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GLOBAL HIGH INCOME FUND (IE00B7VGGF29)

Currency Class GO

Portfolio Fit

The Global High Income Fund is an alternative to more traditional high-quality bond or high-yield offerings with a focus on mid-tier quality bonds.

Key Features

The fund invests in a diversified portfolio of U.S. and non-U.S. high yield bonds.

The Calamos Difference

  • Focus on the mid-credit tiers using three decades of credit evaluation to find issuers with sustainable revenues and lower risk of default
  • Active management means more flexibility to navigate the credit spectrum and select opportunities outside the U.S.

Fund Objective

The fund seeks a high level of current income with the potential for capital appreciation.

Fund Benchmarks

  • Credit Suisse High Yield Index
  • BofA ML U.S. BB-B Constrained 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 Global High Income 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 31/7/12, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 2/7/12.

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: high income risk, convertible securities risk, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, foreign securities risk, emerging markets 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 31/7/12, 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 mark

et 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.

Credit Suisse High Yield Index consists of US-denominated high yield issues of developed countries. Issues must be publicly registered in the U.S. or issued under Rule 144A with registration rights, must be rated “BB” or lower, and the minimum amount outstanding (par value) must be at least $75 Million.

BofA Merrill Lynch High Yield BB-B Constrained Index tracks the performance of BB-B rated U.S. Dollar-denominated corporate bonds publically issued in the U.S. domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer does not exceed 2%.

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 25/11/14
Inception Date:
02/7/12
Current NAV:
$10.12
$ Change:
$0.01
% Change:
+0.10%
Net Assets*:
12,697,249
(*Total USD Net Assets as of 31/10/14)

Resources

Annualised Total Returns

AS OF 31/10/14
Calamos1.06%5.40%6.64%1.06%
Credit Suisse0.95%5.54%8.44%0.95%
BofA ML1.49%6.28%8.38%1.49%

Growth of 10K

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 Global High Income 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 31/7/12, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 2/7/12.

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: high income risk, convertible securities risk, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, foreign securities risk, emerging markets 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 31/7/12, 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 mark

et 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.

Credit Suisse High Yield Index consists of US-denominated high yield issues of developed countries. Issues must be publicly registered in the U.S. or issued under Rule 144A with registration rights, must be rated “BB” or lower, and the minimum amount outstanding (par value) must be at least $75 Million.

BofA Merrill Lynch High Yield BB-B Constrained Index tracks the performance of BB-B rated U.S. Dollar-denominated corporate bonds publically issued in the U.S. domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer does not exceed 2%.

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 31/10/14
% of Assets Credit Suisse High Yield Index
Consumer Discretionary 24.8% 21.0%
Energy 15.8% 18.4%
Industrials 15.2% 12.1%
Materials 14.1% 10.0%
Telecommunication Services 8.1% 6.1%
Information Technology 6.7% 7.3%
Health Care 6.5% 7.4%
Financials 3.3% 9.2%
Consumer Staples 3.1% 5.0%
Utilities 0.5% 3.5%
Index Options 0.0% 0.0%
Sovereign Bonds 0.0% 0.0%
Other 0.0% 0.0%

Asset Allocation

AS OF 31/10/14

Top 10 Holdings Adobe Logo View All Holdings

AS OF 31/10/14
Company Security Type Industry
%
Cemex, SAB de CV Corporate Bonds Construction Materials 2.0%
Calumet Specialty Products Partners, LP Corporate Bonds Oil & Gas Refining & Marketing 1.9%
United Rentals North America, Inc. Corporate Bonds Trading Companies & Distributors 1.8%
Liberty Interactive, LLC Corporate Bonds Catalog Retail 1.7%
Toll Brothers Finance Corp. Corporate Bonds Homebuilding 1.7%
American Axle & Manufacturing, Inc. Corporate Bonds Auto Parts & Equipment 1.7%
NXP Semiconductors, NV Corporate Bonds Semiconductors 1.7%
Dycom Investments, Inc. Corporate Bonds Construction & Engineering 1.5%
Constellium, NV Corporate Bonds Aluminum 1.5%
Ardagh Packaging Holdings, Ltd. Corporate Bonds Metal & Glass Containers 1.5%
Total 17.0%

Fund Facts

AS OF 31/10/14


Fund Credit Suisse High Yield Index
Total Net Assets $12.7 million --
# of Holdings 143 1600
Duration 5.2 years 4.7 years
Median Investment Premium 4.7% --
Median Conversion Premium 5.1% --
EPS Growth (5 Year) 9.6% --
Debt/Capital 84.0% 74.4%
ROIC 10.2% 8.6%

Regional Exposure

AS OF 31/10/14
North America 75.9%
Europe 17.6%
Latin America 2.0%
Asia/Pacific 1.9%
Caribbean 0.7%
Middle East/Africa 0.0%

Country Exposure

AS OF 31/10/14
United States 72.5%
Netherlands 5.7%
Luxembourg 3.8%
Canada 3.4%
United Kingdom 3.1%
Mexico 2.0%
Ireland 1.5%
Australia 1.4%
France 1.0%
Italy 1.0%

Currency Exposure

AS OF 31/10/14
United States Dollar (USD) 86.2%
Euro (EUR) 11.2%
British Pound Sterling (GBP) 2.6%

Credit Quality of Bonds

AS OF 31/10/14
AAA 0.0%
AA 0.0%
A 0.0%
BBB 4.6%
BB 57.1%
B 35.3%
CCC and below 3.0%
Unrated Securities 0.0%

Maturity Schedule

AS OF 31/10/14
5 To 10 Years 80.3%
1 To 5 Years 13.9%
< 1 Year 2.5%
10 To 20 Years 2.3%
Equities & Other 1.0%
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 Global High Income 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 31/7/12, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 2/7/12.

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: high income risk, convertible securities risk, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, foreign securities risk, emerging markets 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 31/7/12, 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 mark

et 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.

Credit Suisse High Yield Index consists of US-denominated high yield issues of developed countries. Issues must be publicly registered in the U.S. or issued under Rule 144A with registration rights, must be rated “BB” or lower, and the minimum amount outstanding (par value) must be at least $75 Million.

BofA Merrill Lynch High Yield BB-B Constrained Index tracks the performance of BB-B rated U.S. Dollar-denominated corporate bonds publically issued in the U.S. domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer does not exceed 2%.

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

Dividends were declared on 25 September 2014 as follows:
Class A U.S. Distributing
Capital Gain $0.28255
Reinvest NAV $10.1500

Class I U.S. Distributing
Capital Gain $0.25864
Reinvest NAV $10.1900
Class A EUR Distributing
Capital Gain

€0.57450

Reinvest NAV

€9.6600


Class I EUR Distributing
Capital Gain €0.27655
Reinvest NAV €10.0800
Class A GBP Distributing
Capital Gain

£0.27109

Reinvest NAV

£10.1900


Class I GBP Distributing
Capital Gain £0.27068
Reinvest NAV £10.2000
The record date is 25 September 2014. The ex-dividend, pay and reinvestment dates are 26 September 2014.

Schedule

Distributions Monthly
Capital Gains Annually

Distributions

Choose a year  
Income Capital Gains Reinvest
October $0.04097 0.00000 10.17
September $0.03558 0.00000 10.11
August $0.03771 0.00000 10.65
July $0.03792 0.00000 10.55
June $0.03639 0.00000 10.74
May $0.03133 0.00000 10.69
April $0.04249 0.00000 10.63
March     $0.04001 0.00000 10.60
February $0.03652 0.00000 10.59
January  $0.04291  0.00000  10.41 
December  $0.03966  0.00000  10.41 
November $0.03254 0.00000 10.37
October $0.03995 0.00000 10.36
September $0.03004 0.00000 10.18
August $0.03829 0.00000 10.27
July $0.04784 0.00000 10.43
June $0.03515 0.00000 10.28
May $0.03583 0.00000 10.63
April $0.04908 0.00000 10.70
March $0.04033 0.00000 10.56
February $0.03005 0.00000 10.48
January $0.04066 0.00000 10.52

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 Global High Income 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 31/7/12, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 2/7/12.

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: high income risk, convertible securities risk, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, foreign securities risk, emerging markets 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 31/7/12, 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 mark

et 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.

Credit Suisse High Yield Index consists of US-denominated high yield issues of developed countries. Issues must be publicly registered in the U.S. or issued under Rule 144A with registration rights, must be rated “BB” or lower, and the minimum amount outstanding (par value) must be at least $75 Million.

BofA Merrill Lynch High Yield BB-B Constrained Index tracks the performance of BB-B rated U.S. Dollar-denominated corporate bonds publically issued in the U.S. domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer does not exceed 2%.

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 Ratio1.451.10
Management Fee (% of NAV)1.101.100.75

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 Date02/7/1202/7/1202/7/12
Bloomberg TickerCAGHAUD IDCAGHCUD IDCAGHIUD ID
CUSIP numberG17689418G17689491G17689558
ISIN numberIE00B7VGGF29IE00B7M4D325IE00B7S9N756
SEDOL numberB7VGGF2B7M4D32B7S9N75

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 Global High Income 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 31/7/12, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 2/7/12.

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: high income risk, convertible securities risk, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, foreign securities risk, emerging markets 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 31/7/12, 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 mark

et 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.

Credit Suisse High Yield Index consists of US-denominated high yield issues of developed countries. Issues must be publicly registered in the U.S. or issued under Rule 144A with registration rights, must be rated “BB” or lower, and the minimum amount outstanding (par value) must be at least $75 Million.

BofA Merrill Lynch High Yield BB-B Constrained Index tracks the performance of BB-B rated U.S. Dollar-denominated corporate bonds publically issued in the U.S. domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer does not exceed 2%.

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 Global High Income Fund's performance versus a benchmark, positioning, related market commentary, and outlook.
Factsheet
The Global High Income 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.
Preparing Your Bond Portfolio for Rising Rates High yield bonds have historically outperformed investment-grade and government bonds during periods of rising interest rates.
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.

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 Global High Income 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 31/7/12, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 2/7/12.

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: high income risk, convertible securities risk, synthetic convertible instruments risk, interest rate risk, credit risk, liquidity risk, foreign securities risk, emerging markets 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 31/7/12, 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 mark

et 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.

Credit Suisse High Yield Index consists of US-denominated high yield issues of developed countries. Issues must be publicly registered in the U.S. or issued under Rule 144A with registration rights, must be rated “BB” or lower, and the minimum amount outstanding (par value) must be at least $75 Million.

BofA Merrill Lynch High Yield BB-B Constrained Index tracks the performance of BB-B rated U.S. Dollar-denominated corporate bonds publically issued in the U.S. domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer does not exceed 2%.

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.