GFEAX Fees and Costs — Gramercy Emerging Markets Debt Fund, Class A
Data updated: 2026-08-26
The net expense ratio is 1.10%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.87% other expenses, less a 0.77% fee waiver. This share class carries a maximum front-end sales load of 4.25% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $48 in broker commissions, 0.0001% of average net assets, and portfolio turnover was 72%.
GFEAX Fees and Expenses
Annual operating expenses and sales charges of GFEAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.87% |
| Gross expense ratio | 1.87% |
| Fee waiver | −0.77% |
| Net expense ratio | 1.10% |
| Sales charges | |
|---|---|
| Max front load | 4.25% |
| 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 | Yes |
GFEAX Costs Over Time
On $10,000 invested in GFEAX, assuming 5% a year before costs, total costs come to $1,200 over 5 years, cutting the return by 2.05% 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 | $524 | $425 | $425 |
| Fund expenses (net expense ratio 1.10%) | $111 | $345 | $597 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $21 | $84 | $178 |
| Total costs | $656 | $854 | $1,200 |
| Value after costs | $9,844 | $10,722 | $11,563 |
| Impact on return, per year | 6.56% | 2.65% | 2.05% |
GFEAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0001%
- Total broker commissions: $48
- Bought from dealers (principal trades, not a cost): $120.9M
- Portfolio turnover (prospectus): 72%
- Securities lending: none during the year
GFEAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $48 | 100.00% |
GFEAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP GLOBAL MARKETS INC. | $45.3M | 41.77% |
| BOFA SECURITIES, INC. | $14.1M | 13.00% |
| J.P. MORGAN SECURITIES LLC | $13.0M | 12.00% |
| HSBC SECURITIES (USA) INC. | $7.0M | 6.47% |
| GOLDMAN SACHS & CO. LLC | $6.7M | 6.17% |
| BARCLAYS CAPITAL INC. | $5.9M | 5.41% |
| BROWN BROTHERS HARRIMAN & CO. | $5.5M | 5.08% |
| MORGAN STANLEY | $5.1M | 4.74% |
| JEFFERIES LLC | $3.6M | 3.30% |
| STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC | $2.2M | 2.06% |
Gramercy Emerging Markets Debt Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GFEMX | Institutional Class Shares | 0.85% | none |
| GFEAX | Class A | 1.10% | 4.25% |
| GFECX | C000248865 | 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.