0000891092-12-006753.txt : 20121114 0000891092-12-006753.hdr.sgml : 20121114 20121114164745 ACCESSION NUMBER: 0000891092-12-006753 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 EFFECTIVENESS DATE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CULLEN FUNDS TRUST CENTRAL INDEX KEY: 0001109957 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09871 FILM NUMBER: 121205445 BUSINESS ADDRESS: STREET 1: 645 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-644-1800 MAIL ADDRESS: STREET 1: 645 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CULLEN FUNDS TRUST CENTRAL INDEX KEY: 0001109957 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-33302 FILM NUMBER: 121205446 BUSINESS ADDRESS: STREET 1: 645 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-644-1800 MAIL ADDRESS: STREET 1: 645 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10022 0001109957 S000006835 Cullen High Dividend Equity Fund C000018478 Retail Class CHDEX C000018479 Class C CHVCX C000018480 Class I CHDVX C000076265 Class R1 CHDRX C000076266 Class R2 CHDPX 0001109957 S000006836 Cullen International High Dividend Fund C000018481 Retail Class CIHDX C000018482 Class C CIHCX C000018483 Class I CIHIX C000076267 Class R1 CIHRX C000076268 Class R2 CIHPX 485BPOS 1 e50462_485bpos.htm 485BPOS

Filed with the Securities and Exchange Commission on November 14, 2012

1933 Act Registration File No. 333-33302
1940 Act File No. 811-09871

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-1A

   
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x
   
          Pre-Effective Amendment No.                o
   
          Post-Effective Amendment No.         39 x
   
and/or  
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 x
   
          Amendment No.         41 x

CULLEN FUNDS TRUST
(Exact Name of Registrant as Specified in Charter)

645 Fifth Avenue
New York, NY 10022
(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (212) 843-0506

Brooks Cullen
645 Fifth Avenue
New York, NY 10022
(Name and Address of Agent for Service)

Copies of all communications to:
Carla Teodoro, Esq.
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019

 

Approximate Date of Proposed Public Offering: As soon as practical after the effective date of this Registration Statement.

 

It is proposed that this filing will become effective (check appropriate box)

 

_X_ immediately upon filing pursuant to paragraph (b)
___ on _______________ pursuant to paragraph (b)(1)(iii)
___ 60 days after filing pursuant to paragraph (a) (i)
___ on _______________ pursuant to paragraph (a) (i)
___ 75 days after filing pursuant to paragraph (a)(ii)
___ on _______________ pursuant to paragraph (a)(ii) of Rule 485

 

If appropriate, check the following box.


[  ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 
  

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, The Trust, certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York and the State of New York, on the 14th day of November, 2012.

 

 

 

    CULLEN FUNDS TRUST
     
  By: /s/ James P. Cullen
    James P. Cullen
    President

 

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below on the 14th day of November, 2012 by the following persons in the capacities indicated.

 

 

Signature Title Date
     
/s/ James P. Cullen Trustee and President November 14, 2012
James P. Cullen    
     
     
/s/ Stephen G. Fredericks* Independent Trustee November 14, 2012
Stephen G. Fredericks    
     
     
/s/ Robert J. Garry* Independent Trustee November 14, 2012
Robert J. Garry    
     
     
/s/ Daniel J. Campbell* Independent Trustee November 14, 2012
Daniel J. Campbell    
     
     
/s/ Jeffrey T. Battaglia* Treasurer and Principal November 14, 2012
Jeffrey T. Battaglia Accounting Officer  

 

 

 

*By: /s/ James P. Cullen
  James P. Cullen
  Attorney in Fact
 
  

EXHIBIT LIST

 

Exhibit No. Description
   
EX-101.INSC XBRL Instance Document
   
EX-101.SCH XBRL Taxonomy Extension Schema Document
   
EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase

 

 

 

 

 EX-101.INS 3 cft-20121026.xml XBRL INSTANCE FILE 0001109957 2011-12-31 2011-12-31 0001109957 cft:S000006835Member 2011-12-31 2011-12-31 0001109957 cft:S000006835Member cft:C000018478Member 2011-12-31 2011-12-31 0001109957 cft:S000006835Member rr:AfterTaxesOnDistributionsMember cft:C000018478Member 2011-12-31 2011-12-31 0001109957 cft:S000006835Member rr:AfterTaxesOnDistributionsAndSalesMember cft:C000018478Member 2011-12-31 2011-12-31 0001109957 cft:S000006835Member cft:C000018480Member 2011-12-31 2011-12-31 0001109957 cft:S000006835Member cft:C000018479Member 2011-12-31 2011-12-31 0001109957 cft:S000006835Member cft:C000076265Member 2011-12-31 2011-12-31 0001109957 cft:S000006835Member cft:C000076266Member 2011-12-31 2011-12-31 0001109957 cft:S000006835Member cft:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2011-12-31 2011-12-31 0001109957 cft:S000006836Member 2011-12-31 2011-12-31 0001109957 cft:S000006836Member cft:C000018481Member 2011-12-31 2011-12-31 0001109957 cft:S000006836Member rr:AfterTaxesOnDistributionsMember cft:C000018481Member 2011-12-31 2011-12-31 0001109957 cft:S000006836Member rr:AfterTaxesOnDistributionsAndSalesMember cft:C000018481Member 2011-12-31 2011-12-31 0001109957 cft:S000006836Member cft:C000018483Member 2011-12-31 2011-12-31 0001109957 cft:S000006836Member cft:C000018482Member 2011-12-31 2011-12-31 0001109957 cft:S000006836Member cft:C000076267Member 2011-12-31 2011-12-31 0001109957 cft:S000006836Member cft:C000076268Member 2011-12-31 2011-12-31 0001109957 cft:S000006836Member cft:index_MSCI_EAFE_Index_reflects_no_deduction_of_fees_expenses_or_taxesMember 2011-12-31 2011-12-31 0001109957 cft:S000026472Member 2011-12-31 2011-12-31 0001109957 cft:S000026472Member cft:C000079419Member 2011-12-31 2011-12-31 0001109957 cft:S000026472Member rr:AfterTaxesOnDistributionsMember cft:C000079419Member 2011-12-31 2011-12-31 0001109957 cft:S000026472Member rr:AfterTaxesOnDistributionsAndSalesMember cft:C000079419Member 2011-12-31 2011-12-31 0001109957 cft:S000026472Member cft:C000079421Member 2011-12-31 2011-12-31 0001109957 cft:S000026472Member cft:C000079420Member 2011-12-31 2011-12-31 0001109957 cft:S000026472Member cft:index_Russell_2500_Value_Index3Member 2011-12-31 2011-12-31 0001109957 cft:S000026472Member cft:C000079422Member 2011-12-31 2011-12-31 0001109957 cft:S000026472Member cft:C000079423Member 2011-12-31 2011-12-31 0001109957 cft:S000038163Member 2011-12-31 2011-12-31 0001109957 cft:S000038163Member cft:C000117701Member 2011-12-31 2011-12-31 0001109957 cft:S000038163Member rr:AfterTaxesOnDistributionsMember cft:C000117701Member 2011-12-31 2011-12-31 0001109957 cft:S000038163Member rr:AfterTaxesOnDistributionsAndSalesMember cft:C000117701Member 2011-12-31 2011-12-31 0001109957 cft:S000038163Member cft:C000117699Member 2011-12-31 2011-12-31 0001109957 cft:S000038163Member cft:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2011-12-31 2011-12-31 0001109957 cft:S000038163Member cft:C000117700Member 2011-12-31 2011-12-31 0001109957 cft:S000038162Member 2011-12-31 2011-12-31 0001109957 cft:S000038162Member cft:C000117698Member 2011-12-31 2011-12-31 0001109957 cft:S000038162Member cft:C000117696Member 2011-12-31 2011-12-31 0001109957 cft:S000038162Member cft:C000117697Member 2011-12-31 2011-12-31 xbrli:pure iso4217:USD The High Dividend Fund Retail Class commenced operations on August 1, 2003, Class I commenced operations on October 7, 2004, Class C commenced operations on October 7, 2004, Class R1 commenced operations on March 3, 2010 and Class R2 commenced operations on March 4, 2010. The returns for the index have been calculated using the inception date of the Retail Class Shares. After-tax returns are shown for only Retail Class shares. After-tax returns for Class I, Class C, Class R1 and Class R2 shares 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. The Expense Example amounts reflect the current expense waiver and reimbursement agreement in effect through October 31, 2013. Thus, the 3 years, 5 years and 10 years examples reflect the expense and reimbursement only for the first year. You will be charged a 2% redemption fee if you redeem or exchange shares of the High Dividend Fund within seven (7) days of purchase. Other expenses for the current fiscal year, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the High Dividend Fund's statement of operations. The Total Annual Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the High Dividend Fund and does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses ("AFFE"), interest, taxes and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares, 0.75% for Class I shares, 1.50% for Class R1 shares and 1.25% for Class R2 shares, through October 31, 2013. The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement, recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the High Dividend Fund to exceed existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Fund or the Adviser prior to its termination date. The International High Dividend Fund Retail Class, Class I and Class C each commenced operations on December 15, 2005 and Class R1 and Class R2 commenced operations on March 3, 2010 and March 4, 2010, respectively. The returns for the index have been calculated since the inception date of each class shown. After-tax returns are shown for only Retail Class shares. After-tax returns for Class I, Class C, Class R1 and Class R2 shares 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. The Expense Example amounts reflect the current expense waiver and reimbursement agreement in through October 31, 2013. Thus, the 3 years, 5 years and 10 years examples reflect the expense and reimbursement only for the first year. You will be charged a 2% redemption fee if you redeem or exchange shares of the International High Dividend Fund within seven (7) days of purchase. Other expenses for the current fiscal year, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the International High Dividend Fund's statement of operations. The Total Annual Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the International High Dividend Fund and does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses ("AFFE"), interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares, 1.00% for Class I shares, 1.75% for Class R1 shares and 1.50% for Class R2 shares, through October 31, 2013. The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement, recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the International High Dividend Fund to exceed existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Fund or the Adviser prior to its termination date. The Small Cap Value Fund commenced operations on October 1, 2009. The returns for the index have been calculated since the inception date of each class. After-tax returns are shown for Retail Class shares only. After-tax returns for Class I shares 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 arrangements such as 401(k) plans or IRAs. The Russell 2500 Value Index is an unmanaged market capitalization-weighted index based on the average weighted performance of 2,500 widely held common stocks.. The figures above reflect all dividends reinvested but do not reflect any deductions for fees, expenses, or taxes. A direct investment in an index is not possible. The Expense Example amounts reflect the current expense waiver and reimbursement agreement in effect through October 31, 2013. Thus, the 3 years, 5 years and 10 years examples reflect the expense and reimbursement only for the first year. You will be charged a 2% redemption fee if you redeem or exchange shares of the Small Cap Value Fund within seven (7) days of purchase. The redemption fee is payable to the Small Cap Value Fund and is intended to benefit the remaining shareholders by reducing the cost of short term trading. The Small Cap Value Fund's Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer. Other expenses for the current fiscal year for the Retail Class shares, Class C shares and Class I shares, which include custodian, transfer agency, shareholder servicing plan fees and other customary fund expenses, are based on actual amounts from the Small Cap Value Fund's statement of operations. Other expenses for Class R1 shares and Class R2 shares are estimated amounts for the current fiscal year. The Total Annual Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Small Cap Value Fund and does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses ("AFFE"), interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares, 1.00% for Class I shares, 1.75% for Class R1 shares and 1.50% for Class R2 shares, through October 31, 2013. The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement, recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Small Cap Value Fund to exceed existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Fund or the Adviser prior to its termination date. The expense information in the table has been restated for Class R1 and Class R2 Shares to reflect estimated acquired fund fees and expenses base on the current fiscal year. The Predecessor Fund's Class A Shares commenced operations on July 1, 2000 and the Class Z Shares commenced operations 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). The Expense Example amounts reflect the expense waiver and reimbursement agreement in effect through October 31, 2013. Thus, the 3 year example reflects the expense waiver and reimbursement only for the first year. You will be charged a 2% redemption fee if you redeem or exchange shares of the Value Fund within seven (7) days of purchase. Other expenses are based on estimated amounts. Does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses ("AFFE"), interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares of the Value Fund, through October 31, 2013. The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement, recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Value Fund to exceed existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Fund or the Adviser prior to its termination date. The Expense Example amounts reflect the expense waiver and reimbursement agreement in effect through October 31, 2013. Thus, the 3 year example reflects the expense waiver and reimbursement only for the first year. You will be charged a 2% redemption fee if you redeem or exchange shares of the Emerging Markets High Dividend Fund within seven (7) days of purchase. Other expenses are based on estimated amounts. Does not include Acquired Fund Fees and Expenses. Cullen Capital Management LLC (the "Adviser") has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses ("AFFE"), interest, taxes and extraordinary expenses) to not more than 1.25% for Retail Class shares, 2.00% for Class C shares and 1.00% for Class I shares through October 31, 2013. The Adviser may, due to a recapture provision of the written fee waiver and expense reimbursement agreement, recapture any expenses or fees it has reduced or reimbursed within a three-year period from the date of reimbursement, provided that recapture does not cause the Emerging Markets High Dividend Fund to exceed existing expense limitations. The Agreement to limit the Net Annual Operating Expenses may not be terminated by either the Fund or the Advisor prior to its termination date. CULLEN FUNDS TRUST 485BPOS false 0001109957 2011-12-31 2012-10-26 2012-10-29 2012-10-29 Cullen High Dividend Equity Fund Investment Objective <p style="text-align: left;"> The Cullen High Dividend Equity Fund (the &#8220;High Dividend Fund&#8221;) seeks long-term capital appreciation and current income. Capital appreciation is a primary objective</p> <p style="text-align: left;">and current income is a secondary objective. </p> Principal Risks <p style="text-align: left"> Like all investments, investing in the High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest. </p> <br/><p style="text-align: left"> <font style="color: #00007f"><b>General Stock Risks.</b></font> The High Dividend Fund&#8217;s major risks are those of investing in the stock market, which can mean that the Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the High Dividend Fund&#8217;s underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront 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 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. In the future, market participants&#8217; 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 High Dividend Fund&#8217;s shares. As a result, you could lose money investing in the High Dividend Fund. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Medium-Capitalization Companies Risk.</b></font> The High Dividend Fund may invest in the stocks of medium-capitalization companies. 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 High Dividend Fund&#8217;s portfolio. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Value Style Investing Risk.</b></font> 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 High Dividend Fund&#8217;s &#8220;value&#8221; investment style may sometimes be lower than that of equity funds following other styles of investment. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Foreign Securities Risk.</b></font> 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: </p> <br/><ul> <li> <p align="left"> future political and economic developments, </p> </li> <li> <p align="left"> the position of foreign withholding taxes on dividend and interest income payable on the securities, </p> </li> <li> <p align="left"> the possible establishment of exchange controls, </p> </li> <li> <p align="left"> the possible seizure or nationalization of foreign investments, and </p> </li> <li> <p align="left"> the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. </p> </li> </ul> <br/><p style="text-align: left;"> You may lose money by investing in the High Dividend Fund if any of the following occur: </p> <br/><ul> <li> <p align="left"> foreign stock markets decline in value, </p> </li> <li> <p align="left"> the High Dividend Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity, </p> </li> <li> <p align="left"> the value of a foreign currency declines relative to the U.S. dollar, or </p> </li> <li> <p align="left"> political, social or economic instability in a foreign country causes the value of the High Dividend Fund&#8217;s investments to decline. </p> </li> </ul> <br/><p style="text-align: left;"> 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. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Options or Covered Call Writing.</b></font> The market price of the call will, in most instances, move in conjunction with the price of the underlying equity security. However, if the security rises in value and the call is exercised, the High Dividend Fund may not participate fully in the market appreciation of the security, which may negatively affect your investment return. </p> <br/><p style="text-align: left"> <font style="color: #00007F"><b>Market Disruptions Risk; Sovereign Debt Crises Risks.</b></font><b></b> 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.&#160; 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.&#160; 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.&#160; 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.&#160; These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. </p> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> <b>Government Intervention Risk</b>.&#160; 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.&#160; Such intervention has in certain cases been implemented on an &#8220;emergency&#8221; basis, suddenly and substantially eliminating market participants&#8217; ability to continue to implement certain strategies or manage the risk of their outstanding positions.&#160; 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. </p> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"> 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 &#8220;Dodd-Frank Act&#8221;) 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. </p> Like all investments, investing in the High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest. Performance Information <p style="text-align: left;"> The following performance information indicates some of the risks of investing in the shares of the High Dividend Fund by showing the variability of the Retail Class&#8217;s returns (the class with the longest period of annual returns). The bar chart shows the total return of the High Dividend Fund by showing the changes in the Fund&#8217;s performance from year to year (on a calendar year basis). The table shows the High Dividend 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 High Dividend Fund. Remember, the High Dividend Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Prior to October 7, 2004, the shares of the High Dividend Fund had no specific class designation. As of that date, all of the then outstanding shares were redesignated as Retail Class shares. </p> Year-by-Year Total Return as of December 31, 2011 0.1318 0.0489 0.2189 0.0556 -0.2938 0.1237 0.1062 0.1089 ~ http://cullenfundstrust.com/20121026/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact cft_S000006835Member column rr_ProspectusShareClassAxis compact cft_C000018478Member row primary compact * ~ Highest Return 0.1223 2009-06-30 Lowest Return -0.1809 2008-12-31 The High Dividend Fund's year-to-date total return as of September 30, 2012 was 0.0985 2012-09-30 <p style="text-align: left;"> The High Dividend Fund&#8217;s year-to-date total return as of September 30, 2012 was 9.85%. </p> <br/><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman"> <tr> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td colspan="4" align="left"> <b>Best and Worst Quarter Returns (for the period reflected in the bar chart above)</b> </td> </tr> <tr valign="bottom"> <td colspan="4" align="left"> <hr size="1" noshade="noshade" /> </td> </tr> <tr valign="bottom"> <td style="text-align: left"> &#160; </td> <td style="text-align: center"> &#160; </td> <td style="text-align: center"> <b>Return</b> </td> <td style="text-align: center"> <b>Quarter/Year</b> </td> </tr> <tr valign="bottom"> <td colspan="4" align="left"> <hr size="1" noshade="noshade" /> </td> </tr> <tr valign="bottom"> <td style="text-align: left"> Highest Return </td> <td style="text-align: center"> &#160; </td> <td style="text-align: center"> 12.23% </td> <td style="text-align: center"> Q2/2009 </td> </tr> <tr valign="bottom"> <td colspan="4" align="left"> <hr size="1" noshade="noshade" /> </td> </tr> <tr valign="bottom"> <td style="text-align: left"> Lowest Return </td> <td style="text-align: center"> &#160; </td> <td style="text-align: center"> -18.09% </td> <td style="text-align: center"> Q4/2008 </td> </tr> <tr valign="bottom"> <td colspan="4" align="left"> <hr size="1" noshade="noshade" /> </td> </tr> <tr> <td colspan="4"> &#160; </td> </tr> </table> 0.1089 0.0055 0.0635 0.0996 -0.0064 0.0531 0.0705 -0.0018 0.0494 0.1112 0.0079 0.0499 0.1012 -0.0019 0.0396 0.1030 0.1114 0.1055 0.1190 0.0211 -0.0025 0.0511 2004-10-07 2003-08-01 2010-03-04 2010-03-03 2004-10-07 ~ http://cullenfundstrust.com/20121026/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact cft_S000006835Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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. The following performance information indicates some of the risks of investing in the shares of the High Dividend Fund by showing the variability of the Retail Class's returns (the class with the longest period of annual returns). Remember, the High Dividend Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown for only Retail Class shares. After-tax returns for Class I, Class C, Class R1 and Class R2 shares will differ. (reflects no deduction for fees, expenses or taxes) Average Annual Total Returns as of December 31, 2011 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. Expense Example <p style="text-align: left;"> This example is intended to help you compare the cost of investing in the High Dividend Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the High Dividend 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 High Dividend Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 105 415 748 1689 181 646 1137 2492 80 337 615 1407 156 569 1009 2231 130 493 879 1964 ~ http://cullenfundstrust.com/20121026/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cft_S000006835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Fees and Expenses of the Fund <p style="text-align: left;"> This table describes the fees and expenses that you may pay if you buy and hold shares of the High Dividend Fund. </p> -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 0.0100 0.0100 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0050 0.0025 0.0016 0.0016 0.0016 0.0041 0.0041 0.0003 0.0003 0.0003 0.0003 0.0003 0.0144 0.0219 0.0119 0.0194 0.0169 -0.0041 -0.0041 -0.0041 -0.0041 -0.0041 0.0103 0.0178 0.0078 0.0153 0.0128 ~ http://cullenfundstrust.com/20121026/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cft_S000006835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://cullenfundstrust.com/20121026/role/ScheduleOperatingExpenses20002 column dei_LegalEntityAxis compact cft_S000006835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): The Total Annual Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the High Dividend Fund and does not include Acquired Fund Fees and Expenses. Shareholder Fees (fees paid directly from your investment): Principal Investment Strategies <p style="text-align: left;"> The High Dividend Fund invests, under normal circumstances, at least 80% of its net assets in dividend paying common stocks of medium- and large-capitalization companies. As a point of comparison, a high dividend common stock that the High Dividend Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the S&amp;P 500<sup>&#174;</sup> Index. </p> <br/><p style="text-align: left;"> The High Dividend Fund invests roughly similar amounts of its assets 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. </p> <br/><p style="text-align: left;"> As part of its strategy, the High Dividend Fund, in order to generate additional income, will selectively write covered call options when it is deemed to be in the Fund&#8217;s best interest. A call option is a short-term contract entitling the purchaser, in return for a premium paid, the right to buy the underlying equity security at a specified price upon exercise of the option at any time prior to its expiration. Writing a covered call option allows the High Dividend Fund to receive a premium. A call option gives the holder the right, but not the obligation, to buy the underlying equity stock from the writer of the option at a given price during a specific period. </p> <br/><p style="text-align: left;"> The High Dividend Fund may invest up to 30% of its assets in foreign securities. These investments are generally made in American Depositary Receipts (&#8220;ADRs&#8221;), which trade on U.S. exchanges. ADRs may be purchased through &#8220;sponsored&#8221; or &#8220;unsponsored&#8221; 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. </p> <br/><p style="font: 10pt TimesNewRoman,serif"> The High Dividend 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. </p> <br/><p style="text-align: left"> The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives. </p> Portfolio Turnover <p style="text-align: left;"> The High Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;portfolio turnover&#8221;). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when High Dividend 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 High Dividend Fund&#8217;s performance. During the most recent fiscal year, the High Dividend Fund&#8217;s portfolio turnover rate was 2% of the average value of its portfolio. </p> 0.02 Cullen International High Dividend Fund Investment Objective <p style="text-align: left;"> The Cullen International High Dividend Fund (the &#8220;International High Dividend Fund&#8221;) seeks current income and long-term capital appreciation. Current income is a primary objective</p> <p style="text-align: left;">and capital appreciation is a secondary objective. </p> Principal Risks <p style="text-align: left;"> Like all investments, investing in the International High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest. </p> <br/><p style="text-align: left"> <font style="color: #00007f"><b>General Stock Risks.</b></font> The International High Dividend Fund&#8217;s major risks are those of investing in the stock market, which can mean that the Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the International High Dividend Fund&#8217;s underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront 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 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. In the future, market participants&#8217; 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 International High Dividend Fund&#8217;s shares. As a result, you could lose money investing in the International High Dividend Fund. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Medium-Capitalization Companies Risks.</b></font> The International High Dividend Fund may invest in the stocks of medium-capitalization companies. 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 International High Dividend Fund&#8217;s portfolio. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Value Style Investing Risks.</b></font> 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 International High Dividend Fund&#8217;s &#8220;value&#8221; investment style may sometimes be lower than that of equity funds following other styles of investment. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Foreign Securities Risks.</b></font> 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: </p> <br/><ul> <li> <p align="left"> future political and economic developments, </p> </li> <li> <p align="left"> the position of foreign withholding taxes on dividend and interest income payable on the securities, </p> </li> <li> <p align="left"> the possible establishment of exchange controls, </p> </li> <li> <p align="left"> the possible seizure or nationalization of foreign investments, and </p> </li> <li> <p align="left"> the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. </p> </li> </ul> <br/><p style="text-align: left"> You may lose money by investing in the International High Dividend Fund if any of the following occur: </p> <br/><ul> <li> <p align="left"> foreign stock markets decline in value, </p> </li> <li> <p align="left"> the International High Dividend Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity, </p> </li> <li> <p align="left"> the value of a foreign currency declines relative to the U.S. dollar, or </p> </li> <li> <p align="left"> political, social or economic instability in a foreign country causes the value of the International High Dividend Fund&#8217;s investments to decline. </p> </li> </ul> <br/><p style="text-align: left;"> 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. </p> <br/><p style="text-align: left"> <font style="color: #00007F"><b>Market Disruptions Risk; Sovereign Debt Crises Risks.</b></font><b></b> 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.&#160; 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.&#160; 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.&#160; 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.&#160; These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. </p> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> <b>Government Intervention Risk</b>.&#160; 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.&#160; Such intervention has in certain cases been implemented on an &#8220;emergency&#8221; basis, suddenly and substantially eliminating market participants&#8217; ability to continue to implement certain strategies or manage the risk of their outstanding positions.&#160; 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. </p> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"> 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 &#8220;Dodd-Frank Act&#8221;) 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. </p> Like all investments, investing in the International High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest. Performance Information <p style="text-align: left;"> The following performance information indicates some of the risks of investing in the shares of the International High Dividend Fund by showing the variability of the Retail Class&#8217;s returns (the class with the longest period of annual returns). The bar chart shows the total return of the International High Dividend Fund by showing the changes in the Fund&#8217;s performance from year to year (on a calendar year basis). The table shows the International High Dividend 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 International High Dividend Fund. Remember, the International High Dividend Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </p> Year-by-Year Total Return as of December 31, 2011 0.2580 0.2417 -0.4494 0.2697 0.1088 -0.0992 ~ http://cullenfundstrust.com/20121026/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact cft_S000006836Member column rr_ProspectusShareClassAxis compact cft_C000018481Member row primary compact * ~ Highest Return 0.1903 2009-06-30 Lowest Return -0.2445 2008-12-31 The International High Dividend Fund's year-to-date total return as of September 30, 2012 was 0.1222 2012-09-30 <p style="text-align: left;"> The International High Dividend Fund&#8217;s year-to-date total return as of September 30, 2012 was 12.22%. </p> <br/><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman"> <tr valign="bottom"> <td style="text-align: left"> <b>Best and Worst Quarter Returns (for the period reflected in the bar chart above)</b> </td> <td> &#160; </td> <td style="text-align: center"> &#160; </td> <td style="text-align: center"> &#160; </td> </tr> <tr> <td colspan="4"> <hr size="1" noshade="noshade" /> </td> </tr> <tr valign="bottom"> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: center"> <b>Return</b> </td> <td style="text-align: center"> <b>Quarter/Year</b> </td> </tr> <tr> <td colspan="4"> <hr size="1" noshade="noshade" /> </td> </tr> <tr valign="bottom"> <td style="text-align: left"> Highest Return </td> <td> &#160; </td> <td style="text-align: center"> 19.03% </td> <td style="text-align: center"> Q2/2009 </td> </tr> <tr> <td colspan="4"> <hr size="1" noshade="noshade" /> </td> </tr> <tr valign="bottom"> <td style="text-align: left"> Lowest Return </td> <td> &#160; </td> <td style="text-align: center"> -24.45% </td> <td style="text-align: center"> Q4/2008 </td> </tr> <tr> <td colspan="4"> <hr size="1" noshade="noshade" /> </td> </tr> <tr> <td colspan="4"> &#160; </td> </tr> </table> -0.0992 -0.0281 0.0143 -0.1077 -0.0399 0.0029 -0.0642 -0.0292 0.0067 -0.0961 -0.0255 0.0173 -0.1059 -0.0352 0.0072 -0.1034 0.0151 -0.1009 0.0179 -0.1173 -0.0426 0.0047 2010-03-04 2010-03-03 2005-12-15 2005-12-15 2005-12-15 ~ http://cullenfundstrust.com/20121026/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact cft_S000006836Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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. The following performance information indicates some of the risks of investing in the shares of the International High Dividend Fund by showing the variability of the Retail Class's returns (the class with the longest period of annual returns). Remember, the International High Dividend Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown for only Retail Class shares. After-tax returns for Class I, Class C, Class R1 and Class R2 shares will differ. (reflects no deduction of fees, expenses or taxes) Average Annual Total Returns as of December 31, 2011 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. Expense Example <p style="text-align: left;"> This example is intended to help you compare the cost of investing in the International High Dividend Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the International High Dividend 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 International High Dividend Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 128 499 895 2002 204 728 1278 2781 103 422 763 1728 179 652 1152 2528 154 576 1024 2268 ~ http://cullenfundstrust.com/20121026/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact cft_S000006836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Fees and Expenses of the Fund <p style="text-align: left;"> This table describes the fees and expenses that you may pay if you buy and hold shares of the International High Dividend Fund. </p> -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 0.0100 0.0100 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0050 0.0025 0.0047 0.0047 0.0047 0.0072 0.0072 0.0001 0.0001 0.0001 0.0001 0.0001 0.0173 0.0248 0.0148 0.0223 0.0198 -0.0047 -0.0047 -0.0047 -0.0047 -0.0047 0.0126 0.0201 0.0101 0.0176 0.0151 ~ http://cullenfundstrust.com/20121026/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact cft_S000006836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://cullenfundstrust.com/20121026/role/ScheduleOperatingExpenses20009 column dei_LegalEntityAxis compact cft_S000006836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): The Total Annual Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the International High Dividend Fund and does not include Acquired Fund Fees and Expenses. Shareholder Fees (fees paid directly from your investment): Principal Investment Strategies <p style="text-align: left;"> The International High Dividend Fund invests, under normal circumstances, at least 80% of its net assets in high dividend paying common stocks of medium- and large-capitalization companies headquartered outside the United States and in American Depositary Receipts (&#8220;ADRs&#8221;). ADRs are depositary receipts for foreign securities denominated in U.S. dollars and traded on U.S. securities markets or available through a U.S. broker or dealer. As a point of comparison, a high dividend paying common stock that the International High Dividend Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the MSCI EAFE Stock Index. </p> <br/><p style="text-align: left;"> The International High Dividend Fund intends to diversify its investments across different countries, but the percentage of the International High Dividend Fund&#8217;s assets invested in particular countries or regions will change from time to time based on the Adviser&#8217;s judgment. As of September 30, 2012, the International High Dividend Fund was invested in approximately 18 different countries. The International High Dividend Fund intends to invest in the securities of companies located in developed countries and, to a lesser extent, those located in emerging markets. The International High Dividend Fund may consider investments in companies in any of the world&#8217;s developed stock markets, such as the United Kingdom and other stock markets in the European Union. The International High Dividend Fund also may consider investments in developed and emerging stock markets in the Far East, such as Hong Kong, China, Singapore, Korea, Taiwan, Malaysia and Thailand. Other developed and emerging stock markets such as Australia, New Zealand, South Africa, Canada and Mexico also may be considered. </p> <br/><p style="text-align: left;"> The International High Dividend 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 International High Dividend Fund invests roughly similar amounts of its assets in each position in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. </p> <br/><p style="text-align: left"> 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. </p> <br/><p style="text-align: left"> The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives. </p> Portfolio Turnover <p style="text-align: left;"> The International High Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;portfolio turnover&#8221;). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when International High Dividend 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 International High Dividend Fund&#8217;s performance. During the most recent fiscal year, the International High Dividend Fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio. </p> 0.36 Cullen Small Cap Value Fund Investment Objective <p style="text-align: left;"> The Cullen Small Cap Value Fund (the &#8220;Small Cap Value Fund&#8221;) seeks long-term capital appreciation. </p> Principal Risks <p style="text-align: left"> Like all investments, investing in the Small Cap Value Fund involves risks, including the risk that you may lose part or all of the money you invest. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>General Stock Risks.</b></font> The Small Cap Value Fund&#8217;s major risks are those of investing in the stock market, which can mean the Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance. Periods of poor performance and declines in value of the Small Cap Value Fund&#8217;s underlying equity investments can be caused, and also be further prolonged, by many circumstances that can confront 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 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. In the future, market participants&#8217; 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 Small Cap Value Fund&#8217;s shares. As a result, you could lose money investing in the Small Cap Value Fund. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Small-Capitalization Companies Risks.</b></font> The Small Cap Value Fund invests in the stocks of small-capitalization companies. Small-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 Small Cap Value Fund&#8217;s portfolio. Further, due to thin trading in some such companies, an investment may be more illiquid (i.e. harder to sell) than that of larger capitalization stocks. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Value Style Investing Risks.</b></font> 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 Small Cap Value Fund&#8217;s &#8220;value&#8221; investment style may sometimes be lower than that of other types of equity funds. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Foreign Securities Risks.</b></font> 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: </p> <br/><ul> <li> <p align="left"> future political and economic developments, </p> </li> <li> <p align="left"> the position of foreign withholding taxes on dividend and interest income payable on the securities, </p> </li> <li> <p align="left"> the possible establishment of exchange controls, </p> </li> <li> <p align="left"> the possible seizure or nationalization of foreign investments, and </p> </li> <li> <p align="left"> the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. </p> </li> </ul> <br/><p style="text-align: left;"> You may lose money by investing in the Small Cap Value Fund if any of the following occur: </p> <br/><ul> <li> <p align="left"> foreign stock markets decline in value, </p> </li> <li> <p align="left"> the Small Cap Value Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity, </p> </li> <li> <p align="left"> the value of a foreign currency declines relative to the U.S. dollar, or </p> </li> <li> <p align="left"> political, social or economic instability in a foreign country causes the value of the Small Cap Value Fund&#8217;s investments to decline. </p> </li> </ul> <br/><p style="text-align: left;"> 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. </p> <br/><p style="text-align: left"> <font style="color: #00007F"><b>Market Disruptions Risk; Sovereign Debt Crises Risks.</b></font><b></b> 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.&#160; 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.&#160; 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.&#160; 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.&#160; These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. </p> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> <b>Government Intervention Risk</b>.&#160; 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.&#160; Such intervention has in certain cases been implemented on an &#8220;emergency&#8221; basis, suddenly and substantially eliminating market participants&#8217; ability to continue to implement certain strategies or manage the risk of their outstanding positions.&#160; 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. </p> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"> 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 &#8220;Dodd-Frank Act&#8221;) 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. </p> Like all investments, investing in the Small Cap Value Fund involves risks, including the risk that you may lose part or all of the money you invest. Performance Information <p style="text-align: left;"> The following performance information shows the variability of the Retail Class&#8217;s returns (the class with the longest period of annual returns) and demonstrates some of the risks of investing in the shares of the Small Cap Value Fund. The bar chart shows the total return of the Small Cap Value Fund and shows the changes in the Fund&#8217;s performance from year to year (on a calendar year basis). The table shows the Small Cap Value Fund&#8217;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 Small Cap Value Fund. The Small Cap Value Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </p> Year-by-Year Total Return as of December 31, 2011 0.2479 -0.0457 ~ http://cullenfundstrust.com/20121026/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact cft_S000026472Member column rr_ProspectusShareClassAxis compact cft_C000079419Member row primary compact * ~ Highest Return 0.1401 2010-12-31 Lowest Return -0.2101 2011-09-30 The Small Cap Value Fund's year-to-date total return as of September 30, 2012 was 8.10%. 0.0810 2012-09-30 <p> The Small Cap Value Fund&#8217;s year-to-date total return as of September 30, 2012 was 8.10%. </p> <br/><table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr valign="bottom"> <td align="left"> <strong>Best and Worst Quarter Returns (for the period reflected in the bar chart above)</strong> </td> <td align="center"> &#160; </td> <td align="center"> &#160; </td> </tr> <tr> <td colspan="4"> <hr noshade="noshade" size="1" /> </td> </tr> <tr valign="bottom"> <td align="left"> &#160; </td> <td align="center"> <strong>Return</strong> </td> <td align="center"> <strong>Quarter/Year</strong> </td> </tr> <tr> <td colspan="4"> <hr noshade="noshade" size="1" /> </td> </tr> <tr valign="bottom"> <td align="left"> Highest Return </td> <td align="center"> 14.01% </td> <td align="center"> Q4/2010 </td> </tr> <tr> <td colspan="4"> <hr noshade="noshade" size="1" /> </td> </tr> <tr valign="bottom"> <td align="left"> Lowest Return </td> <td align="center"> -21.01% </td> <td align="center"> Q3/2011 </td> </tr> <tr> <td colspan="4"> <hr noshade="noshade" size="1" /> </td> </tr> </table> -0.0457 0.1082 0.0529 0.1030 -0.0279 0.0902 -0.0427 0.1113 -0.0526 0.1001 -0.0336 0.1262 2009-10-01 2009-10-01 2009-10-01 ~ http://cullenfundstrust.com/20121026/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact cft_S000026472Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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. The following performance information shows the variability of the Retail Class's returns (the class with the longest period of annual returns) and demonstrates some of the risks of investing in the shares of the Small Cap Value Fund. The Small Cap Value Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown for Retail Class shares only. After-tax returns for Class I shares will differ. The figures above reflect all dividends reinvested but do not reflect any deductions for fees, expenses, or taxes. Average Annual Total Returns as of December 31, 2011 Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs. Expense Example <p style="text-align: left;"> This example is intended to help you compare the cost of investing in the Small Cap Value Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Small Cap 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 Small Cap Value Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 129 1335 2519 5393 205 1545 2841 5905 104 1264 2409 5212 180 1475 2735 5739 155 1405 2628 5569 ~ http://cullenfundstrust.com/20121026/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact cft_S000026472Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Fees and Expenses of the Fund <p style="text-align: left;"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Small Cap Value Fund. </p> -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 0.0100 0.0100 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0050 0.0025 0.0459 0.0459 0.0459 0.0484 0.0484 0.0002 0.0002 0.0002 0.0002 0.0002 0.0586 0.0661 0.0561 0.0636 0.0611 -0.0459 -0.0459 -0.0459 -0.0459 -0.0459 0.0127 0.0202 0.0102 0.0177 0.0152 ~ http://cullenfundstrust.com/20121026/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact cft_S000026472Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://cullenfundstrust.com/20121026/role/ScheduleOperatingExpenses20016 column dei_LegalEntityAxis compact cft_S000026472Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 The expense information in the table has been restated for Class R1 and Class R2 Shares to reflect estimated acquired fund fees and expenses base on the current fiscal year. The expense information in the table has been restated for Class R1 and Class R2 Shares to reflect estimated acquired fund fees and expenses base on the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): The Small Cap Value Fund's Transfer Agent charges a $15 wire redemption fee to shareholders who elect to redeem by wire transfer. The Total Annual Operating Expenses in the table above may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Small Cap Value Fund and does not include Acquired Fund Fees and Expenses. Other expenses for Class R1 shares and Class R2 shares are estimated amounts for the current fiscal year. Other expenses for Class R1 shares and Class R2 shares are estimated amounts for the current fiscal year. Shareholder Fees (fees paid directly from your investment): Principal Investment Strategies <p style="text-align: left;"> The Small Cap Value Fund will invest, under normal circumstances, at least 80% of its net assets in small-capitalization companies, which the Fund defines as those companies with market capitalizations below $4 billion at the time of original purchase. The Adviser generally selects stocks of companies that have the following characteristics: </p> <br/><ul> <li> <p align="left"> a below average price/earnings ratio as compared with the average price/earnings ratio of the equity securities in the Russell 2500 Value Stock Index; </p> </li> <li> <p align="left"> above average projected earnings growth as compared to the average projected earnings growth the equity securities in the Russell 2500 Value Stock Index. </p> </li> </ul> <br/><p style="text-align: left;"> The Small Cap Value Fund generally invests substantially all of its assets in common stocks and other equity securities, which can include convertible debt, exchange-traded funds (ETFs) that invest primarily in equity securities, depositary receipts, warrants, rights, equity interests in real estate investment trusts (REITs), master limited partnerships (MLPs), and preferred stocks. The Small Cap Value Fund invests roughly similar amounts of its assets in each security 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 price or earnings growth potential. </p> <br/><p style="text-align: left;"> The Small Cap Value Fund may invest up to 30% of its assets in securities of companies headquartered outside the United States. These investments will be made in securities traded on an exchanges outside the United States and/or American Depositary Receipts (&#8220;ADRs&#8221;), which are depositary receipts for foreign securities denominated in U.S. dollars and traded on U.S. securities markets or available through a U.S. broker or dealer. ADRs may be purchased through &#8220;sponsored&#8221; or &#8220;unsponsored&#8221; 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. </p> <br/><p style="text-align: left;"> The Small Cap Value Fund intends to diversify its investments in securities of companies headquartered outside the United States across different countries, but the percentage of Fund assets invested in particular countries or regions will change from time to time based on the Adviser&#8217;s judgment. The Small Cap Value Fund intends to invest in the securities of companies located in developed countries and, to a lesser extent, those located in emerging markets, and the Fund may consider investments in companies in any of the world&#8217;s developed or emerging stock markets. </p> <br/><p style="text-align: left"> The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives. </p> Portfolio Turnover <p style="text-align: left;"> The Small Cap Value Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;portfolio turnover&#8221;). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Small Cap 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 Small Cap Value Fund&#8217;s performance. During the most recent fiscal year, the Small Cap Value Fund&#8217;s portfolio turnover rate was 25% of the average value of its portfolio. </p> 0.25 Cullen Value Fund Investment Objective <p style="text-align: left;"> The Cullen Value Fund (the &#8220;Value Fund&#8221;) seeks long-term capital appreciation and current income. Capital appreciation is a primary objective</p> <p style="text-align: left;">and current income is a secondary objective. </p> Principal Risks <p style="text-align: left"> 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. </p> <br/><p style="text-align: left"> <font style="color: #00007f"><b>General Stock Risks.</b></font> The 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&#8217;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 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&#8217; 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&#8217;s shares. As a result, you could lose money investing in the Value Fund. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Small- and Medium-Capitalization Companies Risk.</b></font> 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&#8217;s portfolio. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Value Style Investing Risk.</b></font> 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&#8217;s &#8220;value&#8221; investment style may sometimes be lower than that of equity funds following other styles of investment. </p> <br/><p style="text-align: left"> <font style="color: #00007f"><b>Foreign Securities Risk.</b></font> 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: </p> <br/><ul> <li> <p align="left"> future political and economic developments, </p> </li> <li> <p align="left"> the position of foreign withholding taxes on dividend and interest income payable on the securities, </p> </li> <li> <p align="left"> the possible establishment of exchange controls, </p> </li> <li> <p align="left"> the possible seizure or nationalization of foreign investments, and </p> </li> <li> <p align="left"> the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. </p> </li> </ul> <br/><p style="text-align: left;"> You may lose money by investing in the Value Fund if any of the following occur: </p> <br/><ul> <li> <p align="left"> foreign stock markets decline in value, </p> </li> <li> <p align="left"> the Value Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity, </p> </li> <li> <p align="left"> the value of a foreign currency declines relative to the U.S. dollar, or </p> </li> <li> <p align="left"> political, social or economic instability in a foreign country causes the value of the Value Fund&#8217;s investments to decline. </p> </li> </ul> <br/><p style="text-align: left;"> 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. </p> <br/><p style="text-align: left"> <font style="color: #00007F"><b>Market Disruptions Risk; Sovereign Debt Crises Risks.</b></font><b></b> 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.&#160; 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.&#160; 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.&#160; 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.&#160; These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. </p> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> <b>Government Intervention Risk</b>.&#160; 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.&#160; Such intervention has in certain cases been implemented on an &#8220;emergency&#8221; basis, suddenly and substantially eliminating market participants&#8217; ability to continue to implement certain strategies or manage the risk of their outstanding positions.&#160; 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. </p> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"> 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 &#8220;Dodd-Frank Act&#8221;) 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. </p> 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. Performance Information <p style="font: 10pt TimesNewRoman,serif; margin: 0"> <font style="font-family: Times New Roman, Times, Serif">The returns presented below reflect the performance of Pioneer Cullen Value Fund, a series of the Pioneer Series Trust III (the &#8220;Pioneer Trust&#8221;), 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 &#8220;Predecessor Fund&#8221;) through September 30, 2012. The following is a summary of the history of the Predecessor Fund:</font> </p> <br/><table cellpadding="0" cellspacing="0" width="100%" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"> <font style="font: 10pt Symbol">&#183;</font> </td> <td> <font style="font: 10pt Times New Roman, Times, Serif">July 1, 2000: The Cullen Funds Trust launches a series called the Cullen Value Fund. The Cullen Value Fund is advised by the Adviser.</font> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" width="100%" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"> <font style="font: 10pt Symbol">&#183;</font> </td> <td> <font style="font: 10pt Times New Roman, Times, Serif">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 &#8220;Pioneer Trust&#8221;). Pioneer Investment Management, Inc. (&#8220;Pioneer&#8221;) 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.</font> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" width="100%" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"> <font style="font: 10pt Symbol">&#183;</font> </td> <td> <font style="font: 10pt Times New Roman, Times, Serif">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.</font> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" width="100%" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"> <font style="font: 10pt Symbol">&#183;</font> </td> <td> <font style="font: 10pt Times New Roman, Times, Serif">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.</font> </td> </tr> </table> <br/><p style="font: 10pt TimesNewRoman,serif; margin: 0"> <font style="font-family: Times New Roman, Times, Serif">Since the Predecessor Fund&#8217;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.</font> </p> <br/><p style="font: 10pt TimesNewRoman,serif; margin: 0"> <font style="font-family: Times New Roman, Times, Serif">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.</font> </p> <br/><p style="font: 10pt TimesNewRoman,serif; margin: 0"> <font style="font-family: Times New Roman, Times, Serif">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&#8217;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&#8217;s Class A shares. The Value Fund&#8217;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&#8217;s performance from year to year (on a calendar year basis). The table shows the Predecessor Fund&#8217;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.</font> </p> <br/><p style="font: 10pt TimesNewRoman,serif; margin: 0"> <font style="font-family: Times New Roman, Times, Serif">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 will perform in the future. Updated performance for the Value Fund will be available on a quarterly basis at <u>www.cullenfunds.com</u>.</font> </p> Year-by-Year Total Return through December 31, 2011 of the Predecessor Fund -0.0792 0.3807 0.1414 0.1334 0.1663 0.0682 -0.3187 0.1901 0.0998 -0.0462 ~ http://cullenfundstrust.com/20121026/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_LegalEntityAxis compact cft_S000038163Member column rr_ProspectusShareClassAxis compact cft_C000117701Member row primary compact * ~ Highest Return 0.1912 2003-12-31 Lowest Return -0.1848 2008-12-31 The Predecessor Fund's 2012 year-to-date total return as of July 31, 2012 was 0.0728 2012-07-31 <p style="font: 10pt TimesNewRoman,serif; margin: 0"> <font style="font-family: Times New Roman, Times, Serif">The Predecessor Fund&#8217;s 2012 year-to-date total return as of July 31, 2012 was 7.28%.</font> </p> <br/><p style="font: 10pt TimesNewRoman,Bold,serif; margin: 0"> <font style="font-family: Times New Roman, Times, Serif"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) of the Predecessor Fund</b></font> </p> <br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid"> &#160; </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Return </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Quarter/Year </td> </tr> <tr style="vertical-align: bottom"> <td style="width: 72%; text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt"> Highest Return </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> &#160; </td> <td style="width: 8%; border-bottom: Black 1pt solid; text-align: right"> 19.12 </td> <td style="width: 5%; border-bottom: Black 1pt solid; text-align: left"> % </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> &#160; </td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif">Q4/2003</font> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 5.4pt"> Lowest Return </td> <td style="border-bottom: Black 1pt solid; text-align: left"> &#160; </td> <td style="border-bottom: Black 1pt solid; text-align: right"> -18.48 </td> <td style="border-bottom: Black 1pt solid; text-align: left"> % </td> <td style="border-bottom: Black 1pt solid; text-align: left"> &#160; </td> <td style="border-bottom: Black 1pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif">Q4/2008</font> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> &#160; </td> </tr> </table> 0.1012 -0.0306 0.0509 0.0536 -0.1063 -0.0335 0.0478 0.0508 -0.0658 -0.0267 0.0432 0.0460 -0.0430 0.0588 0.0211 -0.0025 0.0292 0.0061 ~ http://cullenfundstrust.com/20121026/role/ScheduleAverageAnnualReturnsTransposed20026 column dei_LegalEntityAxis compact cft_S000038163Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="font: 10pt TimesNewRoman,serif; margin: 0;"> <font style="font-family: Times New Roman, Times, Serif;">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.</font> </p> 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. 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 will perform in the future. www.cullenfunds.com 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. 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). After-tax returns are shown for only the Class A shares of the Predecessor Fund. After-tax returns for other share classes will differ. (reflects no deduction for fees, expenses or taxes) Average Annual Total Returns as of December 31, 2011 Expense Example <p style="text-align: left;"> 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 105 500 920 2092 181 729 1303 2864 80 422 789 1821 ~ http://cullenfundstrust.com/20121026/role/ScheduleExpenseExampleTransposed20024 column dei_LegalEntityAxis compact cft_S000038163Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Fees and Expenses of the Fund <p style="text-align: left;"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Value Fund. </p> -0.0200 -0.0200 -0.0200 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0056 0.0056 0.0056 0.0003 0.0003 0.0003 0.0184 0.0259 0.0159 -0.0081 -0.0081 -0.0081 0.0103 0.0178 0.0078 ~ http://cullenfundstrust.com/20121026/role/ScheduleShareholderFees20022 column dei_LegalEntityAxis compact cft_S000038163Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://cullenfundstrust.com/20121026/role/ScheduleOperatingExpenses20023 column dei_LegalEntityAxis compact cft_S000038163Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Other expenses are based on estimated amounts. Shareholder Fees (fees paid directly from your investment): Principal Investment Strategies <p style="text-align: left;"> The Value Fund invests, under normal circumstances, at least 80% of its net assets in common stocks of companies across all market capitalizations. </p> <br/><p style="text-align: left"> 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. </p> <br/><p style="text-align: left;"> 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 (&#8220;ADRs&#8221;), which trade on U.S. exchanges. ADRs may be purchased through &#8220;sponsored&#8221; or &#8220;unsponsored&#8221; 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. </p> <br/><p style="font: 10pt TimesNewRoman,serif"> 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. </p> <br/><p style="text-align: left"> The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives. </p> Portfolio Turnover <p style="text-align: left;"> The Value Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;portfolio turnover&#8221;). 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&#8217;s performance. The Value Fund commenced operations on September 4, 2012, accordingly, no portfolio turnover information is available. </p> Cullen Emerging Markets High Dividend Fund Investment Objective <p style="text-align: left;"> The Cullen Emerging Markets High Dividend Fund (the &#8220;Emerging Markets High Dividend Fund&#8221;) seeks current income and long-term capital appreciation. Capital appreciation is a primary objective</p> <p style="text-align: left;">and current income is a secondary objective. </p> Principal Risks <p style="text-align: left;"> Like all investments, investing in the Emerging Markets High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest. </p> <br/><p style="text-align: left"> <font style="color: #00007f"><b>General Stock Risks.</b></font> The Fund may experience sudden, unpredictable declines in value, as well as periods of poor performance through its investment in the stock market. Periods of poor performance and declines in value of the Emerging Markets High Dividend Fund&#8217;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 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&#8217; 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 Emerging Markets High Dividend Fund&#8217;s shares. As a result, you could lose money investing in the Emerging Markets High Dividend Fund. </p> <br/><p style="text-align: left"> <font style="color: #00007f"><b>Foreign Securities Risks.</b></font> 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: </p> <br/><ul> <li> <p align="left"> future political and economic developments, </p> </li> <li> <p align="left"> the position of foreign withholding taxes on dividend and interest income payable on the securities, </p> </li> <li> <p align="left"> the possible establishment of exchange controls, </p> </li> <li> <p align="left"> the possible seizure or nationalization of foreign investments, and </p> </li> <li> <p align="left"> the adoption of other foreign governmental restrictions which might adversely affect the payment of amounts due with respect to such securities. </p> </li> </ul> <br/><p style="text-align: left;"> You may lose money by investing in the Emerging Markets High Dividend Fund if any of the following occur: </p> <br/><ul> <li> <p align="left"> foreign stock markets decline in value, </p> </li> <li> <p align="left"> the Emerging Markets High Dividend Fund has difficulty selling smaller capitalization or emerging market stocks during a market due to lower liquidity, </p> </li> <li> <p align="left"> the value of a foreign currency declines relative to the U.S. dollar, or </p> </li> <li> <p align="left"> political, social or economic instability in a foreign country causes the value of the Emerging Markets High Dividend Fund&#8217;s investments to decline. </p> </li> </ul> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"> <font style="color: #00007F"><b>Risk of Investing in Emerging Market Countries</b>.</font> The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price and may be particularly sensitive to certain economic changes. </p> <br/><p style="text-align: left"> There may be less government supervision and regulation of foreign securities and currency markets, trading systems and brokers in certain foreign markets as compared to the United States, which may increase the Fund&#8217;s regulatory and compliance burden and/or decrease the Fund&#8217;s investors rights and protections. Information about securities may not be as readily available as in the United States because foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers. Brokerage commissions, withholding taxes, custodial fees, and other fees generally are higher in foreign markets. The policies and procedures followed by foreign stock exchanges, currency markets, trading systems and brokers may differ from those applicable in the United States, with possibly negative consequences to the Fund. Differences in the legal system between foreign governments and the United States may make it difficult for the Fund to vote proxies, exercise shareholder rights, and pursue legal remedies with respect to its foreign investments. </p> <br/><p style="text-align: left"> In the past, governments within the emerging markets have become overly reliant on the international capital markets and other forms of foreign credit to finance public spending programs that cause large deficits. Often, interest payments on such government debt, representing a large percentage of total GDP, has become too burdensome for governments within emerging markets to meet. Some governments within emerging markets have been forced to seek a restructuring of their loan and/or bond obligations and have declared a temporary suspension of interest payments or have defaulted. These events have affected adversely the values of securities issued by governments within emerging markets and companies in emerging markets countries and have impacted negatively both the present cost of borrowing and their ability to borrow in the future. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Small- and Medium-Capitalization Companies Risks.</b></font> The Emerging Markets High Dividend Fund may invest in the stocks of small- and medium-capitalization companies. Small- and medium-capitalization companies often have greater price volatility, less liquidity, 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 Emerging Markets High Dividend Fund&#8217;s portfolio. </p> <br/><p style="text-align: left;"> <font style="color: #00007f"><b>Value Style Investing Risks.</b></font> 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 Emerging Markets High Dividend Fund&#8217;s &#8220;value&#8221; investment style may sometimes be lower than that of equity funds following other styles of investment. </p> <br/><p style="text-align: left"> <font style="color: #00007F"><b>Foreign Currency Risk.</b></font> <b></b> <i></i>Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, which will reduce the value of investments denominated in those currencies held by the Fund. </p> <br/><p style="text-align: left"> <font style="color: #00007F"><b>Market Disruptions Risk; Sovereign Debt Crises Risks.</b></font><b></b> 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.&#160; 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.&#160; 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.&#160; 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.&#160; These events and circumstances could result in further market disruptions that could adversely affect financial markets on a global basis. </p> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> <b>Government Intervention Risk</b>.&#160; 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.&#160; Such intervention has in certain cases been implemented on an &#8220;emergency&#8221; basis, suddenly and substantially eliminating market participants&#8217; ability to continue to implement certain strategies or manage the risk of their outstanding positions.&#160; 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. </p> <br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"> 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 &#8220;Dodd-Frank Act&#8221;) 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. </p> Like all investments, investing in the Emerging Markets High Dividend Fund involves risks, including the risk that you may lose part or all of the money you invest. Performance Information <p style="text-align: left"> No performance information is available for the Emerging Markets High Dividend Fund because it has not yet completed a full calendar year of operations. In the future, the Emerging Markets High Dividend Fund will disclose performance information in a bar chart and performance table. Such disclosure will give some indication of the risks of an investment in the Emerging Markets High Dividend Fund by comparing the Emerging Markets High Dividend Fund&#8217;s performance with a broad measure of market performance and by showing changes in the Emerging Markets High Dividend Fund&#8217;s performance from year to year. Updated performance information will be available at <u>www.cullenfunds.com</u> </p> No performance information is available for the Emerging Markets High Dividend Fund because it has not yet completed a full calendar year of operations. Such disclosure will give some indication of the risks of an investment in the Emerging Markets High Dividend Fund by comparing the Emerging Markets High Dividend Fund's performance with a broad measure of market performance and by showing changes in the Emerging Markets High Dividend Fund's performance from year to year. www.cullenfunds.com Expense Example <p style="text-align: left;"> This example is intended to help you compare the cost of investing in the Emerging Markets High Dividend Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Emerging Markets High Dividend 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 Emerging Markets High Dividend Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 130 670 1237 2781 206 895 1608 3500 105 594 1110 2528 ~ http://cullenfundstrust.com/20121026/role/ScheduleExpenseExampleTransposed20031 column dei_LegalEntityAxis compact cft_S000038162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Fees and Expenses of the Fund <p style="text-align: left;"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Emerging Markets High Dividend Fund. </p> -0.0200 -0.0200 -0.0200 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0126 0.0126 0.0126 0.0003 0.0003 0.0003 0.0254 0.0329 0.0229 -0.0126 -0.0126 -0.0126 0.0128 0.0203 0.0103 ~ http://cullenfundstrust.com/20121026/role/ScheduleShareholderFees20029 column dei_LegalEntityAxis compact cft_S000038162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://cullenfundstrust.com/20121026/role/ScheduleOperatingExpenses20030 column dei_LegalEntityAxis compact cft_S000038162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Other expenses are based on estimated amounts. Shareholder Fees (fees paid directly from your investment): Principal Investment Strategies <p style="text-align: left;"> The Emerging Markets High Dividend Fund invests, under normal circumstances, at least 80% of its net assets in high-dividend paying securities of companies across all capitalizations that are organized in, maintain at least 50% of their assets in, or derive at least 50% of their revenues from, emerging market countries. As a point of comparison, a high dividend paying common stock that the Emerging Markets High Dividend Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the MSCI Emerging Markets Index. </p> <br/><p style="text-align: left"> An emerging market country is any country that has been determined by an international organization, such as the World Bank, to have a relatively low to middle economy. In selecting stocks, the Emerging Market High Dividend Fund&#8217;s portfolio managers select companies that have growth potential, focusing on companies across all capitalizations. The Fund&#8217;s holdings may include issues denominated in currencies of emerging countries, investment companies (like country funds) which invest in emerging countries, American Depositary Receipts (&#8220;ADRs&#8221;), European Depositary Receipts (&#8220;EDRs&#8221;), Global Depositary Receipts (&#8220;GDRs&#8221;) and other similar instruments (ADRs, EDRs and GDRs are hereinafter collectively referred to as &#8220;depositary receipts&#8221;), and similar types of investments representing emerging markets securities. The Emerging Markets High Dividend Fund may use derivative instruments, such as structured notes, futures, options and swap agreements, to gain or hedge exposure. The Emerging Markets High Dividend Fund may invest in securities issued by other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;), and may also invest in money market funds. </p> <br/><p style="text-align: left;"> The Emerging Markets High Dividend Fund intends to diversify its investments across different countries, but the percentage of the Emerging Markets High Dividend Fund&#8217;s assets invested in particular countries or regions will change from time to time based on the Adviser&#8217;s judgment. However, the Fund will not have more than 30% of its total assets invested as at the time of purchase in securities of any one country. </p> <br/><p style="text-align: left;"> The Emerging Markets High Dividend Fund generally invests substantially all of its assets in common stocks and depositary receipts 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 Emerging Markets High Dividend Fund invests roughly the same amount of its assets in each position 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. </p> <br/><p style="text-align: left"> The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives. </p> Portfolio Turnover <p style="text-align: left;"> The Emerging Markets High Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;portfolio turnover&#8221;). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Emerging Markets High Dividend 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 Emerging Markets High Dividend Fund&#8217;s performance. 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