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GLOBAL CONVERTIBLE OPPORTUNITIES FUND (IE00B28VTV28)

Currency Class GO

Investment Strategy

The fund invests in a globally diversified portfolio of equity, convertible and fixed income securities issued by U.S. companies without regard to market capitalization. At least 40% of assets are in securities of non-U.S. issuers. The fund utilizes these different types of securities to balance risk and reward in providing growth and income.

  • Active management blending global investment themes and fundamental research
  • Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle
  • Seeks to maintain a balance of risk and reward over a market cycle by investing in equity, convertible securities and fixed income
  • Return on Invested Capital

    AS OF 30/6/14

    Beta Since Inception

    AS OF 30/6/14

    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. Standard deviation is measure of volatility.

    Fund Objective

    The fund's primary objective is high long-term total return through growth and income.

    Fund Benchmarks

    • MSCI World Index
    • BofA ML Global 300 Convertible 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 Convertible 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 authorized 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 Fund also offers Class C and X shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for the indexes and risk reward characteristics information is 30 November, 2007, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 27/11/07.

    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: convertible securities risk, synthetic convertible instruments risk, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield 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.

    Standard deviation is measure of volatility.

    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.

    MSCI World Index—Is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region.

    BofA Merrill Lynch Global Convertible Index (G300) contains 300 issues.

    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.

    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 20123, All Rights Reserved.

    The fund's Class A US $ Accumulating shares received 4 stars for the overall rating, 3 stars for the 3-year rating and 5 stars for the 5-year period out of 117, 117 and 73 USD Flexible Allocation funds, respectively, for the period ended 31/10/13.

    Fund Details

    As of 22/7/14
    Inception Date:
    27/11/07
    Current NAV:
    $11.36
    $ Change:
    $0.06
    % Change:
    +0.53%
    Net Assets*:
    173,054,328
    (*Total USD Net Assets as of 30/6/14)

    Resources

    Annualised Total Returns

    AS OF 30/6/14
    Calamos1.24%18.23%5.55%9.23%1.98%3.07%
    BofA ML0.91%17.07%7.77%11.63%5.56%2.57%
    MSCI World1.83%24.71%12.45%15.62%4.07%5.05%

    Growth of 10K

    Calendar Year Total Returns

    AS OF 30/6/14

    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 Global Convertible 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 authorized 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 Fund also offers Class C and X shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for the indexes and risk reward characteristics information is 30 November, 2007, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 27/11/07.

    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: convertible securities risk, synthetic convertible instruments risk, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield 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.

    Standard deviation is measure of volatility.

    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.

    MSCI World Index—Is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region.

    BofA Merrill Lynch Global Convertible Index (G300) contains 300 issues.

    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.

    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 20123, All Rights Reserved.

    The fund's Class A US $ Accumulating shares received 4 stars for the overall rating, 3 stars for the 3-year rating and 5 stars for the 5-year period out of 117, 117 and 73 USD Flexible Allocation funds, respectively, for the period ended 31/10/13.

    Sector Weightings

    AS OF 30/6/14
    % of Assets BofA ML VG00 - Global 300
    Information Technology 17.8% 21.7%
    Consumer Discretionary 17.7% 14.4%
    Industrials 16.6% 11.3%
    Financials 15.7% 22.8%
    Health Care 11.0% 11.7%
    Materials 6.5% 4.1%
    Energy 5.1% 6.5%
    Consumer Staples 2.4% 2.2%
    Utilities 1.4% 2.0%
    Telecommunication Services 0.9% 3.3%
    Index Options 0.0% 0.0%
    Sovereign Bonds 0.0% 0.0%
    Other 0.0% 0.0%

    Asset Allocation

    AS OF 30/6/14

    Top 10 Holdings Adobe Logo View All Holdings

    AS OF 30/6/14
    Company Security Type Industry
    %
    Beach Energy, Ltd. Convertible Bonds Oil & Gas Exploration & Production 2.4%
    Priceline Group, Inc. Convertible Bonds Internet Retail 2.3%
    Glencore Finance Europe, SA Convertible Bonds Diversified Metals & Mining 2.2%
    United Technologies Corp. Convertible Preferred Stock Aerospace & Defense 2.2%
    Trinity Industries, Inc. Convertible Bonds Construction Machinery & Heavy Trucks 2.2%
    NVIDIA Corp. Convertible Bonds Semiconductors 2.2%
    Nidec Corp. Convertible Bonds Electrical Components & Equipment 2.0%
    MetLife, Inc. Convertible Preferred Stock Life & Health Insurance 2.0%
    SanDisk Corp. Convertible Bonds Technology Hardware, Storage & Peripherals 1.9%
    Azimut Holding S.p.A. Convertible Bonds Asset Management & Custody Banks 1.8%
    Total 21.2%

    Fund Facts

    AS OF 30/6/14


    Fund BofA ML VG00 - Global 300
    Total Net Assets $173.1 million --
    # of Holdings 121 300
    Duration 3.4 years 3.2 years
    Median Investment Premium 26.2% 20.9%
    Median Conversion Premium 19.5% 19.0%
    EPS Growth (5 Year) 13.5% 13.6%
    Price/Book 1.4x --
    Price/Earnings 12.7x --
    Price/Sales 1.7x --
    PEG Ratio 1.2x --
    Debt/Capital 36.6% 56.5%
    ROIC 14.3% 11.7%
    Portfolio Turnover (12 months) 166.0% --

    Market Capitalization

    AS OF 30/6/14
    > $82bil 59.5%
    $24bil - $82bil 40.5%
    $8bil - $24bil 0.0%
    $3bil - $8bil 0.0%
    < $3bil 0.0%

    Regional Exposure

    AS OF 30/6/14
    North America 57.2%
    Europe 18.1%
    Asia/Pacific 17.5%
    Latin America 1.2%
    Middle East/Africa 1.0%
    Caribbean 0.0%

    Country Exposure

    AS OF 30/6/14
    United States 57.2%
    United Kingdom 4.8%
    Japan 4.4%
    Italy 4.2%
    China 3.6%
    Switzerland 2.7%
    Taiwan 2.6%
    Australia 2.4%
    Germany 2.3%
    South Korea 1.9%

    Currency Exposure

    AS OF 30/6/14
    United States Dollar (USD) 76.6%
    Euro (EUR) 11.4%
    British Pound Sterling (GBP) 3.2%
    Australian Dollar (AUD) 2.5%
    Japanese Yen (JPY) 2.5%
    Hong Kong Dollar (HKD) 1.9%
    South Korean WON (KRW) 0.9%
    Swiss Franc (CHF) 0.5%
    Taiwan Dollar (TWD) 0.5%
    Canadian Dollar (CAD) 0.0%
    Swedish Krona (SEK) 0.0%
    Singapore Dollar (SGD) 0.0%
    Danish Krone (DKK) 0.0%
    Norwegian Krone (NOK) 0.0%
    Israeli Shekel (ILS) 0.0%
    China Renminbi (Yuan) (CNY) 0.0%
    New Zealand Dollar (NZD) 0.0%

    Credit Quality of Bonds

    AS OF 30/6/14
    AAA 0.0%
    AA 1.3%
    A 2.0%
    BBB 24.1%
    BB 34.1%
    B 34.1%
    CCC and below 4.4%
    Unrated Securities 0.0%

    Maturity Schedule

    AS OF 30/6/14
    1 To 5 Years 47.7%
    5 To 10 Years 18.8%
    Equities & Other 18.3%
    < 1 Year 13.3%
    20 To 30 Years 1.9%
    10 To 20 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 Convertible 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 authorized 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 Fund also offers Class C and X shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for the indexes and risk reward characteristics information is 30 November, 2007, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 27/11/07.

    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: convertible securities risk, synthetic convertible instruments risk, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield 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.

    Standard deviation is measure of volatility.

    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.

    MSCI World Index—Is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region.

    BofA Merrill Lynch Global Convertible Index (G300) contains 300 issues.

    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.

    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 20123, All Rights Reserved.

    The fund's Class A US $ Accumulating shares received 4 stars for the overall rating, 3 stars for the 3-year rating and 5 stars for the 5-year period out of 117, 117 and 73 USD Flexible Allocation funds, respectively, for the period ended 31/10/13.

    Total Capital Gains

    Dividends were declared on 26 September 2013 as follows:
    Class A U.S. Distributing
    Capital Gain $0.33282
    Reinvest NAV $9.50000

    Class C U.S. Distributing
    Capital Gain $0.36463
    Reinvest NAV $11.2500

    Class I U.S. Distributing
    Capital Gain $0.04281
    Reinvest NAV $12.4200
    The record date is 25 September 2013. The ex-dividend, pay and reinvestment dates are 26 September 2013.

    Schedule

    Distributions Quarterly
    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 Global Convertible 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 authorized 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 Fund also offers Class C and X shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for the indexes and risk reward characteristics information is 30 November, 2007, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 27/11/07.

    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: convertible securities risk, synthetic convertible instruments risk, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield 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.

    Standard deviation is measure of volatility.

    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.

    MSCI World Index—Is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region.

    BofA Merrill Lynch Global Convertible Index (G300) contains 300 issues.

    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.

    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 20123, All Rights Reserved.

    The fund's Class A US $ Accumulating shares received 4 stars for the overall rating, 3 stars for the 3-year rating and 5 stars for the 5-year period out of 117, 117 and 73 USD Flexible Allocation funds, respectively, for the period ended 31/10/13.

    Annual Expenses

    A Shares C Shares I Shares
    Total Expense Ratio2.003.001.40
    Management Fee (% of NAV)1.651.651.05

    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 Date27/11/0705/10/0905/10/09
    Bloomberg TickerCAGOAUA IDCAGOCUA IDCAGOIUA ID
    CUSIP numberG17716393G17716419G17716435
    ISIN numberIE00B28VTV28IE00B296VX23IE00B296W289
    SEDOL numberB28VTV2B296VX2B296W28

    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 Convertible 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 authorized 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 Fund also offers Class C and X shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for the indexes and risk reward characteristics information is 30 November, 2007, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 27/11/07.

    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: convertible securities risk, synthetic convertible instruments risk, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield 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.

    Standard deviation is measure of volatility.

    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.

    MSCI World Index—Is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region.

    BofA Merrill Lynch Global Convertible Index (G300) contains 300 issues.

    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.

    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 20123, All Rights Reserved.

    The fund's Class A US $ Accumulating shares received 4 stars for the overall rating, 3 stars for the 3-year rating and 5 stars for the 5-year period out of 117, 117 and 73 USD Flexible Allocation funds, respectively, for the period ended 31/10/13.

    Quarterly Commentary A discussion of the Global Convertible Opportunities Fund's performance versus a benchmark, positioning, related market commentary, and outlook.
    Factsheet
    The Global Convertible Opportunities 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.
    The Case for Strategic Convertible Allocations In this analysis of global convertible market opportunities, John P. Calamos, Sr. discusses the role of convertible securities within portfolios and encouraging global trends within the convertible market. He also explains why a growing economy provides a favorable environment for a widening pool of convertibles.
    Managing Risk Over Market Cycles The Calamos Global Convertible Opportunities Fund historically has managed risk over market cycles using a low volatility equity strategy.
    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.
    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.
    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.

    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 Convertible 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 authorized 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 Fund also offers Class C and X shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for the indexes and risk reward characteristics information is 30 November, 2007, since comparative index data is available only for full monthly periods. The “Since Inception” start date for the Fund is 27/11/07.

    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: convertible securities risk, synthetic convertible instruments risk, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield 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.

    Standard deviation is measure of volatility.

    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.

    MSCI World Index—Is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region.

    BofA Merrill Lynch Global Convertible Index (G300) contains 300 issues.

    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.

    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 20123, All Rights Reserved.

    The fund's Class A US $ Accumulating shares received 4 stars for the overall rating, 3 stars for the 3-year rating and 5 stars for the 5-year period out of 117, 117 and 73 USD Flexible Allocation funds, respectively, for the period ended 31/10/13.