CVLEX Fees and Costs — Cullen Value Fund, Retail Class
Data updated: 2026-09-11
The net expense ratio is 1.00%: a 1.00% management fee, a 0.25% 12b-1 fee plus 1.46% other expenses, less a 1.71% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $7K in broker commissions, 0.0268% of average net assets, and portfolio turnover was 19%.
CVLEX Fees and Expenses
Annual operating expenses and sales charges of CVLEX. Prospectus, as of October 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.46% |
| Gross expense ratio | 2.71% |
| Fee waiver | −1.71% |
| Net expense ratio | 1.00% |
| 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 |
CVLEX Costs Over Time
On $10,000 invested in CVLEX, assuming 5% a year before costs, total costs come to $642 over 5 years, cutting the return by 1.08% 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 1.00%) | $105 | $328 | $568 |
| Trading costs (broker commissions) | $3 | $9 | $15 |
| Lost growth on money paid in costs | $0 | $17 | $59 |
| Total costs | $108 | $353 | $642 |
| Value after costs | $10,392 | $11,223 | $12,121 |
| Impact on return, per year | 1.08% | 1.08% | 1.08% |
CVLEX 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): 0.0268%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 19%
- Securities lending: none during the year
CVLEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| COWEN GROUP | $3K | 35.60% |
| EVERCORE GROUP LLC | $2K | 22.76% |
| GOLDMAN SACHS | $1K | 19.53% |
| JPMORGAN CHASE | $1K | 18.97% |
| KEEFE, BRUYETTE & WOODS, INC. | $235 | 3.14% |
Cullen 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 |
|---|---|---|---|
| CVLVX | Class I | 0.75% | — |
| CVLEX | Retail Class | 1.00% | — |
| CVLFX | Class C | 1.75% | — |
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.