Expense Example
This example is intended to help you compare the cost of investing in the Value Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Value Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and that the Value Fund’s operating expenses remain the same. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
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1 Year
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3 Years*
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5 Years*
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10 Years*
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Retail Class
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$105
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$669
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$1,259
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$ 2,859
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Class C
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$181
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$894
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$1,629
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$ 3,572
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Class I
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$ 80
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$593
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$1,133
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$ 2,609
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*
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The Expense Example amounts
assume that the expense limitation and reimbursement agreement remains in effect only through October 31, 2014. Thus, the 3 year,
5 year, and 10 year examples reflect expense limitation and reimbursement only for the first year.
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PORTFOLIO TURNOVER
The Value Fund pays transaction costs, such as commissions, when it buys and sells securities (“portfolio turnover”). A higher portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Value Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Value Fund’s performance. During the most recent fiscal year, the Value
Fund’s portfolio turnover rate was 16% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Value Fund invests, under normal circumstances, at least 80% of its net assets in common stocks of companies across all market capitalizations.
The Value Fund invests roughly the same amount in each stock in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. This approach avoids the overweighting of any
individual security being purchased. The Adviser may sell portfolio stocks when they are no longer attractive based on their growth potential, dividend yield or price.
The Value Fund may invest up to 30% of its assets in foreign securities, including up to 10% of its assets in securities of emerging market issuers. These investments are generally made in American Depositary Receipts
(“ADRs”), which trade on U.S. exchanges. ADRs may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary,
whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored
facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts.
The Value Fund generally invests substantially all of its assets in common stocks and ADRs but can invest in other equity securities, which can include convertible debt, exchange-traded funds (ETFs) that invest primarily in
equity securities, warrants, rights, equity interests in real estate investment trusts (REITs), equity interests in master limited partnerships (MLPs), and preferred stocks.
The Value Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives.
3
PRINCIPAL RISKS
Like all investments, investing in the Value Fund involves risks, including the risk that you may lose part or all of the money you invest.
General Stock Risks.
The Value Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance through its investments in the stock
market. Periods of poor performance and declines in value of the Value Fund’s underlying equity investments can be caused, and also be further prolonged, by other factors confronting the global economy such as declining consumer and business
confidence, malfunctioning credit markets, increased unemployment, reduced levels of capital expenditures, fluctuating commodity prices, bankruptcies, and other circumstances, all of which can individually and collectively have direct effects on the
valuation and/or earnings power of the companies in which the Value Fund invests. Stock markets worldwide have experienced significant volatility in recent periods as a result of market participants reacting to economic data and market indicators that
have contradicted previous assumptions and estimates. At times, these reactions have created scenarios where investors and traders have redeemed their investments/holdings en masse thereby creating additional and often significant downward price pressure
than might be experienced in less volatile periods. Market participants’ views on the valuation and/or earnings power of a company and the overall state of the economy can cause similar significant short-term and long-term volatility in the value
of the Value Fund’s shares. As a result, you could lose money investing in the Value Fund.
Small- and Medium-Capitalization Companies Risk.
The Value Fund may invest in the stocks of small- and medium-capitalization companies. Small- and medium-capitalization
companies often have narrower markets and limited managerial and financial resources compared to those of larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business reversals, which
could increase the volatility of the Value Fund’s portfolio.
Value Style Investing Risk.
Different types of equity investment strategies tend to shift in and out of favor depending on market and economic conditions, and the
performance resulting from the Value Fund’s “value” investment style may sometimes be lower than that of equity funds following other styles of investment.
Foreign Securities Risk.
Foreign investments involve additional risks, which include currency exchange-rate fluctuations, political and economic instability, differences
in financial reporting standards, and less-strict regulation of securities markets. More specific risks include:
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n
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future political and economic developments,
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n
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the imposition of foreign withholding taxes on dividend and interest income payable
on the securities,
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n
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the possible establishment of exchange controls,
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n
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the possible seizure or nationalization of foreign investments, and
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n
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the adoption of other foreign governmental restrictions which might adversely affect
the payment of amounts due with respect to such securities.
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You may lose money by investing in the Value Fund if any of the following occur:
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n
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foreign stock markets decline in value,
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n
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the Value Fund has difficulty selling smaller capitalization or emerging market stocks
during a market due to lower liquidity,
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n
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the value of a foreign currency declines relative to the U.S. dollar, or
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n
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political, social or economic instability in a foreign country causes the value of
the Value Fund’s investments to decline.
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SUMMARY PROSPECTUS
October 28, 2013
All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging markets have been more volatile than the markets of developed countries with more mature economies. ADRs are
subject to the risks of foreign investments and may not always track the price of the underlying foreign security. Even when denominated in U.S. currency, the depositary receipts are subject to currency risk if the underlying security is denominated in a
foreign currency. There can be no assurance that the price of the depositary receipt will always track the price of the underlying foreign security.
Market Disruptions Risk; Sovereign Debt Crises Risks.
Beginning in 2008 and continuing through much of 2009 and 2010, the global financial markets underwent pervasive and
fundamental disruptions, resulting in substantial declines in valuation and liquidity in the global capital markets. This global market turmoil, combined with a global reduction in the availability of credit, has led to an increased level of commercial
and consumer delinquencies and contributed to a lack of consumer confidence, increased market volatility and reduction of business activity generally. The resulting economic pressure on consumers and lack of confidence in the financial markets also
adversely affected the equity markets. Consumer and business confidence remains fragile and subject to possible reversal for a variety of reasons, including high and growing debt levels by many consumers, business institutions and governments in the
United States, certain countries in Europe and elsewhere around the world, and continued weakness in global job markets. The securities of the United States, as well as several countries across Europe and Asia, have recently been, or are at risk of
being, downgraded, and sovereign debt crises have persisted in certain countries in those regions. These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis.
Government Intervention Risk.
The global financial markets have in the past few years gone through pervasive and fundamental disruptions which have led to extensive and
unprecedented governmental intervention. Such intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or
manage the risk of their outstanding positions. In addition, these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of
the markets as well as previously successful investment strategies.
In response to the recent financial crises, the Obama Administration and the U.S. Congress proposed sweeping reform of the U.S. financial regulatory system. After over a year of debate, the Dodd-Frank Wall Street Reform and
Consumer Protection Act (the “Dodd-Frank Act”) became law in July 2010. Because many provisions of the Dodd-Frank Act require rulemaking by the applicable regulators before becoming fully effective and the Dodd-Frank Act mandates multiple
agency reports and studies (which could result in additional legislative or regulatory action), it is difficult to predict the impact of the Dodd-Frank Act on the Fund, the Adviser and the markets in which they trade and invest. The Dodd-Frank Act could
result in certain investment strategies in which the Fund engages or may have otherwise engaged becoming non-viable or non-economic to implement.
PERFORMANCE INFORMATION
Value Fund
The following performance information shows
the total return of the Value Fund on a calendar year-to-date basis, and the table shows the Value Fund’s average annual
total return over time compared with a broad-based market index. The table assumes that all dividends and distributions are reinvested
in the Value Fund and, by comparing the Fund’s performance with a broad measure of market performance, gives some indication
of the risks of an investment in the Fund. The Value Fund’s past performance, before and after taxes, is not necessarily
an indication of how the Value Fund will perform in the future.
Updated performance information
is available at
www.cullenfunds.com
or by calling 1-877-485-8586.
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Average Annual Total Returns as of December 31, 2012
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Since
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Value Fund, Retail Class
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Inception
(1)
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Returns before taxes
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0.20%
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Returns after taxes on distributions
(2)
|
0.09%
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Returns after taxes on distributions and sale of Fund shares
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0.13%
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Value Fund, Class I
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Returns before taxes
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0.26%
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Value Fund, Class C
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|
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Returns before taxes
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-0.10%
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S&P
500 Total Return Index (reflects no deduction of fees, expenses or taxes)
|
2.20%
|
The Value Fund’s
2013 year-to-date total return through September 30, 2013 was 19.53%.
Predecessor Fund
The returns presented below reflect the performance of Pioneer Cullen Value Fund, a series of the Pioneer Series Trust III (the “Pioneer Trust”), and its predecessor fund, the Cullen Value Fund, a previously
existing series of the Cullen Funds Trust (the Pioneer Cullen Value Fund and its predecessor fund, the Cullen Value Fund, being collectively referred to herein as the “Predecessor Fund”) through July 31, 2012. The following is a summary of
the history of the Predecessor Fund:
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n
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July 1, 2000: The Cullen Funds Trust launches a series called the Cullen Value Fund.
The Cullen Value Fund is advised by the Adviser.
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5
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n
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February 25, 2005: Pursuant to an agreement and plan of reorganization, the Cullen
Value Fund is reorganized as the Pioneer Cullen Value Fund, a series of the Pioneer Trust Series III (the “Pioneer Trust”).
Pioneer Investment Management, Inc. (“Pioneer”) serves as the investment adviser to the Pioneer Cullen Value Fund
and the Adviser is retained as a sub-adviser to the Pioneer Cullen Value Fund.
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n
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July 31, 2012: The sub-advisory agreement between the Adviser and Pioneer is terminated,
with Pioneer remaining as the sole adviser of the Pioneer Cullen Value Fund. The Pioneer Cullen Value Fund is renamed the Pioneer
Fundamental Value Fund.
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n
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James P. Cullen, John C. Gould and Brooks H. Cullen have had primary responsibility
for the day-to-day management of the Pioneer Cullen Value Fund through July 31, 2012.
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Since the Predecessor Fund’s launch on March 25, 2000, the Adviser has been the sole investment advisory firm with day-to-day investment management responsibility for the portfolio of the Predecessor Fund, and the
Adviser is the sole investment adviser to the Value Fund.
The Predecessor Fund had virtually identical investment objectives, strategies and policies through July 31, 2012 as the Value Fund. The individuals who had primary responsibility for the day-to-day management of the
Predecessor Fund until July 31, 2012 have primary responsibility for the day-to-day management of the Value Fund. Accordingly, the Value Fund has determined to include in this Prospectus the performance of the Predecessor Fund.
The following performance information indicates some of the risks of investing in the shares of the Value Fund by showing the variability of the Predecessor Fund’s Class A shares (the class which, together with its
predecessor share class, has the longest period of annual returns). The performance information reflects the deduction of applicable sales loads for the Predecessor Fund’s Class A shares. The Value Fund’s Retail Class and Class I have no such
sales loads. The bar chart shows the total return of the Predecessor Fund by showing the changes in the Predecessor Fund’s performance from year to year (on a calendar year basis). The table shows the Predecessor Fund’s average annual total
return over time compared with a broad-based market index. Both the bar chart and table assume that all dividends and distributions are reinvested in the Predecessor Fund.
Remember, the Value Fund and the Predecessor Fund are two separate funds and the past
performance of the Predecessor Fund, before and after taxes, is not necessarily an indication of how the Value Fund would
have performed or will perform in the future.
Year-by-Year Total Return through December 31, 2011 of the Predecessor Fund
The Predecessor Fund’s 2012 year-to-date total return through July 31, 2012 was 7.28%.
SUMMARY PROSPECTUS
October 28, 2013
AVERAGE ANNUAL TOTAL RETURNS OF THE PREDECESSOR FUND AS OF DEC 31, 2011
|
PREDECESSOR FUND, CLASS A (RETAIL)
|
1 Year
|
5 Years
|
10 Years
|
Since
Inception
(1)
|
|
Returns before taxes
|
10.12%
|
-3.06%
|
5.09%
|
5.36%
|
|
Returns after taxes on distributions
|
-10.63%
|
-3.35%
|
4.78%
|
5.08%
|
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Returns after taxes on distributions and sale of
|
|
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Fund shares
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-6.58%
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-2.67%
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4.32%
|
4.60%
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PREDECESSOR FUND, CLASS Z (INSTITUTIONAL)
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Returns before taxes
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-4.30%
|
N/A
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N/A
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5.88%
|
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S&P 500
®
Index (reflects no deduction for fees,
|
|
|
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expenses or taxes)
|
2.11%
|
-0.25%
|
2.92%
|
0.61%
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After-tax returns are shown for only the Class A shares of the Predecessor Fund. After-tax returns for other share classes will differ. After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their
shares through tax-deferred or tax-exempt arrangements such as 401(k) plans or IRAs.
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(1)
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The Predecessor Fund’s
Class A shares were first offered on July 1, 2000 and the Class Z shares were first offered on November 8, 2008. Since Inception
returns for the S&P 500
®
Index have been calculated using the inception date of the Class A shares (July 1,
2000).
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INVESTMENT ADVISER
Cullen Capital Management LLC serves as the investment adviser to the Value Fund.
PORTFOLIO MANAGERS
James P. Cullen, the Adviser’s Chairman and Chief Executive Officer and controlling
member, has been a portfolio manager of the Value Fund since it commenced on operations on September 1, 2012 and co-portfolio
manager of the Predecessor Fund from March 25, 2000 to the inception of the Value Fund. He is also a founder of Schafer
Cullen Capital Management, Inc., a registered investment adviser, and has been its Chairman and Chief Executive Officer since
December 1982.
John C. Gould has served as a co-portfolio manager of the Value Fund since it commenced operations on September 1, 2012 and co-portfolio manager of the Predecessor Fund from March 25, 2000 to the inception of the Value
Fund. Mr. Gould serves as President of the Adviser and has worked there since May 2000.
7
Brooks H. Cullen, Vice President of the Adviser, has served as co-portfolio manager of the Value Fund since it commenced operations on September 1, 2012 and co-portfolio manager of the Predecessor Fund from March 25, 2000
to the inception of the Value Fund. Mr. Cullen has been a Vice President of the Adviser since May 2000.
PURCHASE AND SALE OF FUND SHARES
You may purchase or redeem shares of the Value Fund on days the New York Stock Exchange (NYSE) is open for trading by written request to the addresses below, by wire transfer, by telephone at 1-877-485-8586 or through any
broker/dealer organization that has a sales agreement with the Value Fund’s distributor. Purchases and redemptions by telephone are only permitted if you previously established these options on your account.
Regular mail: Cullen Funds, P.O. Box 13584, Denver, Colorado 80201
Overnight mail: Cullen Funds, 1290 Broadway, Suite 1100, Denver, Colorado 80203
The Value Fund accepts investment in the following minimum amounts:
|
Share Class
|
Initial
|
Additional
|
|
Retail Class-Regular Accounts
|
$1,000
|
$100
|
|
Retail Class-IRAs and UGMA/UTMA Accounts, Simple
|
|
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IRA, SEP-IRA, 403(b)(7), Keogh, Pension Plan and Profit
|
$250
|
$50
|
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Sharing Plan Accounts
|
|
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Class C-Regular Accounts
|
$1,000
|
$100
|
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Class C-IRAs and UGMA/UTMA Accounts, Simple IRA,
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SEP-IRA, 403(b)(7), Keogh, Pension Plan and Profit
|
$250
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$50
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Sharing Plan Accounts
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n
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A registered investment adviser may aggregate all client accounts investing in Class
I shares of the Value Fund to meet the investment minimum.
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n
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If you use an Automatic Investment Plan (“AIP”) for a regular account
for the Retail Class or Class C shares, the initial investment minimum to open an account is $50 and the additional investment
minimum is $50.
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n
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If you use an Automatic Investment Plan for a custodial or retirement plan account
for the Retail Class or Class C shares, the initial investment minimum to open an account as well as the monthly additional investment
amount is $25.
|
TAX INFORMATION
The Value Fund’s distributions to you are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement
account (“IRA”).
FINANCIAL INTERMEDIARY COMPENSATION
If you purchase the Value Fund through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the Fund and/or its Adviser may pay the intermediary for the sale of the Value Fund shares and
related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Value Fund over another investment. Ask your salesperson or visit your financial
intermediary’s website for more information.
SUMMARY PROSPECTUS
October 28, 2013
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