CEMDX Fees and Costs — Cullen Emerging Markets High Dividend Fund, Retail Class
Data updated: 2026-09-11
The net expense ratio is 1.25%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.21% other expenses, less a 0.21% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $5.4M in broker commissions, 0.3249% of average net assets, and portfolio turnover was 118%.
CEMDX Fees and Expenses
Annual operating expenses and sales charges of CEMDX. Prospectus, as of October 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.21% |
| Gross expense ratio | 1.46% |
| Fee waiver | −0.21% |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
CEMDX Costs Over Time
On $10,000 invested in CEMDX, assuming 5% a year before costs, total costs come to $974 over 5 years, cutting the return by 1.65% 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 |
| Fund expenses (net expense ratio 1.25%) | $131 | $407 | $702 |
| Trading costs (broker commissions) | $34 | $106 | $182 |
| Lost growth on money paid in costs | $0 | $25 | $90 |
| Total costs | $165 | $538 | $974 |
| Value after costs | $10,335 | $11,038 | $11,789 |
| Impact on return, per year | 1.65% | 1.65% | 1.65% |
CEMDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.3249%
- Total broker commissions: $5.4M
- Bought from dealers (principal trades, not a cost): $47.6M
- Portfolio turnover (prospectus): 118%
- Securities lending: none during the year
CEMDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| COWEN GROUP | $1.9M | 40.57% |
| CREDIT AGRICOLE SECURITIES (USA) INC. | $1.2M | 25.02% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $343K | 7.42% |
| AUERBACH GRAYSON & COMPANY LLC | $250K | 5.41% |
| JEFFERIES LLC | $239K | 5.17% |
| MORGAN STANLEY | $183K | 3.96% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $159K | 3.44% |
| ROBERT W. BAIRD & CO. INCORPORATED | $148K | 3.21% |
| HSBC SECURITIES (USA) INC. | $147K | 3.19% |
| BRADESCO SECURITIES, INC. | $120K | 2.60% |
CEMDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| COWEN GROUP | $37.1M | 78.08% |
| CLSA AMERICAS, LLC | $10.0M | 21.03% |
| WOOD (ARTHUR W.) COMPANY, INC. | $425K | 0.89% |
Cullen Emerging Markets High Dividend Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000263314 | Class R6 | 0.90% | — |
| CEMFX | Class I | 1.00% | — |
| CEMDX | Retail Class | 1.25% | — |
| CEMGX | Class C | 2.00% | — |
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.