CEFAX Fees and Costs — Calvert Emerging Markets Advancement Fund, Class A
Data updated: 2026-08-27
The net expense ratio is 1.20%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.38% other expenses, less a 0.18% fee waiver. This share class carries a maximum front-end sales load of 5.25%. In fiscal 2025 the fund paid $109K in broker commissions, 0.1057% of average net assets, and portfolio turnover was 119%.
CEFAX Fees and Expenses
Annual operating expenses and sales charges of CEFAX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.38% |
| Gross expense ratio | 1.38% |
| Fee waiver | −0.18% |
| Net expense ratio | 1.20% |
| Sales charges | |
|---|---|
| Max front load | 5.25% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
CEFAX Costs Over Time
On $10,000 invested in CEFAX, assuming 5% a year before costs, total costs come to $1,439 over 5 years, cutting the return by 2.48% 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 | $525 | $525 | $525 |
| Fund expenses (net expense ratio 1.20%) | $119 | $371 | $642 |
| Trading costs (broker commissions) | $11 | $33 | $57 |
| Lost growth on money paid in costs | $26 | $103 | $216 |
| Total costs | $681 | $1,032 | $1,439 |
| Value after costs | $9,819 | $10,544 | $11,324 |
| Impact on return, per year | 6.81% | 3.22% | 2.48% |
CEFAX 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): 0.1057%
- Total broker commissions: $109K
- Bought from dealers (principal trades, not a cost): $142.5M
- Portfolio turnover (prospectus): 119%
- Securities on loan, average value: $1.7M
- Net income from securities lending: $38K (0.037% of average net assets)
CEFAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $47K | 46.30% |
| EFG-Hermes USA, Inc | $26K | 25.88% |
| Larrain Vial SpA | $10K | 10.07% |
| Investec Ltd | $4K | 3.90% |
| BofA Securities, Inc. | $3K | 2.85% |
| Avior Capital Markets (Pty) Ltd | $2K | 2.38% |
| Maybank Investment Bank Berhad | $2K | 2.29% |
| DBS Vickers Securities (UK) Limited | $2K | 2.26% |
| BTIG, LLC | $2K | 2.15% |
| ICICI Securities Limited | $2K | 1.92% |
CEFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $126.2M | 89.12% |
| Barclays Capital Inc. | $4.3M | 3.01% |
| J.P. Morgan Securities LLC | $3.3M | 2.32% |
| Citigroup Global Markets Inc. | $2.3M | 1.65% |
| BNY Capital Markets, LLC | $1.6M | 1.14% |
| Wells Fargo Securities, LLC | $1.5M | 1.05% |
| Goldman Sachs & Co. LLC | $852K | 0.60% |
| Citadel Securities LLC | $546K | 0.39% |
| Credit Agricole Securities (USA) Inc. | $534K | 0.38% |
| BofA Securities, Inc. | $497K | 0.35% |
Calvert Emerging Markets Advancement Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| CEFIX | Class I | 0.95% | none |
| CEFAX | Class A | 1.20% | 5.25% |
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.