Calamos Emerging Market Equity Fund (CEGAX)

Overview

The fund invests in growth companies globally, whose principal activities are in a developing market or are economically tied to a developing market country that we believe offer the best opportunities for emerging market growth.

Key Features

  • Stresses company fundamentals, including strong revenue and earnings growth, high or increasing returns on invested capital and lower debt-to-capital levels.
  • Employs deep and targeted qualitative analysis to scrutinize a company's business model, competitive landscape and growth drivers.
  • Actively seeks growth opportunities by investing in 100% equities with at least 80% emerging markets exposure.
  • Draws on decades of Calamos experience investing globally through multiple economic, market and credit cycles.
  • Takes environmental, social and governance (ESG) factors into account, evaluating whether they impact a company's cash flow, risk profile and long-term returns

Portfolio Fit

This actively managed fund complements EM strategies with less pronounced growth orientations, such as those that more closely track the broad EM equity market.

Return on Invested Capital

As of 6/30/19
Name Gain
Fund 20.0058
MSCI Emerging Markets 16.6898

Debt/Capital

As of 6/30/19
Name Gain
Fund 34.1718
MSCI Emerging Markets 26.0564

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Emerging Market Equity Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover 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

Debt/Capital Ratio-Is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.

ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 2.30%, C Shares 3.05% and I Shares 2.05%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Fund Details
As of 7/18/19
Inception Date: 12/31/13
Current NAV: $9.96
$ Change: $0.05
% Change: 0.50%
Total Net Assets (As of 6/30/19): $15.5 M
Morningstar Category: Diversified Emerging Mkts

Zephyr Analysis

Zephyr Analysis

key.jpg Create real time reports on performance, risk analysis, peer group analysis, style attribution and more on the Calamos Investment Professional site.

Resources

Calendar Year Total Returns

As of 6/30/19
Date Calamos Emerging Market Equity Fund (NAV) Calamos Emerging Market Equity Fund Load-Adjusted MSCI Emerging Markets Index
YTD 2019 14.19 8.75 10.78
2018 -20.96 -24.69 -14.25
2017 38.83 32.26 37.75
2016 -1.88 -6.55 11.6
2015 -13.6 -17.69 -14.6
2014 -6.82 -11.25 -1.82
2013* 0 -4.76 0

*Reflects the fund's return from the inception date of 12/31/2013 through 12/31/2013.

Growth of 10K

As of 6/30/19
Date Calamos Emerging Market Equity Fund MSCI Emerging Markets Index
12/31/2013 12:00:00 AM 10000 10000
1/31/2014 12:00:00 AM 9440 9352.9
2/28/2014 12:00:00 AM 10010 9664.73
3/31/2014 12:00:00 AM 9860 9963.56
4/30/2014 12:00:00 AM 9880 10000.62
5/31/2014 12:00:00 AM 10140 10351.95
6/30/2014 12:00:00 AM 10390 10631.65
7/31/2014 12:00:00 AM 10280 10845.99
8/31/2014 12:00:00 AM 10430 11094.69
9/30/2014 12:00:00 AM 9680 10274.68
10/31/2014 12:00:00 AM 9840 10397.05
11/30/2014 12:00:00 AM 9790 10287.67
12/31/2014 12:00:00 AM 9318.24 9818.45
1/31/2015 12:00:00 AM 9348.4 9878.15
2/28/2015 12:00:00 AM 9549.44 10185.16
3/31/2015 12:00:00 AM 9479.07 10042.37
4/30/2015 12:00:00 AM 10052.04 10817.34
5/31/2015 12:00:00 AM 9871.1 10386.26
6/30/2015 12:00:00 AM 9559.49 10124.43
7/31/2015 12:00:00 AM 8916.16 9428.88
8/31/2015 12:00:00 AM 8091.89 8579.34
9/30/2015 12:00:00 AM 7870.75 8324.27
10/31/2015 12:00:00 AM 8453.76 8918.63
11/30/2015 12:00:00 AM 8302.98 8571.33
12/31/2015 12:00:00 AM 8050.63 8385.17
1/31/2016 12:00:00 AM 7527.34 7841.64
2/29/2016 12:00:00 AM 7416.65 7829.64
3/31/2016 12:00:00 AM 8141.2 8867.7
4/30/2016 12:00:00 AM 8222 8917.62
5/31/2016 12:00:00 AM 8131.14 8586.78
6/30/2016 12:00:00 AM 8352.31 8938.41
7/31/2016 12:00:00 AM 8654.43 9393.37
8/31/2016 12:00:00 AM 8745 9629.89
9/30/2016 12:00:00 AM 8876.18 9756.62
10/31/2016 12:00:00 AM 8664.93 9780.72
11/30/2016 12:00:00 AM 8030.66 9331.1
12/31/2016 12:00:00 AM 7899.76 9358.16
1/31/2017 12:00:00 AM 8362.69 9870.71
2/28/2017 12:00:00 AM 8503.18 10173.64
3/31/2017 12:00:00 AM 8765.08 10432.97
4/30/2017 12:00:00 AM 9016.64 10663.54
5/31/2017 12:00:00 AM 9278.12 10980.99
6/30/2017 12:00:00 AM 9398.74 11099.04
7/31/2017 12:00:00 AM 9883.98 11769.53
8/31/2017 12:00:00 AM 10222.01 12036.46
9/30/2017 12:00:00 AM 10232.23 11991.33
10/31/2017 12:00:00 AM 10510.55 12412.46
11/30/2017 12:00:00 AM 10539.98 12438.03
12/31/2017 12:00:00 AM 10311.26 12891.02
1/31/2018 12:00:00 AM 11249.58 13966.39
2/28/2018 12:00:00 AM 10718.6 13324.22
3/31/2018 12:00:00 AM 10671.44 13079.85
4/30/2018 12:00:00 AM 10234.98 13024.39
5/31/2018 12:00:00 AM 9998.55 12566.06
6/30/2018 12:00:00 AM 9486.62 12052.36
7/31/2018 12:00:00 AM 9553.03 12327.76
8/31/2018 12:00:00 AM 9173.77 11997.99
9/30/2018 12:00:00 AM 8965.53 11938.24
10/31/2018 12:00:00 AM 8093.18 10899.62
11/30/2018 12:00:00 AM 8434.71 11349.55
12/31/2018 12:00:00 AM 8150.46 11054.46
1/31/2019 12:00:00 AM 8908.45 12023.17
2/28/2019 12:00:00 AM 8955.66 12051.3
3/31/2019 12:00:00 AM 9135.67 12154.82
4/30/2019 12:00:00 AM 9315.64 12412.99
5/31/2019 12:00:00 AM 8699.88 11516.15
6/30/2019 12:00:00 AM 9306.26 12244.2

Annualized Total Returns

As of 6/30/19
TimeFrame Calamos Emerging Market Equity Fund (NAV) Calamos Emerging Market Equity Fund Load-Adjusted MSCI Emerging Markets Index
6 Month 14.19 8.75 10.78
1 Year -1.9 -6.57 1.61
3 Year 5.83 4.14 11.06
5 Year -0.96 -1.93 2.87
Since Inception -0.18 -1.07 3.75

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Emerging Market Equity Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover 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.

10k Performance is for the Fund's Class A shares at net asset value and does not include the Fund's maximum front-end sales charge of 4.75%-had it been included, the Fund's return would have been lower. Index data shown is from 12/31/13, since comparative index data is available only for full monthly periods.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes.

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.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 2.30%, C Shares 3.05% and I Shares 2.05%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Sector Weightings

As of 6/30/19
Sector % of Assets MSCI Emerging Markets
Financials 23.3% 25.2%
Consumer Discretionary 16.6% 13.5%
Information Technology 14.0% 13.8%
Communication Services 8.7% 11.7%
Industrials 7.3% 5.3%
Consumer Staples 7.0% 6.6%
Materials 5.3% 7.6%
Energy 4.2% 7.9%
Real Estate 3.5% 3.0%
Health Care 2.7% 2.6%
Utilities 0.0% 2.7%

Asset Allocation

As of 6/30/19
Asset Allocation
Common Stock 91.8067
Other 4.1847
Cash and Receivables/Payables 3.2121
Options 0.7965

Top 10 Holdings

As of 6/30/19
Company Security Type Industry %
Alibaba Group Holding, Ltd. Stocks Internet & Direct Marketing Retail 6.2%
Tencent Holdings, Ltd. Stocks Interactive Media & Services 6.2%
Samsung Electronics Company Stocks Technology Hardware, Storage & Peripherals 4.2%
HDFC Bank, Ltd. Stocks Diversified Banks 3.7%
Taiwan Semiconductor Mfg Co. Stocks Semiconductors 3.5%
Ping An Insurance Group Company Stocks Life & Health Insurance 2.8%
Bank Central Asia, Tbk PT Stocks Diversified Banks 2.2%
Naspers, Ltd. - Class N Stocks Internet & Direct Marketing Retail 2.0%
Banco do Brasil, SA Stocks Diversified Banks 2.0%
Reliance Inds-Spons Gdr 144A Stocks Oil & Gas Refining & Marketing 1.8%
Total 34.6%

Fund Facts

As of 6/30/19
Name Fund MSCI Emerging Markets
Number of Holdings 86 1,190
Debt/Capital 34.2% 26.1%
PEG Ratio 1.5x 1.5x
Portfolio Turnover (12 months) 78.2% N/A
Price/Book 2.9x 1.5x
Price/Earnings 19.3x 13.2x
Price/Sales 2.5x 0.7x
ROIC 20.0% 16.7%
Net Assets $15.5 M N/A

Market Capitalization

As of 6/30/19
Market CAP Range % of Assets
<=$0.1bil 0.0%
>$0.1bil<=$5bil 11.9%
>$5bil<=$30bil 33.6%
>$30bil<=$200bil 33.3%
>$200bil 21.2%

Regional Exposure

As of 6/30/19
Region % of Assets
Asia/Pacific 68.3%
Latin America 16.8%
North America 4.4%
Europe 4.2%
Middle East/Africa 3.2%

Top Country Exposures

As of 6/30/19
Country %
China 25.0%
India 10.8%
Brazil 10.7%
Taiwan 8.3%
South Korea 7.9%
Hong Kong 4.7%
United States 4.4%
Indonesia 3.5%
Philippines 3.4%
South Africa 3.2%

Top Currency Exposures

As of 6/30/19
Currency %
United States Dollar (USD) 36.0%
Hong Kong Dollar (HKD) 18.3%
Taiwan Dollar (TWD) 8.6%
Brazilian Real (BRL) 8.5%
South Korean WON (KRW) 8.1%
Philippines Peso (PHP) 3.5%
South African Rand (ZAR) 3.3%
Indonesian Rupiah (IDR) 3.0%
Thai Bahat (THB) 2.3%
China Renminbi (Yuan) (CNY) 2.3%

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Emerging Market Equity Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover 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.

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.

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.

Notes

Debt/Capital Ratio-Is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.

PEG Ratio-Is 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. ROIC (return on invested capital) measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.

ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.

Turnover-Is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Total Capital Gains

Year Capital Gains
2018 0.0000
2017 0.0000
2016 0.0000
2015 0.0000
2014 0.0000

Schedule

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Emerging Market Equity Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover 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.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 2.30%, C Shares 3.05% and I Shares 2.05%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 2.30% 3.05% 2.05%
Net Expense Ratio 1.77% 2.52% 1.52%

Investment Information

Name A Shares C Shares I Shares
Minimum initial investment $2500 $2500 $1 million
Minimum subsequent investments $50 $50 $0
IRA initial investments $500 $500 N/A

Fund Information

Name A Shares C Shares I Shares
Inception Date 12/31/13 12/31/13 12/31/13
Ticker Symbol CEGAX CEGCX CIEIX
CUSIP number 128120789 128120771 128120763

Sales & Distribution

Name A Shares C Shares I Shares
Sales Load Front-End Level-Load N/A
Maximum Sales Charge 4.75 1.00 N/A
US Bank Fund Number 2347 2348 2349
Dividends ANNUAL ANNUAL ANNUAL
Capital Gains ANNUAL ANNUAL ANNUAL

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Emerging Market Equity Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover 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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

calamos-emerging-market-equity-mutual-fund-fact-sheet.pdf
Calamos Emerging Market Equity Fund Fact Sheet

The Emerging Market Equity Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.

calamos-emerging-market-equity-fund-summary-prospectus.pdf
Calamos Emerging Market Equity Fund Prospectus

This summary contains important information about the Class A, C, and I Emerging Market Equity Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.

calamos-mutual-fund-statutory-prospectus.pdf
Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

calamos-mutual-fund-sai.pdf
SAI

The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

calamos-mutual-funds-semi-annual-report.pdf
Semi-Annual Report

The semi-annual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.

calamos-mutual-funds-annual-report.pdf
Annual Report

The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.