CUSCX Fees and Costs — Cullen Small Cap Value Fund, Cullen Value Fund Class C
Data updated: 2026-09-11
The net expense ratio is 2.00%: a 1.00% management fee, a 1.00% 12b-1 fee plus 3.22% other expenses, less a 3.22% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $15K in broker commissions, 0.1510% of average net assets, and portfolio turnover was 38%.
CUSCX Fees and Expenses
Annual operating expenses and sales charges of CUSCX. Prospectus, as of October 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 1.00% |
| Other expenses | 3.22% |
| Gross expense ratio | 5.22% |
| Fee waiver | −3.22% |
| Net expense ratio | 2.00% |
| 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 |
CUSCX Costs Over Time
On $10,000 invested in CUSCX, assuming 5% a year before costs, total costs come to $1,315 over 5 years, cutting the return by 2.26% 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 2.00%) | $210 | $647 | $1,109 |
| Trading costs (broker commissions) | $16 | $49 | $84 |
| Lost growth on money paid in costs | $0 | $35 | $122 |
| Total costs | $226 | $731 | $1,315 |
| Value after costs | $10,274 | $10,845 | $11,448 |
| Impact on return, per year | 2.26% | 2.26% | 2.26% |
CUSCX 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): 0.1510%
- Total broker commissions: $15K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 38%
- Securities lending: none during the year
CUSCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| KEEFE, BRUYETTE & WOODS, INC. | $9K | 64.37% |
| COWEN GROUP | $4K | 29.20% |
| OPPENHEIMER & CO. INC | $507 | 3.49% |
| STRATEGAS SECURITIES, LLC | $427 | 2.94% |
Cullen Small Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| CUSIX | Cullen Value Fund Class I | 1.00% | — |
| CUSRX | Retail Class | 1.25% | — |
| CUSTX | Class R2 | 1.50% | — |
| CUSSX | Class R1 | 1.75% | — |
| CUSCX | Cullen Value Fund 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.