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EMERGING MARKETS FUND (IE00B4QR1M12)

Currency Class GO

Portfolio Fit

Emerging markets are now a significant part of the world economy. The Emerging Markets Fund stands as a potential long-term strategic allocation to this vital area.

Key Features

The fund invests in global growth companies with an emphasis on revenue streams derived from emerging markets as opposed to country of domicile. The fund combines equities and convertible securities with the aim of managing the risk and return profile in an occasionally volatile space.

The Calamos Difference

  • Focus on risk management in an asset class with a history of volatility, with an emphasis on revenue streams over company domicile and the use of convertibles to manage equity risk
  • Stress company fundamentals, including global presence, strong revenue and earnings growth, solid returns on invested capital and lower debt-to-capital levels
  • Seek global growth companies, that may benefit from long-term secular themes in the emerging markets, including a burgeoning middle class and an increased demand for information and entertainment

Fund Objective

The fund seeks long-term capital growth.

Fund Benchmark

  • MSCI Emerging Markets Index

Investment Process

The fund's investment team employs an investment process that considers global macro economic factors and investment themes. The team conducts both fundamental and quantitative research to evaluate the source, sustainability and risk of investment opportunities. The team manages a diversified portfolio monitoring and managing risk at the portfolio and individual security level.

Investment Team

John P. Calamos, Sr., Global Co-Chief Investment Officer and Gary D. Black, Global Co-Chief Investment Officer lead an integrated team of experienced investment professionals.

Performance data quoted represents past performance, and may not be a reliable guide to future results. Performance data quoted does not include the Fund’s maximum 5% front-end sales charge. Had it been included, the Fund’s returns would have been lower. Performance shown reflects the management fee. All performance shown assumes reinvestment of dividends and capital gains distributions. Returns for periods less than 12 months are not annualised.

Calamos Emerging Markets Fund is a sub-fund of Calamos Global Funds PLC, an investment company with variable capital incorporated with limited liability in Ireland (registered number 444463), and is authorised and regulated by the Irish Financial Regulator as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). The Company is a recognised scheme in the U.K. for the purposes of the Financial Services and Markets Act 2000, but is not authorised under such Act and therefore investors will not be entitled to compensation under the U.K. Financial Services Compensation Scheme. Calamos Global Funds PLC has been established as an umbrella fund with segregated liability between subfunds and is authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 as amended. Calamos Investments LLP, is authorised and regulated by the Financial Services Authority, and is the distributor of the Calamos Global Funds PLC.

 

Important Information
Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualised average. All performance shown assumes reinvestment of dividends and capital gains distributions. The “Since Inception” total return start date for the index information is 28/2/11, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 15/2/11.

 

Returns net of fees include the investment advisory fee charged by Calamos Advisors LLC. Returns greater than 12 months are annualised. All performance shown assumes reinvestment of dividends and capital gains distributions. Sources for performance data: Calamos Advisors LLC, RBC and Mellon Analytical Solutions, LLC.

 

Important Risk Information
There is no assurance that the Fund will achieve its investment objective. An investment in the Fund involves investment risks, including possible loss of the amount invested. The principal risks of investing in the Fund include: equity securities risk, growth stock risk, foreign securities risk, emerging markets risk, convertible securities risk and portfolio selection risk.

 

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

 

Notes

 

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visitingwww.calmos.com/global Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

 

10k performance is for the fund’s Class A shares at net asset value and does not include the fund’s maximum frontend sales charge of 4.75%—had it been included, the fund’s return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 28/2/11, since comparative index data is available only for full monthly periods. Source: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC.

 

PEG ratio– represents a stock’s price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth. Price/book ratio is the stock’s capitalization divided by its book value.

 

Price/earnings ratio is the current stock price over trailing 12-month earnings per share. Price/sales ratio is a stock’s capitalization divided by its sales over the trailing 12 months. EPS growth (5 years) represents the historical weighted earnings per share growth of holdings. Debt/Capital—Measures a company's debt in relation to its total capital.

 

ROIC—(return on invested capital) measures an investment's growth prospects; measures the percentage earned on invested capital.

 

Investment premium – The amount that the market price of the convertible is above its investment value, expressed as a percent of the investment value.

 

Conversion premium – Is the amount by which the market price of a convertible bond or convertible preferred exceeds conversion value, expressed as a percentage. It is a gauge of equity participation.

 

Beta is an historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.

 

Bond Credit Quality - Reflects the higher of the ratings of Stand¬ards & Poors Corporation; Moody’s Investors Service, Inc.; Fitch, Inc.; National Association of Insurance Commissioners (NAIC) as well as Calamos’ proprietary credit scores and are adjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality. Excludes equity securities and cash.

 

The MSCI Emerging Markets Index – Is a free float-adjusted market capitalization index that is designed to measure equity market per¬formance of emerging markets. The index is calculated without divi¬dends, with net or with gross dividends reinvested, in both US dollars and local currencies.

 

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

 

Morningstar Ratings™ are based on risk-adjusted returns for Class A shares and will differ for other share classes. Morningstar Ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance.

 

Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: © 2013 Morningstar, Inc. All Rights Reserved.

 

An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency ex¬change rates may affect the value of investments. Copyright © 2013 by McGraw-Hill international (UK) Limited (S&P), a subsidi¬ary of The McGraw-Hill Companies, Inc. All rights reserved.

 

Lipper ratings for Total Return reflect fund's historical total return performance relative to peers. The ratings are subject to change every month and are based on an equal weighted average of percentile ranks for the Total Return metrics over a three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5 for Total Return, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored. Lipper Leader ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2013, All Rights Reserved.

 

Fund Details

As of 18/8/14
Inception Date:
15/2/11
Current NAV:
$10.49
$ Change:
$0.02
% Change:
+0.19%
Net Assets*:
128,852,053
(*Total USD Net Assets as of 31/7/14)

Resources

Annualised Total Returns

AS OF 31/7/14
Calamos-1.84%11.69%1.62%1.32%-1.84%
MSCI Emerging2.02%15.72%0.74%1.92%2.02%

Growth of 10K

Calendar Year Total Returns

AS OF 31/7/14

Performance data quoted represents past performance, and may not be a reliable guide to future results. Performance data quoted does not include the Fund’s maximum 5% front-end sales charge. Had it been included, the Fund’s returns would have been lower. Performance shown reflects the management fee. All performance shown assumes reinvestment of dividends and capital gains distributions. Returns for periods less than 12 months are not annualised.

Calamos Emerging Markets Fund is a sub-fund of Calamos Global Funds PLC, an investment company with variable capital incorporated with limited liability in Ireland (registered number 444463), and is authorised and regulated by the Irish Financial Regulator as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). The Company is a recognised scheme in the U.K. for the purposes of the Financial Services and Markets Act 2000, but is not authorised under such Act and therefore investors will not be entitled to compensation under the U.K. Financial Services Compensation Scheme. Calamos Global Funds PLC has been established as an umbrella fund with segregated liability between subfunds and is authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 as amended. Calamos Investments LLP, is authorised and regulated by the Financial Services Authority, and is the distributor of the Calamos Global Funds PLC.

 

Important Information
Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualised average. All performance shown assumes reinvestment of dividends and capital gains distributions. The “Since Inception” total return start date for the index information is 28/2/11, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 15/2/11.

 

Returns net of fees include the investment advisory fee charged by Calamos Advisors LLC. Returns greater than 12 months are annualised. All performance shown assumes reinvestment of dividends and capital gains distributions. Sources for performance data: Calamos Advisors LLC, RBC and Mellon Analytical Solutions, LLC.

 

Important Risk Information
There is no assurance that the Fund will achieve its investment objective. An investment in the Fund involves investment risks, including possible loss of the amount invested. The principal risks of investing in the Fund include: equity securities risk, growth stock risk, foreign securities risk, emerging markets risk, convertible securities risk and portfolio selection risk.

 

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

 

Notes

 

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visitingwww.calmos.com/global Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

 

10k performance is for the fund’s Class A shares at net asset value and does not include the fund’s maximum frontend sales charge of 4.75%—had it been included, the fund’s return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 28/2/11, since comparative index data is available only for full monthly periods. Source: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC.

 

PEG ratio– represents a stock’s price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth. Price/book ratio is the stock’s capitalization divided by its book value.

 

Price/earnings ratio is the current stock price over trailing 12-month earnings per share. Price/sales ratio is a stock’s capitalization divided by its sales over the trailing 12 months. EPS growth (5 years) represents the historical weighted earnings per share growth of holdings. Debt/Capital—Measures a company's debt in relation to its total capital.

 

ROIC—(return on invested capital) measures an investment's growth prospects; measures the percentage earned on invested capital.

 

Investment premium – The amount that the market price of the convertible is above its investment value, expressed as a percent of the investment value.

 

Conversion premium – Is the amount by which the market price of a convertible bond or convertible preferred exceeds conversion value, expressed as a percentage. It is a gauge of equity participation.

 

Beta is an historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.

 

Bond Credit Quality - Reflects the higher of the ratings of Stand¬ards & Poors Corporation; Moody’s Investors Service, Inc.; Fitch, Inc.; National Association of Insurance Commissioners (NAIC) as well as Calamos’ proprietary credit scores and are adjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality. Excludes equity securities and cash.

 

The MSCI Emerging Markets Index – Is a free float-adjusted market capitalization index that is designed to measure equity market per¬formance of emerging markets. The index is calculated without divi¬dends, with net or with gross dividends reinvested, in both US dollars and local currencies.

 

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

 

Morningstar Ratings™ are based on risk-adjusted returns for Class A shares and will differ for other share classes. Morningstar Ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance.

 

Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: © 2013 Morningstar, Inc. All Rights Reserved.

 

An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency ex¬change rates may affect the value of investments. Copyright © 2013 by McGraw-Hill international (UK) Limited (S&P), a subsidi¬ary of The McGraw-Hill Companies, Inc. All rights reserved.

 

Lipper ratings for Total Return reflect fund's historical total return performance relative to peers. The ratings are subject to change every month and are based on an equal weighted average of percentile ranks for the Total Return metrics over a three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5 for Total Return, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored. Lipper Leader ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2013, All Rights Reserved.

 

Sector Weightings

AS OF 31/7/14
% of Assets MSCI Emerging Markets Index
Information Technology 26.7% 16.8%
Consumer Discretionary 22.1% 9.3%
Financials 19.6% 27.7%
Energy 7.3% 10.2%
Industrials 7.0% 6.5%
Materials 5.0% 8.8%
Consumer Staples 4.8% 8.2%
Health Care 3.2% 1.8%
Telecommunication Services 2.6% 7.2%
Utilities 0.0% 3.5%
Index Options 0.0% 0.0%
Sovereign Bonds 0.0% 0.0%
Other 0.0% 0.0%

Asset Allocation

AS OF 31/7/14

Top 10 Holdings Adobe Logo View All Holdings

AS OF 31/7/14
Company Security Type Industry
%
Hyundai Motor Company Common Stock Automobile Manufacturers 3.0%
Samsung Electronics Company, Ltd. Common Stock Semiconductors 2.9%
MediaTek, Inc. Common Stock Semiconductors 2.7%
Naspers, Ltd. - Class N Common Stock Cable & Satellite 2.6%
Cemex, SAB de CV Convertible Bonds Construction Materials 2.5%
Tata Consultancy Services, Ltd. Common Stock IT Consulting & Other Services 2.3%
Epistar Corp. Convertible Bonds Semiconductors 2.3%
Grupo Financiero Banorte, SAB de CV Common Stock Diversified Banks 2.2%
Metropolitan Bank & Trust Company Common Stock Diversified Banks 2.1%
Tencent Holdings, Ltd. Common Stock Internet Software & Services 2.1%
Total 24.7%

Fund Facts

AS OF 31/7/14


Fund MSCI Emerging Markets Index
Total Net Assets $128.9 million --
# of Holdings 88 834
Duration 1.7 years --
Median Investment Premium 19.4% --
Median Conversion Premium 10.7% --
EPS Growth (5 Year) 24.1% 56.6%
Price/Book 2.4x 0.1x
Price/Earnings 17.1x 12.1x
Price/Sales 1.7x 0.7x
PEG Ratio 1.1x 1.2x
Debt/Capital 24.8% 27.8%
ROIC 21.6% 16.5%
Portfolio Turnover (12 months) 131.7% --

Market Capitalization

AS OF 31/7/14
> $80bil 22.0%
$24bil - $80bil 29.6%
$8bil - $24bil 22.8%
$3bil - $8bil 6.6%
< $3bil 19.0%

Regional Exposure

AS OF 31/7/14
Asia/Pacific 59.1%
Latin America 17.8%
Europe 8.7%
North America 7.0%
Middle East/Africa 5.9%

Country Exposure

AS OF 31/7/14
Taiwan 12.8%
Mexico 8.8%
India 8.1%
South Korea 7.7%
Hong Kong 7.5%
China 7.5%
Brazil 7.1%
United States 5.9%
Philippines 4.9%
South Africa 4.3%

Currency Exposure

AS OF 31/7/14
United States Dollar (USD) 27.6%
Hong Kong Dollar (HKD) 14.6%
Taiwan Dollar (TWD) 8.8%
South Korean WON (KRW) 7.2%
Indian Rupee (INR) 6.9%
Mexican Peso (MXN) 6.4%
Brazilian Real (BRL) 4.9%
Euro (EUR) 4.0%
Indonesian Rupiah (IDR) 3.7%
Japanese Yen (JPY) 3.4%
Philippines Peso (PHP) 3.4%
South African Rand (ZAR) 3.3%
Malaysian Ringgit (MYR) 1.3%
Canadian Dollar (CAD) 1.1%
Danish Krone (DKK) 1.0%
Singapore Dollar (SGD) 1.0%
Swiss Franc (CHF) 0.7%
Thai Bahat (THB) 0.7%
Russian Ruble (RUB) 0.0%
Turkish New Lira (TRY) 0.0%
Polish Zloty (PLN) 0.0%
Chilean Peso (CLP) 0.0%
Colombian Peso (COP) 0.0%
Utd Arab Emirates Dirham (AED) 0.0%
Qatari Riyal (QAR) 0.0%
Czech Koruna (CZK) 0.0%
Egyptian Pound (EGP) 0.0%
Hungarian Forint (HUF) 0.0%

Credit Quality of Bonds

AS OF 31/7/14
AAA 0.0%
AA 12.2%
A 0.0%
BBB 21.3%
BB 39.1%
B 14.7%
CCC and below 12.7%
Unrated Securities 0.0%

Maturity Schedule

AS OF 31/7/14
Equities & Other 78.7%
1 To 5 Years 16.9%
< 1 Year 4.4%
5 To 10 Years 0.0%
10 To 20 Years 0.0%
20 To 30 Years 0.0%
> 30 Years 0.0%

Performance data quoted represents past performance, and may not be a reliable guide to future results. Performance data quoted does not include the Fund’s maximum 5% front-end sales charge. Had it been included, the Fund’s returns would have been lower. Performance shown reflects the management fee. All performance shown assumes reinvestment of dividends and capital gains distributions. Returns for periods less than 12 months are not annualised.

Calamos Emerging Markets Fund is a sub-fund of Calamos Global Funds PLC, an investment company with variable capital incorporated with limited liability in Ireland (registered number 444463), and is authorised and regulated by the Irish Financial Regulator as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). The Company is a recognised scheme in the U.K. for the purposes of the Financial Services and Markets Act 2000, but is not authorised under such Act and therefore investors will not be entitled to compensation under the U.K. Financial Services Compensation Scheme. Calamos Global Funds PLC has been established as an umbrella fund with segregated liability between subfunds and is authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 as amended. Calamos Investments LLP, is authorised and regulated by the Financial Services Authority, and is the distributor of the Calamos Global Funds PLC.

 

Important Information
Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualised average. All performance shown assumes reinvestment of dividends and capital gains distributions. The “Since Inception” total return start date for the index information is 28/2/11, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 15/2/11.

 

Returns net of fees include the investment advisory fee charged by Calamos Advisors LLC. Returns greater than 12 months are annualised. All performance shown assumes reinvestment of dividends and capital gains distributions. Sources for performance data: Calamos Advisors LLC, RBC and Mellon Analytical Solutions, LLC.

 

Important Risk Information
There is no assurance that the Fund will achieve its investment objective. An investment in the Fund involves investment risks, including possible loss of the amount invested. The principal risks of investing in the Fund include: equity securities risk, growth stock risk, foreign securities risk, emerging markets risk, convertible securities risk and portfolio selection risk.

 

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

 

Notes

 

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visitingwww.calmos.com/global Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

 

10k performance is for the fund’s Class A shares at net asset value and does not include the fund’s maximum frontend sales charge of 4.75%—had it been included, the fund’s return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 28/2/11, since comparative index data is available only for full monthly periods. Source: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC.

 

PEG ratio– represents a stock’s price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth. Price/book ratio is the stock’s capitalization divided by its book value.

 

Price/earnings ratio is the current stock price over trailing 12-month earnings per share. Price/sales ratio is a stock’s capitalization divided by its sales over the trailing 12 months. EPS growth (5 years) represents the historical weighted earnings per share growth of holdings. Debt/Capital—Measures a company's debt in relation to its total capital.

 

ROIC—(return on invested capital) measures an investment's growth prospects; measures the percentage earned on invested capital.

 

Investment premium – The amount that the market price of the convertible is above its investment value, expressed as a percent of the investment value.

 

Conversion premium – Is the amount by which the market price of a convertible bond or convertible preferred exceeds conversion value, expressed as a percentage. It is a gauge of equity participation.

 

Beta is an historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.

 

Bond Credit Quality - Reflects the higher of the ratings of Stand¬ards & Poors Corporation; Moody’s Investors Service, Inc.; Fitch, Inc.; National Association of Insurance Commissioners (NAIC) as well as Calamos’ proprietary credit scores and are adjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality. Excludes equity securities and cash.

 

The MSCI Emerging Markets Index – Is a free float-adjusted market capitalization index that is designed to measure equity market per¬formance of emerging markets. The index is calculated without divi¬dends, with net or with gross dividends reinvested, in both US dollars and local currencies.

 

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

 

Morningstar Ratings™ are based on risk-adjusted returns for Class A shares and will differ for other share classes. Morningstar Ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance.

 

Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: © 2013 Morningstar, Inc. All Rights Reserved.

 

An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency ex¬change rates may affect the value of investments. Copyright © 2013 by McGraw-Hill international (UK) Limited (S&P), a subsidi¬ary of The McGraw-Hill Companies, Inc. All rights reserved.

 

Lipper ratings for Total Return reflect fund's historical total return performance relative to peers. The ratings are subject to change every month and are based on an equal weighted average of percentile ranks for the Total Return metrics over a three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5 for Total Return, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored. Lipper Leader ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2013, All Rights Reserved.

 

Total Capital Gains

A distribution has not been paid since the Fund’s inception (15 February 2011).

Schedule

Distributions Annually
Capital Gains Annually

Performance data quoted represents past performance, and may not be a reliable guide to future results. Performance data quoted does not include the Fund’s maximum 5% front-end sales charge. Had it been included, the Fund’s returns would have been lower. Performance shown reflects the management fee. All performance shown assumes reinvestment of dividends and capital gains distributions. Returns for periods less than 12 months are not annualised.

Calamos Emerging Markets Fund is a sub-fund of Calamos Global Funds PLC, an investment company with variable capital incorporated with limited liability in Ireland (registered number 444463), and is authorised and regulated by the Irish Financial Regulator as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). The Company is a recognised scheme in the U.K. for the purposes of the Financial Services and Markets Act 2000, but is not authorised under such Act and therefore investors will not be entitled to compensation under the U.K. Financial Services Compensation Scheme. Calamos Global Funds PLC has been established as an umbrella fund with segregated liability between subfunds and is authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 as amended. Calamos Investments LLP, is authorised and regulated by the Financial Services Authority, and is the distributor of the Calamos Global Funds PLC.

 

Important Information
Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualised average. All performance shown assumes reinvestment of dividends and capital gains distributions. The “Since Inception” total return start date for the index information is 28/2/11, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 15/2/11.

 

Returns net of fees include the investment advisory fee charged by Calamos Advisors LLC. Returns greater than 12 months are annualised. All performance shown assumes reinvestment of dividends and capital gains distributions. Sources for performance data: Calamos Advisors LLC, RBC and Mellon Analytical Solutions, LLC.

 

Important Risk Information
There is no assurance that the Fund will achieve its investment objective. An investment in the Fund involves investment risks, including possible loss of the amount invested. The principal risks of investing in the Fund include: equity securities risk, growth stock risk, foreign securities risk, emerging markets risk, convertible securities risk and portfolio selection risk.

 

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

 

Notes

 

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visitingwww.calmos.com/global Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

 

10k performance is for the fund’s Class A shares at net asset value and does not include the fund’s maximum frontend sales charge of 4.75%—had it been included, the fund’s return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 28/2/11, since comparative index data is available only for full monthly periods. Source: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC.

 

PEG ratio– represents a stock’s price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth. Price/book ratio is the stock’s capitalization divided by its book value.

 

Price/earnings ratio is the current stock price over trailing 12-month earnings per share. Price/sales ratio is a stock’s capitalization divided by its sales over the trailing 12 months. EPS growth (5 years) represents the historical weighted earnings per share growth of holdings. Debt/Capital—Measures a company's debt in relation to its total capital.

 

ROIC—(return on invested capital) measures an investment's growth prospects; measures the percentage earned on invested capital.

 

Investment premium – The amount that the market price of the convertible is above its investment value, expressed as a percent of the investment value.

 

Conversion premium – Is the amount by which the market price of a convertible bond or convertible preferred exceeds conversion value, expressed as a percentage. It is a gauge of equity participation.

 

Beta is an historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.

 

Bond Credit Quality - Reflects the higher of the ratings of Stand¬ards & Poors Corporation; Moody’s Investors Service, Inc.; Fitch, Inc.; National Association of Insurance Commissioners (NAIC) as well as Calamos’ proprietary credit scores and are adjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality. Excludes equity securities and cash.

 

The MSCI Emerging Markets Index – Is a free float-adjusted market capitalization index that is designed to measure equity market per¬formance of emerging markets. The index is calculated without divi¬dends, with net or with gross dividends reinvested, in both US dollars and local currencies.

 

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

 

Morningstar Ratings™ are based on risk-adjusted returns for Class A shares and will differ for other share classes. Morningstar Ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance.

 

Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: © 2013 Morningstar, Inc. All Rights Reserved.

 

An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency ex¬change rates may affect the value of investments. Copyright © 2013 by McGraw-Hill international (UK) Limited (S&P), a subsidi¬ary of The McGraw-Hill Companies, Inc. All rights reserved.

 

Lipper ratings for Total Return reflect fund's historical total return performance relative to peers. The ratings are subject to change every month and are based on an equal weighted average of percentile ranks for the Total Return metrics over a three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5 for Total Return, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored. Lipper Leader ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2013, All Rights Reserved.

 

Annual Expenses

A Shares C Shares I Shares
Total Expense Ratio2.003.001.35
Management Fee (% of NAV)1.651.651.00

Investment Information

A Shares C Shares I Shares
Minimum initial investment (£/€/$)2,5002,5001,000,000
Minimum subsequent investments (£/€/$)5050100,000

Fund Information

A Shares C Shares I Shares
Inception Date15/2/1110/4/1315/2/11
Bloomberg TickerCAEMAUA IDCAEMCUA IDCAEMIUA ID
CUSIP numberG17689301G17689335G17689368
ISIN numberIE00B4QR1M12IE00B537DN67IE00B52B2V09
SEDOL numberB4QR1M1B537DN6B52B2V0

Performance data quoted represents past performance, and may not be a reliable guide to future results. Performance data quoted does not include the Fund’s maximum 5% front-end sales charge. Had it been included, the Fund’s returns would have been lower. Performance shown reflects the management fee. All performance shown assumes reinvestment of dividends and capital gains distributions. Returns for periods less than 12 months are not annualised.

Calamos Emerging Markets Fund is a sub-fund of Calamos Global Funds PLC, an investment company with variable capital incorporated with limited liability in Ireland (registered number 444463), and is authorised and regulated by the Irish Financial Regulator as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). The Company is a recognised scheme in the U.K. for the purposes of the Financial Services and Markets Act 2000, but is not authorised under such Act and therefore investors will not be entitled to compensation under the U.K. Financial Services Compensation Scheme. Calamos Global Funds PLC has been established as an umbrella fund with segregated liability between subfunds and is authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 as amended. Calamos Investments LLP, is authorised and regulated by the Financial Services Authority, and is the distributor of the Calamos Global Funds PLC.

 

Important Information
Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualised average. All performance shown assumes reinvestment of dividends and capital gains distributions. The “Since Inception” total return start date for the index information is 28/2/11, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 15/2/11.

 

Returns net of fees include the investment advisory fee charged by Calamos Advisors LLC. Returns greater than 12 months are annualised. All performance shown assumes reinvestment of dividends and capital gains distributions. Sources for performance data: Calamos Advisors LLC, RBC and Mellon Analytical Solutions, LLC.

 

Important Risk Information
There is no assurance that the Fund will achieve its investment objective. An investment in the Fund involves investment risks, including possible loss of the amount invested. The principal risks of investing in the Fund include: equity securities risk, growth stock risk, foreign securities risk, emerging markets risk, convertible securities risk and portfolio selection risk.

 

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

 

Notes

 

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visitingwww.calmos.com/global Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

 

10k performance is for the fund’s Class A shares at net asset value and does not include the fund’s maximum frontend sales charge of 4.75%—had it been included, the fund’s return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 28/2/11, since comparative index data is available only for full monthly periods. Source: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC.

 

PEG ratio– represents a stock’s price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth. Price/book ratio is the stock’s capitalization divided by its book value.

 

Price/earnings ratio is the current stock price over trailing 12-month earnings per share. Price/sales ratio is a stock’s capitalization divided by its sales over the trailing 12 months. EPS growth (5 years) represents the historical weighted earnings per share growth of holdings. Debt/Capital—Measures a company's debt in relation to its total capital.

 

ROIC—(return on invested capital) measures an investment's growth prospects; measures the percentage earned on invested capital.

 

Investment premium – The amount that the market price of the convertible is above its investment value, expressed as a percent of the investment value.

 

Conversion premium – Is the amount by which the market price of a convertible bond or convertible preferred exceeds conversion value, expressed as a percentage. It is a gauge of equity participation.

 

Beta is an historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.

 

Bond Credit Quality - Reflects the higher of the ratings of Stand¬ards & Poors Corporation; Moody’s Investors Service, Inc.; Fitch, Inc.; National Association of Insurance Commissioners (NAIC) as well as Calamos’ proprietary credit scores and are adjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality. Excludes equity securities and cash.

 

The MSCI Emerging Markets Index – Is a free float-adjusted market capitalization index that is designed to measure equity market per¬formance of emerging markets. The index is calculated without divi¬dends, with net or with gross dividends reinvested, in both US dollars and local currencies.

 

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

 

Morningstar Ratings™ are based on risk-adjusted returns for Class A shares and will differ for other share classes. Morningstar Ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance.

 

Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: © 2013 Morningstar, Inc. All Rights Reserved.

 

An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency ex¬change rates may affect the value of investments. Copyright © 2013 by McGraw-Hill international (UK) Limited (S&P), a subsidi¬ary of The McGraw-Hill Companies, Inc. All rights reserved.

 

Lipper ratings for Total Return reflect fund's historical total return performance relative to peers. The ratings are subject to change every month and are based on an equal weighted average of percentile ranks for the Total Return metrics over a three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5 for Total Return, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored. Lipper Leader ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2013, All Rights Reserved.

 

Quarterly Commentary A discussion of the Emerging Markets Fund's performance versus a benchmark, positioning, related market commentary, and outlook.
Factsheet
The Emerging Markets fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.
Preparing Your Portfolio for Rising Rates The Calamos UCITS Composite Blends have demonstrated notable outperformance during periods of rising interest rates.
S&P Capital IQ Report The fund demonstrates very high standards of quality in its sector, based on its investment process and management’s consistent performance compared to funds with similar objectives, according to S&P Capital IQ.
Three Levers to Manage Risk The Calamos Emerging Markets Fund uses three key tools with the aim of managing poilitical and economic risks.
Annual Report The annual report includes a letter from John P. Calamos, Sr., to shareholders outlining the fund performance as well as a comprehensive review of the fund’s activities and financial performance.
Semiannual Report The semi-annual report includes a letter from John P. Calamos Sr., to shareholders, provides a comprehensive review of the fund’s activities and financial performance for a six month period.
Firm Overview The Calamos overview is a piece which details who we are, our investment process, key characteristics of the Calamos Investment Organisation, our capabilities along with a snapshot of product offerings.
Prospectus This prospectus sets forth concisely the information that you should know before investing. You should read the accompanying simplified prospectus, which contains important information, before deciding whether to invest in our securities.
Calamos Insights
The Opportunity of Global Convertible Allocations: John P. Calamos, Sr. provides insights on convertible securities, using them in asset allocation and an update on the global convertible market.
Fine-Tuning Exposure to Growth in Emerging Economies The Calamos Investment team discusses our flexible, risk-managed approach to uncovering growth opportunities emanating from emerging markets.

Performance data quoted represents past performance, and may not be a reliable guide to future results. Performance data quoted does not include the Fund’s maximum 5% front-end sales charge. Had it been included, the Fund’s returns would have been lower. Performance shown reflects the management fee. All performance shown assumes reinvestment of dividends and capital gains distributions. Returns for periods less than 12 months are not annualised.

Calamos Emerging Markets Fund is a sub-fund of Calamos Global Funds PLC, an investment company with variable capital incorporated with limited liability in Ireland (registered number 444463), and is authorised and regulated by the Irish Financial Regulator as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). The Company is a recognised scheme in the U.K. for the purposes of the Financial Services and Markets Act 2000, but is not authorised under such Act and therefore investors will not be entitled to compensation under the U.K. Financial Services Compensation Scheme. Calamos Global Funds PLC has been established as an umbrella fund with segregated liability between subfunds and is authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 as amended. Calamos Investments LLP, is authorised and regulated by the Financial Services Authority, and is the distributor of the Calamos Global Funds PLC.

 

Important Information
Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualised average. All performance shown assumes reinvestment of dividends and capital gains distributions. The “Since Inception” total return start date for the index information is 28/2/11, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 15/2/11.

 

Returns net of fees include the investment advisory fee charged by Calamos Advisors LLC. Returns greater than 12 months are annualised. All performance shown assumes reinvestment of dividends and capital gains distributions. Sources for performance data: Calamos Advisors LLC, RBC and Mellon Analytical Solutions, LLC.

 

Important Risk Information
There is no assurance that the Fund will achieve its investment objective. An investment in the Fund involves investment risks, including possible loss of the amount invested. The principal risks of investing in the Fund include: equity securities risk, growth stock risk, foreign securities risk, emerging markets risk, convertible securities risk and portfolio selection risk.

 

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

 

Notes

 

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visitingwww.calmos.com/global Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

 

10k performance is for the fund’s Class A shares at net asset value and does not include the fund’s maximum frontend sales charge of 4.75%—had it been included, the fund’s return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 28/2/11, since comparative index data is available only for full monthly periods. Source: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC.

 

PEG ratio– represents a stock’s price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth. Price/book ratio is the stock’s capitalization divided by its book value.

 

Price/earnings ratio is the current stock price over trailing 12-month earnings per share. Price/sales ratio is a stock’s capitalization divided by its sales over the trailing 12 months. EPS growth (5 years) represents the historical weighted earnings per share growth of holdings. Debt/Capital—Measures a company's debt in relation to its total capital.

 

ROIC—(return on invested capital) measures an investment's growth prospects; measures the percentage earned on invested capital.

 

Investment premium – The amount that the market price of the convertible is above its investment value, expressed as a percent of the investment value.

 

Conversion premium – Is the amount by which the market price of a convertible bond or convertible preferred exceeds conversion value, expressed as a percentage. It is a gauge of equity participation.

 

Beta is an historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.

 

Bond Credit Quality - Reflects the higher of the ratings of Stand¬ards & Poors Corporation; Moody’s Investors Service, Inc.; Fitch, Inc.; National Association of Insurance Commissioners (NAIC) as well as Calamos’ proprietary credit scores and are adjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality. Excludes equity securities and cash.

 

The MSCI Emerging Markets Index – Is a free float-adjusted market capitalization index that is designed to measure equity market per¬formance of emerging markets. The index is calculated without divi¬dends, with net or with gross dividends reinvested, in both US dollars and local currencies.

 

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

 

Morningstar Ratings™ are based on risk-adjusted returns for Class A shares and will differ for other share classes. Morningstar Ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance.

 

Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: © 2013 Morningstar, Inc. All Rights Reserved.

 

An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency ex¬change rates may affect the value of investments. Copyright © 2013 by McGraw-Hill international (UK) Limited (S&P), a subsidi¬ary of The McGraw-Hill Companies, Inc. All rights reserved.

 

Lipper ratings for Total Return reflect fund's historical total return performance relative to peers. The ratings are subject to change every month and are based on an equal weighted average of percentile ranks for the Total Return metrics over a three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5 for Total Return, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored. Lipper Leader ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2013, All Rights Reserved.