | $32.4M | 7.33% |
| Morgan Stanley & Co. LLC | $28.3M | 6.40% |
| Piper Sandler & Co. | $27.0M | 6.10% |
Putnam Tax Free High Yield Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PTHAX | Putnam Tax Free High Yield CL A | 0.96% | 4.00% |
| PTHYX | Putnam Tax Free High Yield CL B | 1.62% | 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.