calamos international presentation

Seeking Growth (and Returns) in a Low Growth World

6 NOVEMBER 2012, CITYWIRE MANAGEMENT FORUM – LONDON, U.K.

Scott F. Becker, CFASVP, Head of Portfolio Specialists, Portfolio Management & Research

This document does not constitute an offer or solicitation to invest in the Fund. It is directed only at professional/sophisticated investors and it is for their use and information. This document should not be shown or given to retail investors. Any entity responsible for forwarding this material to other parties takes responsibility for ensuring compliance with the financial promotion rules.

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Competing Forces in A Co‐Dependent World

» De‐Leveraging after Years of Credit Led Expansion» Slack in the Global Economy

Source: Congressional Budget OfficeSource: Haver Analytics, national central banks, McKinsey Global Institute

2

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Competing Forces in A Co‐Dependent World

» Cost of Capital Low» “Whatever It Takes”

Source: Federal Reserve Bank of Dallas

CENTRAL BANK POLICY RATES IN MAJOR ADVANCED ECONOMIES

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Calamos Corporate Snapshot

Overview» Total assets^ of $34.3 billion in 15 unique strategies» 349 employees and 58 investment professionals» Clients in over 50 countries

Investing in Global Opportunities» Americas» Europe, Middle East & Africa» Asia Pacific

Publicly listed, employee‐owned business» Calamos Asset Management (NASDAQ: CLMS)» Public float represents approximately 22% of company’s total market capitalization

» Market capitalization is $1.1* billionFinancial Highlights» Continued interest and positive flows into our global, international and emerging market strategies

» Modestly positive flows in UCITS funds » Strong balance sheet with high levels of liquidity relative to debt, which is essential given global, macro risks and market uncertainty

Corporate Campus ‐ Naperville, Illinois, USA» Buildings achieved Leadership in Energy and Environmental Design Certification (LEED)

Stability, Experience and Resources

As of 30/9/12

Assets by Strategy (In USD, mm)

* Data as of 30/6/12.

Total employees represents full‐time employees of the operating subsidiaries of Calamos Asset Management, Inc. Part‐time employees and consultants are excluded.

^Total Assets includes assets under management as well as $1.1 billion for which the company provides model portfolio design and oversight.

Equity $23,999

U.S. Growth $10,720

International Growth $1,614

Global Growth $561

Emerging Economies $448

U.S. Opportunities $6,993

Global Opportunities $3,663

Convertible $3,732

U.S. Convertible $2,804

Global Convertible $928

High Income $2,776

Alternative $2,520

Other‐Int'l/Global $916

Other‐U.S. $350

TOTAL ASSETS^ $34,293

AS OF 30/9/12

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Industry Recognition

2011 & 2012» Lipper Fund Awards» Citywire Euro Stars Top Rated Fund Managers‐ Global Equities and North American Equities

2010 » Forbes Most Trustworthy Companies» Mutual Fund Wire Most Influential People of 2010

2006» John P. Calamos, Ernst & Young Entrepreneur Of The Year® award for the financial services sector, Lake Michigan Area program.

2005, 2004, 2003» Forbes Honor Roll, Mutual Fund Guide ‐ Calamos Growth Fund , #1 Fund for three yearsin a row.

2003» John and Nick Calamos, Standard & Poor's/BusinessWeekExcellence in Fund Management Awards.

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Active Investment Management: Calamos Funds Active Share

Beginning with the position weights in both the fund and the index, Active Share is calculated by determining the difference in weights for all securities in either the strategy or the index, summing the absolute differences and dividing by two. Dividing by two ensures that Active Share results in a value between 0% and 100%. If a fund holds none of the index stocks, the Active Share will equal 100%; an index fund with holdings identical to the benchmark will have an Active Share of 0%. Each fund’s Active Share was calculated using the UCITS funds vs. the MSCI World for Global Equity and Global Convertible Opportunities; S&P 500 for U.S. Growth; and MSCI Emerging Markets Index for Emerging Markets. Data as of 30 September 2012. Source: Calamos.

Active Approach»Benchmark aware, not benchmark driven»Conscious of risks embedded in benchmarks»Active sector and security selection

88% 81% 90%

0%

20%

40%

60%

80%

100%

Global Equity Fund U.S. Growth Fund Emerging Markets Fund Global Convertible Opportunities Fund

As of 30/9/12

6

HIGH ACTIVE MANAGEMENT: PERCENTAGE OF CALAMOS FUNDS ACTIVE SHARE AS OF 30/9/12

97%

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Calamos Process

7

LIFE CYCLE OF A BUSINESS’ VALUE

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Global Economic Activity Moves Forward

» Deleveraging while Stimulating— but getting back to normal?» US—signs of optimism» China—engineering a safe slowdown» Europe—a lid on global growth

Source: Euromonitor, A.T. Kearney

0

50

100

150

200

250

300

350

400

450

0

20

40

60

80

100

120

140

160

180

1991 1994 1997 2000 2003 2006 2009 2012

World Trade Index

MSCI ACWI Index

World trade volume has reached a new peak

Trade Has Recovered and Returned to Record Levels

WORLD TRADE INDEX VERSUS MSCI ACWI INDEX: JANUARY 1991 – JULY 2012

MSCI A

CWIIndex Price

WorldTrad

e Inde

x

8

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Money Supply Has Soared, But Velocity Has Plummeted

»QE focused on the symptoms, but not the cure.

» Fed more concerned with deleveraging in the U.S. economy than inflation.

»Money supply has soared, but the velocity of money has not.

»Money is not getting where it needs to go to stimulate economic growth and wealth creation.

Sources: Federal Reserve Bank of St. Louis

JANUARY 1959 – APRIL 2012 APRIL 2002 – APRIL 2012

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Productivity Enhancement

Productivity enhancement can come from technology advances, such as computers and the internet, allowing both individuals and businesses to operate more economically and efficiently.

MANUFACTURING PRODUCTIVITY GROWTH, SELECTED COUNTRIES, AVERAGE ANNUAL RATES, 2000‐2007 AND 2007‐2010

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Rise of the Emerging Markets Consumer

EM demand drives global growth opportunityPROJECTED SHARES OF GLOBAL MIDDLE CLASS CONSUMPTION

2000‐2050

» Consumer StaplesInfant Nutrition, Beverages

» Health CarePharmaceuticals, Biotechnology

» Consumer DiscretionaryBranded apparel, luxury goods

GLOBAL GDP GROWTH (Percent; quarter over quarter, annualized)

Source: IMF, Financial Sense11

Source: Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat, World Population Prospects: The 2010 Revision.

Source: IMF, Financial Sense

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Lifespan

(yrs)

Income ($)

75

50

25

400 4,000 40,000Income ($)

Lifespan

(yrs)

75

50

25

400 4,000 40,000

Lifespan

(yrs)

Income ($)

75

50

25

400 4,000 40,000

Lifespan

(yrs)

Income ($)

75

50

25

400 4,000 40,000

An Example: Growth and Evolution of the Emerging Markets Lifespan Over Time

Healthcare Innovations and Benefits

1811 1900

1950 2009

Source: Hans Rosling BBC ‐ www.youtube.com/watch?v=jbkSRLYSojo

U.S.

Brazil

China

India

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Equity Valuations Remain Compelling

» U.S. market reaching new highs, but at lower multiples.» Earnings yields also attractive levels» In our view, growth equities may be especially well positioned.

Past performance is no guarantee of future results. Sources: Bloomberg, Robert Shiller, Standard & Poor’s, Corporate Reports, Empirical Research Partners Analysis. Capitalization‐weighted data. Trailing earnings yield less 10‐year Treasury yields.

EQUITY VALUATIONS: ATTRACTIVE VERSUS TREASURY YIELDS

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Equities Around the World Appear AttractiveMEDIAN PERCENTAGE OF MARKET VALUE BASED ON FUTURE CASH FLOWS

42.7%

35%

40%

45%

50%

55%

60%

65%

70%

‐50%

‐35%

‐20%

‐5%

10%

25%

40%

55%

Mar‐94 Mar‐96 Mar‐98 Mar‐00 Mar‐02 Mar‐04 Mar‐06 Mar‐08 Mar‐10 Mar‐12

12 month Forward S&P 500 Index Total Return [LHS]Calamos U.S. Equity Universe [RHS]Average+/‐ 1 Std Dev.

CALAMOS U.S. EQUITY UNIVERSE

35.3%

30%

35%

40%

45%

50%

55%

‐74%

‐54%

‐34%

‐14%

6%

26%

46%

66%


12 month Forward MSCI Europe Index Total Return [LHS]Calamos European Equity Universe [RHS]Average+/‐ 1 Std Dev.

CALAMOS EUROPEAN EQUITY UNIVERSE (USD BASE)

23.7%

20%

25%

30%

35%

40%

45%

50%

‐72%

‐52%

‐32%

‐12%

8%

28%

48%

68%

88%


12 month Forward MSCI Japan Index Total Return [LHS]Calamos Japanese Equity Universe [RHS]Average+/‐ 1 Std Dev.

CALAMOS JAPANESE EQUITY UNIVERSE (USD BASE)

43.3%

35%

40%

45%

50%

55%

60%

65%

‐80%

‐60%

‐40%

‐20%

0%

20%

40%

60%

80%


12 month Forward MSCI Emerging Markets Index Total Return [LHS]Calamos Emerging Markets Equity Universe [RHS]Average+/‐ 1 Std Dev.

CALAMOS EMERGING MARKETS EQUITY UNIVERSE (USD BASE)

Attractive Valuations: A Global Perspective

Source: Calamos Advisors LLC, Model Station and the Federal Reserve Bank of St. Louis. U.S. and European equity universes represented quarterly from 3/31/94 to 9/30/12, then estimated 2012 and 2013 results. Emerging Market and Japanese equity universes represented quarterly from 12/31/11 to 9/30/12, then estimated 2012 and 2013 results.

2013 2013

2013 2013

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Investor Time Horizon

Not Very Forward Looking…

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Stock Market Valuations

Source: Yardeni Research, Inc.

» Stock Market Multiples appear reasonable to cheap—but not the same within markets

» Is Safe the New Risky?Staples, Telecoms and Utilities sectors are trading above longer term norms for valuation

S&P 500 Sectors Relative Forward P/Es

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Themes that drive performance emphasized in our portfolios

UPSIDE/DOWNSIDE MARKET CAPTUREINSTITUTIONAL STRATEGIES, SINCE INCEPTION

» U.S. Growth Fund» Global Equity» Emerging Markets» Global Convertible Opportunities» Global High Income

» Productivity Enhancement» Growth of Middle Class Consumers

» Connectivity» Big Data and Security» Health Care

Our Themes

Our UCITS Funds

Source: Mellon Analytical Solutions LLC , eVestment Alliance and Calamos Advisors LLCPast performance is no guarantee of future results. Market capture is shown relative to each strategy’s benchmark and since its inception: Global Growth: MSCI World Index (04/07); U.S. Growth: S&P 500 (01/91); Emerging Economies: MSCI Emerging Index (12/08); Global Convertible: BofA ML Global 300 Index; Calamos High Income: Credit Suisse High Yield Index

17

DOWN MARKET CAPTURE

60% 80% 100% 120% 140% 160%40%

UP MARK

ET CAPT

URE

40%

60%

80%

100%

120%

140%

160%

Calamos U.S. Growth

Benchmark

Calamos High Income

Calamos Global Growth

Calamos Emerging Economies

Calamos Global ConvertibleThe data above represents the unaudited performance of the Calamos Institutional Composites. Although UCITS Funds, are managed by the same investment team utilising the same investment process as the composite, performance data quoted represents past performance of the composite, and may not be a reliable guide to the future performance of UCITS Funds listed.

Appendix» Investment Team» Calamos UCITS Fund Performance

» U.S. Growth» Global Equity» Emerging Markets» Global Convertible Opportunities» Global High Income

Investment Team

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Global Investment Platform

AS OF 30/9/12

20

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Growth/Convertible Investment Team Members

GLOBAL CO-CHIEF INVESTMENT OFFICERS

John P. Calamos, Sr., Chairman, CEO, Global Co-CIO*43 years of industry experience, 36 years at Calamos

Gary D. Black, EVP, Global Co-CIO*21 years of industry experience

RESEARCH & INVESTMENT TEAM PORTFOLIO ANALYTICS INFRASTRUCTURE & EXECUTIONCo-Heads of Research & Investments Senior Portfolio Specialist Head Trader Chief Administrative Officer

Jeff Scudieri, CFA, SVP*18 years of industry experience

16 years at Calamos

Jon Vacko, CFA, SVP*20 years of industry experience

12 years at Calamos

Scott Becker, CFA, SVP20 years of industry experience

9 years at Calamos

Dave Butler, SVP*33 years of industry experience

11 years at Calamos

Randall Zipfel, SVP18 years industry experience

6 years at Calamos

Senior Strategy/ Sector Analysts

Yrs. Exp. (Yrs. w/ Firm)

Senior Sector Analysts

Yrs. Exp (Yrs. w/ Firm) Portfolio Specialists

Yrs. Exp (Yrs. w/ Firm) Trading

Yrs. Exp (Yrs. w/ Firm) Investment Operations

Yrs. Exp (Yrs. w/ Firm)

John P. Calamos, Jr. 27 (27) Dino Dussias, CFA 17 (17) Scott Henderson, CFA 21 (21) Roman Pundur 21 (18) Derek Olsen, CFA 25 (11)

Steve Klouda, CFA* 18 (18) Nick Niziolek, CFA 11 (8) Kristina Kalebich, CFA 23 (2) Brian Goldman 12 (10)

John Hillenbrand, CPA* 20 (10) Dennis Cogan, CFA 12 (8) Jeffrey Krebs 15 (5) Mike Thompson 20 (8) Risk Management & Corp. Actions

Joe Wysocki, CFA 12 (9) Todd Speed, CFA 14 (2) Chuck Carmody, CFA 14 (8) John Krasucki 20 (20)

Chris Hartman 16 (16) Alex Condrell, CFA 18 (1) Joe Mariano 13 (13) Jimmy Young, CFA 9 (9)

Mike Januszewski 11 (11)

Intermediate Analysts Brian Plonka 13 (13)

Brian Dempsey, CFA 12 (12) Bianca Lynd, CFA 11 (11) Jose Perez 26 (16)

Tony Onorati 18 (18) Dave Gallagher, CFA 11 (8)

Bob Maul, CFA 8 (6) Jason Hill 10 (9)

Kyle Ruge, CFA 8 (6) Eric Wills 5 (5)

+ Junior Analysts (12) *Denotes individual is a member of the Calamos Investment Committee.

AS OF 30/9/12

21

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Growth / Convertible Team

*Denotes individuals with portfolio management responsibilities.

AS OF 30/9/12

22

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Value Team

*Denotes individuals with portfolio management responsibilities.

AS OF 30/9/12

23

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Global CoCIOs

» John P. Calamos, Sr.

»Gary Black

CoHeads of Research and Investments

» Jeff Scudieri, CFA

» Jon Vacko, CFA

Senior Analysts

» John Hillenbrand, CPA

» Steve Klouda, CFA

» Additional rotating Senior Investment Team member

Trading

» Dave Butler

Portfolio Specialists

» A Senior Portfolio Specialist will attend each meeting

The Investment Committee is responsible for the following functions:

» Establishment of top‐down global macroeconomic views

» Discussion of sector, thematic and geographic positioning across strategies

» Oversight of risk management across strategies

» Monitoring and evaluation of investment performance

» Evaluation and recommendation of enhancements to the investment process

Investment Committee

Investment Committee Members

AS OF 30/9/12

24

Calamos UCITS Funds Overview

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Calamos UCITS Fund Availability

All funds also offer Class A, C and I shares in U.S. $, €, £, and HKD.

CALAMOS UCITS FUND ISIN BLOOMBERG MANAGEMENT FEE

CALAMOS U.S. GROWTH FUND

Calamos US Growth Fd ACC (USD) CL A IE00B28VTQ74 CAGWAUA 1.50%

Calamos US Growth Fd ACC (USD) CL C IE00B296T947 CAGWCUA 1.50%

Calamos US Growth Fd ACC (USD) CL I IE00B296TP01 CAGWIUA 1.00%

CALAMOS GLOBAL EQUITY FUND

Calamos Global Equity Fd ACC (USD) CL A IE00B28VTX42 CAGEAUA 1.50%

Calamos Global Equity Fd ACC (USD) CL C IE00B296WC84 CAGECUA 1.50%

Calamos Global Equity Fd ACC (USD) CL I IE00B296WH30 CAGEIUA 1.00%

CALAMOS EMERGING MARKETS FUND

Calamos Emerging Markets Fd ACC (USD) CL A IE00B4QR1M12 CAEMAUA 1.65%

Calamos Emerging Markets Fd ACC (USD) CL C IE00B537DN67 CAEMCUA ‐‐‐

Calamos Emerging Markets Fd ACC (USD) CL I IE00B52B2V09 CAEMIUA 1.00%

CALAMOS GLOBAL CONVERTIBLE OPPORTUNITIES FUND

Calamos Global Convert Oppt ACC (USD) CL A IE00B28VTV28 CAGOAUA 1.65%

Calamos Global Convert Oppt ACC (USD) CL C IE00B296VX23 CAGOCUA 1.65%

Calamos Global Convert Oppt ACC (USD) CL I IE00B296W289 CAGOIUA 1.05%

CALAMOS GLOBAL HIGH INCOME FUND

Calamos Global High Income DIST (USD) CL A IE00B7VGGF29 CAGHAUD 1.10%

Calamos Global High Income DIST (USD) CL I IE00B7S9N756 CAGHIUD 0.75%

26

U.S. Growth Fund Performance

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33.4%

15.4%

0% 10% 20% 30% 40%

U.S. Accumulating (Class A)

S&P 500 Index

Calamos U.S. Growth Fund

Active Growth Investing Over 20 Years » Active management blending global investment themes and fundamental research

» Seeks quality companies with sustainable growth » Flexibility to pursue best risk/reward opportunities across capitalization and sector

Investing in Quality Companies » We seek strong brands, management and financial

flexibility.

Overview» Objective: The fund seeks long‐term capital growth.

Investment Strategy» The fund invests primarily in equity securities issued by

small, midsize and large U.S. companies that offer the best opportunities for growth.

» Benchmark: S&P 500 Index

Return on invested capital measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital. Debt/capital ratio is a measure of a company’s financial leverage, calculated as the company’s debt divided by its total capital.

DEBT/CAPITAL

18.1%

28.5%

0% 10% 20% 30%


S&P 500 Index

RETURN ON INVESTED CAPITAL

28

As of 30/9/12

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U.S. GROWTH FUND S&P 500 INDEXInformation Technology 42.5% 20.1%Consumer Discretionary 14.3 11.0Health Care 14.5 12.0Energy 6.5 11.3Materia ls 5.4 3.5Industria ls 7.0 9.8Consumer Staples 4.0 10.9Financia ls 3.2 14.6Telecommunication Services 0.0 3.3Uti l i ties 0.0 3.5

U.S. GROWTH FUND S&P 500 INDEX# of Holdings 79 500Price/Earnings Ratio 19.87x 13.81xPrice/Book Ratio 4.03x 2.20xPrice/Sales Ratio 2.81x 1.35xPEG Ratio (1 year forward) 1.45x 1.52xDebt/Capi ta l 15.40% 33.44%Portfol io Turnover (12 mos) 62.93% N/AROIC 28.49% 18.14%EPS Growth (5 Years ) 17.27% 10.92%

U.S. GROWTH FUND

S&P 500 INDEX

>$56 bi l 39.1% 52.6%> $17 bi l ‐ <= $56 bi l 25.5% 27.7%> $5 bi l ‐ <= $17 bi l 23.7% 17.8%> $2 bi l ‐ <= $5 bi l 11.7% 1.8%<= $2 bi l 0.0% 0.1%Median Market Cap ($ mil ) 17,387 12,452Weighted Avg. Market Cap ($ mil ) 83,301 121,517

COMPANY INDUSTRY% of NET ASSETS

Google, Inc. Internet Software & Services 4.8%Apple, Inc. Computer Hardware 4.7Amazon.com, Inc. Internet Retai l 3.6QUALCOMM, Inc. Communications Equipment 3.6Oracle Corp. Systems Software 3.0Intui tive Surgica l , Inc. Hea lth Care Equipment 2.8Novo Nordisk, A/S ‐ Class B Pharmaceutica ls 2.8VMware, Inc. ‐ Class A Systems Software 2.3National Oi lwel l Varco, Inc. Oi l & Gas Equipment & Services 2.2Cognizant Technology Solutions Corp. IT Consulting & Other Services 2.2Tota l 32.0

Calamos U.S. Growth Fund: Portfolio Characteristics

Sector weightings exclude sovereign debt and certain index options that have representation across all sectors. Fund composition weightings are calculated as a percentage of Net Assets. This table excludes cash or cash equivalents, any government / sovereign bonds or broad based indexes the portfolio may hold. Ten Largest Holdings table excludes cash or cash equivalents, any government / sovereign bonds or broad based indexes the portfolio may hold. You can obtain a complete listing of holdings by visiting calamos.com/global. The portfolio is actively managed. 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. * Statistics based on common stock holdings.

MARKET CAPITALIZATIONTEN LARGEST HOLDINGS

CHARACTERISTICSSECTOR WEIGHTINGS

29

As of 30/9/12

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Calamos U.S. Growth Strategy

Annualised ReturnsCALAMOS GROWTH COMPOSITE (1/1991 ‐ 11/2007)/ CALAMOS US GROWTH UCITS (12/2007 – 09/2012)

19.34%

10.06%

‐1.05%

8.34%

11.24%

14.06% 14.57%

30.20%

13.20%

1.05%

8.01%

4.70%

8.50%9.24%

‐5%

0%

5%

10%

15%

20%

25%

30%

35%

1 YEAR 3 YEARS 5 YEARS 10 YEARS 15 YEARS 20 YEARS 1/1991‐09/2012

Calamos U.S. Growth S&P 500 Index

Past performance is no guarantee of future results.Returns from 1 December 2007 through 30 September 2012 represent the Calamos US Growth UCITS, net of fees. Returns presented from 1 January 1991 through 30 November 2007 represent the Calamos Growth Composite, net of fees, which is an actively managed composite investing in common stocks, primarily in high‐growth industries and companies. The Calamos Growth Composite includes all fully discretionary fee paying accounts, including those no longer with Calamos Advisors LLC. Net return is presented after the deduction of the actual management fee. Accounts valued at less than $500,000 are not included. The Calamos Growth Composite was created 1 January 2001 and calculated with an inception date of 1 January 1991. Please see last page for supplemental information.

30

As of 30/9/12

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Calendar Year ReturnsCALAMOS GROWTH COMPOSITE (1/1991 ‐ 11/2007)/ CALAMOS US GROWTH UCITS (12/2007 – 09/2012)

Past performance is no guarantee of future results.

Returns from 1 December 2007 through 30 September 2012 represent the Calamos US Growth UCITS, net of fees. Returns presented from 1 January 1991 through 30 November 2007 represent the Calamos Growth Composite, net of fees, which is an actively managed composite investing in common stocks, primarily in high‐growth industries and companies. The Calamos Growth Composite includes all fully discretionary fee paying accounts, including those no longer with Calamos Advisors LLC. Net return is presented after the deduction of the actual management fee. Accounts valued at less than $500,000 are not included. The Calamos Growth Composite was created 1 January 2001 and calculated with an inception date of 1 January 1991. Please see last page for supplemental information.


12.91%

‐8.20%

19.97%

47.22%

‐49.09%

24.70%

2.32%

9.76%

20.05%

44.03%

‐14.59%

‐6.23%

16.44%

2.11%

15.06%

26.46%

‐37.00%

5.49%

15.79%

4.91%

10.88%

28.68%

‐22.10%

‐11.89%

‐60%

‐40%

‐20%

0%

20%

40%

60%

YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001


31

As of 30/9/12

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Returns from 1 December 2007 through 30 September 2012 represent the Calamos US Growth UCITS, net of fees. Returns presented from 1 January 1991 through 30 November 2007 represent the Calamos Growth Composite, net of fees, which is an actively managed composite investing in common stocks, primarily in high‐growth industries and companies. The Calamos Growth Composite includes all fully discretionary fee paying accounts, including those no longer with Calamos Advisors LLC. Net return is presented after the deduction of the actual management fee. Accounts valued at less than $500,000 are not included. The Calamos Growth Composite was created 1 January 2001 and calculated with an inception date of 1 January 1991. Please see last page for supplemental information.


Calendar Year ReturnsCALAMOS GROWTH COMPOSITE (1/1991 ‐ 11/2007)/ CALAMOS US GROWTH UCITS (12/2007 – 09/2012)

28.61%

81.11%

29.84%26.68%

40.63%

30.02%

‐3.79%

6.45%3.76%

42.96%

‐9.10%

21.04%

28.58%

33.36%

22.96%

37.58%

1.32%

10.08%7.62%

30.47%

‐20%

‐10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

2000 1999 1998 1997 1996 1995 1994 1993 1992 1991


32

As of 30/9/12

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Rolling Three‐Year Returns Since InceptionCALAMOS GROWTH COMPOSITE (1/1991 ‐ 11/2007)/ CALAMOS US GROWTH UCITS (12/2007 – 09/2012) VERSUS THE S&P 500 INDEX

Sources: Morningstar, State Street Corporation, and Lipper, Inc. Past performance is no guarantee of future results. Performance shown since 1/1/1991. Returns are calculated from monthly returns and shown for every three‐month interval. Returns from 1 December 2007 through 30 September 2012 represent the Calamos US Growth UCITS, net of fees. Returns presented from 1 January 1991 through 30 November 2007 represent the Calamos Growth Composite, net of fees, which is an actively managed composite investing in common stocks, primarily in high‐growth industries and companies. The Calamos Growth Composite includes all fully discretionary fee paying accounts, including those no longer with Calamos Advisors LLC. Net return is presented after the deduction of the actual management fee. Accounts valued at less than $500,000 are not included. The Calamos Growth Composite was created 1 January 2001 and calculated with an inception date of 1 January 1991. Please see last page for supplemental information

CALAMOS U.S. GROWTH HAS DEMONSTRATED CONSISTENCY OVER LONG‐TERM

» Outperformed the index 74% of the periods

» Outperformance averaged 10.31%

» Underperformance averaged just ‐2.62%

33

‐20%

‐10%

0%

10%

20%

30%

40%

50%

60%

‐20% ‐10% 0% 10% 20% 30% 40% 50% 60%

CALAMOS U.S. G

ROWTH

ROLLING 3‐YEA

R RETURNS

S&P 500 INDEX ROLLING 3‐YEAR RETURNS

OUTPERFORMANCE

UNDERPERFORMANCE

33

As of 30/9/12

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Calamos U.S. Growth Fund

ANNUALISED RETURNS CALENDAR YEAR RETURNS

5.59%

19.34%

10.06%

‐0.62%

6.35%

30.20%

13.20%

1.65%

‐15%

‐10%

‐5%

0%

5%

10%

15%

20%

25%

30%

35%

QTD 1‐Year 3‐Year Since Inception (27/11/07)

Calamos U.S. Growth Fund (U.S. Accumulating Class A shares)

S&P 500 Index

12.91%

‐8.20%

19.97%

47.22%

‐49.09%

16.44%

2.11%

15.06%

26.46%

‐37.00%

‐60%

‐40%

‐20%

0%

20%

40%

60%

YTD 2012 2011 2010 2009 2008

Calamos U.S. Growth Fund (U.S. Accumulating Class A shares)

S&P 500 Index

Performance data quoted represents past performance, and may not be a reliable guide to future results. Current performance may be lower or higher than the performance quoted. 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. The principal value and investment return will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting calamos.com/global. Total return measures net investment income and capital gain or loss from portfolio investments for each period specified. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class C, I and X shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for the S&P 500 Index is 30 November 2007, since comparative index data is available only for full monthly periods. “Since Inception” start date is 27 November 2007. Please see back page for important information.

34

As of 30/9/12

Global Equity Fund Performance

10640 1012O IO

Calamos Global Equity Fund

Lipper Fund Awards received are for risk‐adjusted performance for the three ‐year period among 381 funds in the United Kingdom, 413 funds in France, 577 funds in Germany, 410 funds in Austria, 349 funds in Switzerland, and 412 funds in Europe, respectively, in the Equity Global category as of 31/12/2011. Lipper Fund Awards are awarded annually to honor funds that have outperformed peers based on risk‐adjusted, consistent return. Lipper, a wholly‐owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, funds fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in affect it may have had a material effect on the total return or yield and, therefore, the ranking for the period. Return on invested capital measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital. Debt/capital ratio is a measure of a company’s financial leverage, calculated as the company’s debt divided by its total capital.

CALAMOS GLOBAL EQUITY FUNDWINNER OF SIX LIPPER AWARDS FOR 3‐YEAR RISK ADJUSTED PERFORMANCEEUROPE | AUSTRIA | FRANCE | GERMANY | SWITZERLAND | UNITED KINGDOM

35.7%

14.0%

0% 10% 20% 30% 40%


MSCI World Index

DEBT/CAPITAL

15.9%

26.5%

0% 5% 10% 15% 20% 25% 30%


MSCI World Index

RETURN ON INVESTED CAPITAL

Active Global Growth» Active management blending global investment themes and

fundamental research » Seeks quality companies with sustainable growth » Flexibility to pursue best risk/reward opportunities across

country, market capitalization and sector

Overview» Objective: The fund seeks long‐term capital growth.» Investment Strategy: The fund invests primarily in a globally

diversified portfolio of equity securities issued by small, midsize and large companies that we believe offer the best opportunities for growth. The fund may invest in securities of issuers in the emerging markets.

» Benchmark: MSCI World Index

Investing in Quality Companies » We seek strong brands, management and financial flexibility.

36

10640 1012O IO

GLOBAL EQUITY FUND MSCI WORLD INDEXInformation Technology 38.6% 12.6%Health Care 15.1 10.7Materia ls 14.5 6.8Energy 8.9 10.8Consumer Discretionary 6.3 10.7Consumer Staples 7.6 10.9Financia l s 2.2 19.2Industria ls 1.0 10.7Telecommunication Services 0.5 4.1Uti l i ties 0.0 3.5

COMPANY INDUSTRY COUNTRY% OF NET ASSETS

Apple, Inc. Computer Hardware United States 4.7%SAP, AG Appl ication Software Germany 4.6Novo Nordisk, A/S ‐ Class B Pharmaceutica ls Denmark 4.5Google, Inc. Internet Software & Services United States 3.3QUALCOMM, Inc. Communications Equipment United States 3.2Accenture, PLC ‐ Class A IT Consulting & Other Services Ireland 3.2Intui ti ve Surgica l , Inc. Health Care Equipment United States 2.8Yamana Gold, Inc. Gold Canada 2.6Taiwan Semiconductor Manufacturing Company, Ltd.

Semiconductors Taiwan 2.5

Companhia de Bebidas das Americas Brewers Brazi l 2.5Total 33.9

GLOBAL EQUITY FUND

MSCI WORLD INDEX

>$56 bi l 43.3% 41.6%>$17 bi l ‐ <= $56 bi l 36.0% 30.3%> $5 bi l ‐ <= $17 bi l 11.9% 23.5%> $2 bi l ‐ <= $5 bi l 7.9% 4.4%<= $2 bi l 0.9% 0.2%Median Market Cap ($ mil ) 33,373 8,404Weighted Avg. Market Cap ($ mil ) 89,201 86,576

GLOBAL EQUITY FUND

MSCI WORLD INDEX

# of Holdings 69 1623Price/Earnings Ratio 16.50x 10.98xPrice/Book Ratio 3.38x 1.73xPrice/Sa les 3.24x 1.04xPEG Ratio (1 Yr Forward) 1.40x 1.59xDebt/Capita l 13.97% 35.72%Portfol io Turnover (12 months) 46.63% N/AROIC 26.54% 15.89%EPS Growth (5 Years ) 23.65% 10.59%

CHARACTERISTICS

MARKET CAPITALIZATION

Calamos Global Equity Fund: Portfolio Characteristics

Fund composition weightings are calculated as a percentage of Net Assets. This table excludes cash or cash equivalents, any government / sovereign bonds or broad based indexes the portfolio may hold. You can obtain a complete listing of holdings by visiting calamos.com/global. The portfolio is actively managed. Holdings and weightings are subject to change daily. Ten Largest Holdings table excludes cash or cash equivalents, any government/ sovereign bonds or broad based indexes the portfolio may hold. The portfolio is actively managed. 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. * Statistics based on common stock holdings. Sector weightings exclude certain index options that have representation across all sectors.

TEN LARGEST HOLDINGS

SECTOR WEIGHTINGS

37

As of 30/9/12

10640 1012O IO

GLOBAL EQUITY FUND

MSCI WORLD INDEX

United States 43.0% 52.9%Canada 6.6 4.9Switzerland 5.7 4.2Denmark 5.0 0.5Germany 4.9 3.5

49.6%

30.3%

8.0%

3.6% 3.3%0.0%

57.8%

27.8%

14.0%

0.0% 0.2% 0.2%0%

10%

20%

30%

40%

50%

60%

70%

NORTH AMERICA EUROPE ASIA/PACIFIC LATIN AMERICA MIDDLE EAST/AFRICA CARIBBEAN

Global Equity Fund MSCI World Index

GLOBAL EQUITY FUND

MSCI WORLD INDEX

# of Countries Invested In 18 25Developed Markets 87.0% 100.0%Emerging Markets 7.8% 0.0%


Geographic DistributionREGIONAL ALLOCATIONS (% OF NET ASSETS)*

*Geographical distribution weightings are calculated as a percentage of net assets. These tables exclude cash or cash equivalents and any options on broad market indexes the portfolio may hold. Companies are classified geographically according to their country of domicile. You can obtain a complete listing of holdings by visiting www.calamos.com/global. The portfolio is actively managed. Holdings and weightings are subject to change daily.

SUMMARY* LARGEST COUNTRY WEIGHTS*

38

As of 30/9/12

10640 1012O IO


Sources: Calamos Advisors, LLC and Bloomberg* Region of revenue and region of domicile are calculated as a percent age of the portfolio excluding cash. Region of Revenue calculations exclude sales denoted in Bloomberg as “unassigned.” The unassigned category represented the following percentages of sales that could not be identified to one of the specific regions cited: Global Equity Fund 14.1%. Regions presented are used to illustrate areas in which the funds were invested as of 30/9/12. Portfolio holdings are subject to change daily.

52.4%

32.0%

8.4%

3.8% 3.4%

38.8%

22.9%21.7%

12.3%

4.3%

0%

10%

20%

30%

40%

50%

60%

NORTH AMERICA EUROPE ASIA/PACIFIC LATIN AMERICA MIDDLE EAST/AFRICA

Region of Domicile Region of Revenue

Geographic DistributionREGION OF DOMCILIE VERSUS REGION OF REVENUE (% OF PORTFOLIO EXCLUDING CASH)*

39

As of 30/9/12

10640 1012O IO

Past performance is no guarantee of future results.Returns from 1 December 2007 through 30 September 2012 represent the Calamos Global Equity UCITS, net of fees. Returns presented from 1 April 2007 through 30 November 2007 represent the Calamos Global Growth Composite, net of fees, which is an actively managed composite investing in common stocks, primarily in high‐growth industries and companies. The Calamos Global Growth Composite is an actively managed composite primarily investing in a globally‐diversified portfolio of equity securities. The composite includes all fully discretionary fee‐paying accounts. Accounts valued at less than $500,000 are not included. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest. Please see last page for supplemental information.

Calamos Global Equity Strategy

Annualised ReturnsCALAMOS GLOBAL GROWTH COMPOSITE (4/2007‐ 11/2007)/ CALAMOS GLOBAL EQUITY UCITS (12/2007 – 09/2012)

22.17%

10.29%

13.36%

11.43%

1.95%

5.09%

22.32%

8.46% 8.07%

5.56%

‐1.58%

0.18%

‐5%

0%

5%

10%

15%

20%

25%

1‐YEAR 2‐YEAR 3‐YEAR 4‐YEAR 5‐YEAR 04/2007 ‐09/2012


40

As of 30/9/12

10640 1012O IO

Past performance is no guarantee of future results.Returns from 1 December 2007 through 30 September 2012 represent the Calamos Global Equity UCITS, net of fees. Returns presented from 1 April 2007 through 30 November 2007 represent the Calamos Global Growth Composite, net of fees, which is an actively managed composite investing in common stocks, primarily in high‐growth industries and companies. The Calamos Global Growth Composite is an actively managed composite primarily investing in a globally‐diversified portfolio of equity securities. The composite includes all fully discretionary fee‐paying accounts. Accounts valued at less than $500,000 are not included. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest. Please see last page for supplemental information.

Calamos Global Equity Strategy

Calendar Year ReturnsCALAMOS GLOBAL GROWTH COMPOSITE (4/2007‐ 11/2007)/ CALAMOS GLOBAL EQUITY UCITS (12/2007 – 09/2012)

15.96%

‐4.56%

23.53%

51.02%

‐46.98%

13.56%

‐5.02%

12.34%

30.79%

‐40.33%

‐60%

‐40%

‐20%

0%

20%

40%

60%

YTD 2012 2011 2010 2009 2008


41

As of 30/9/12

10640 1012O IO



8.89%

22.17%

13.36%

2.31%

6.83%

22.32%

8.07%

‐1.41%

‐4%

0%

4%

8%

12%

16%

20%

24%

QTD 1‐YEAR 3‐YEAR SINCE INCEPTION (27/11/07)

Calamos Global Equity Fund (U.S. Accumulating Class A shares)

MSCI World Index (USD)

15.96%

‐4.56%

23.53%

51.02%

‐46.98%

13.56%

‐5.02%

12.34%

30.79%

‐40.33%

‐60%

‐40%

‐20%

0%

20%

40%

60%

YTD 2012 2011 2010 2009 2008

Calamos Global Equity Fund (U.S. Accumulating Class A shares)


Performance data quoted represents past performance, and may not be a reliable guide to future results. Current performance may be lower or higher than the performance quoted. 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. The principal value and investment return will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting calamos.com/global. Total return measures net investment income and capital gain or loss from portfolio investments for each period specified. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class C, I and X shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for the MSCI World Index is 30 November 2007, since comparative index data is available only for full monthly periods. “Since Inception” start date is 27 November 2007. Please see back page for important information

42

As of 30/9/12

Emerging Markets Fund Performance

10640 1012O IO

Calamos Emerging Markets Fund

Access to Emerging Market Growth with a Lower Volatility Goal» Invests in global growth companies with an emphasis on emerging‐markets revenue rather than country of domicile

» Utilizes decades of experience of combining equities and convertible securities to manage risk and return profile

» Proven track record of managing growth portfolios toward a lower‐volatility outcome

Overview» Objective: The fund seeks long‐term capital growth. » Investment Strategy: The fund invests primarily in equity

securities issued by non‐U.S. companies that we believe offer the best opportunities for growth through developing economies. Companies will have at least 20% of sales from or assets in emerging markets. The fund may attempt to manage risk through investments in convertible and fixed income securities.

» Benchmark: MSCI Emerging Markets Index

44

10640 1012O IO

EMERGING MARKETS FUND

MSCI EMERGING MARKETS INDEX

# of Holdings 72 817Portfol io Turnover (12 months) 64.10% N/AROIC 23.51% 17.12%Debt/Capi ta l 19.52% 26.10%PEG Ratio (1 Yr Forward) 1.49x 1.14xEPS Growth (5 Years ) 21.05% 30.58%Price to Earnings Ratio 15.93x 10.99xPrice to Book Ratio 3.12x 0.22xPrice to Sa les Ratio 1.95x 0.60x

>$56 bi l 35.0% 20.0%>$17 bi l ‐ <= $56 bi l 29.6% 27.9%> $5 bi l ‐ <= $17 bi l 18.0% 33.2%> $2 bi l ‐ <= $5 bi l 14.2% 14.3%<= $2 bi l 3.2% 4.6%Median Market Cap ($ mil ) 25,057 4,491Weighted Avg. Market Cap ($ mi l ) 65,071 39,095



Information Technology 27.5% 14.0%Consumer Staples 21.0 8.4Energy 14.0 13.0Materia ls 14.5 12.0Health Care 8.6 1.2Telecommunication Services 3.4 8.1Consumer Discretionary 3.3 8.0Industria ls 2.0 6.7Financia ls 2.0 25.0Uti l i ties 0.0 3.6

COMPANY INDUSTRY SECURITY TYPE COUNTRY % OF NET ASSETSTaiwan Semiconductor Manufacturing Company, Ltd. Semiconductors Common Stock Taiwan 4.6%Companhia de Bebidas das Americas Brewers Common Stock Brazi l 4.4Novo Nordisk, A/S ‐ Class B Pharmaceutical s Common Stock Denmark 4.0Samsung Electronics Company, Ltd. Semiconductors Common Stock South Korea 3.0Yamana Gold, Inc. Gold Common Stock Canada 2.8QUALCOMM, Inc. Communications Equipment Common Stock Uni ted States 2.6AngloGold Ashanti , Ltd. Gold Convertible Bonds South Africa 2.4Genomma Lab Internacional , SAB de CV Pharmaceutical s Common Stock Mexico 2.3Barrick Gold Corp. Gold Common Stock Canada 2.2Subsea 7, SA Oi l & Gas Equipment & Services Convertible Bonds Uni ted Kingdom 2.0Tota l 30.3

Calamos Emerging Markets Fund ‐ Portfolio Characteristics

Ten Largest Holdings table excludes cash or cash equivalents, any government / sovereign bonds or broad based indexes the portfolio may hold. You can obtain a complete listing of holdings by visiting calamos.com/global. The portfolio is actively managed. 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. *Statistics based on common stock holdings.

CHARACTERISTICS


MARKET CAPITALIZATION

SECTOR WEIGHTINGS

45

As of 30/9/12

10640 1012O IO

35.4%

21.6% 21.0%

14.5%

3.8%

60.5%

9.9%

0.2%

21.1%

8.3%

0%

10%

20%

30%

40%

50%

60%

70%

ASIA/PACIFIC EUROPE NORTH AMERICA LATIN AMERICA MIDDLE EAST/AFRICA

Emerging Markets Fund MSCI Emerging Markets Index





Calamos Emerging Markets Fund ‐ Geographic Distribution


SUMMARY* EMERGING MARKETS FUND


United States 14.1% 0.2%Taiwan 12.8 11.1Brazi l 9.5 12.6United Kingdom 8.2 0.0India 7.7 7.0

LARGEST COUNTRY WEIGHTS*

46

As of 30/9/12

10640 1012O IO


Geographic DistributionREGION OF DOMCILIE VERSUS REGION OF REVENUE (% OF PORTFOLIO EXCLUDING CASH)*

Sources: Calamos Advisors, LLC and Bloomberg

Region of revenue and region of domicile are calculated as a percent age of the portfolio excluding cash. Region of Revenue calculations exclude sales denoted in Bloomberg as “unassigned.” The unassigned category represented the following percentages of sales that could not be identified to one of the specific regions cited: Emerging Markets Fund 12.4%.

Regions presented are used to illustrate areas in which the funds were invested as of 30/9/12. Portfolio holdings are subject to change daily.

36.8%

22.5%21.8%

15.0%

3.9%

37.2%

16.4%

18.5%

21.0%

6.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

ASIA/PACIFIC EUROPE NORTH AMERICA LATIN AMERICA MIDDLE EAST/AFRICA

Region of Domicile Region of Revenue

47

As of 30/9/12

10640 1012O IO

Annualised ReturnsCALAMOS EMERGING ECONOMIES COMPOSITE (12/2008 – 2/2011) / CALAMOS EMERGING MARKETS UCITS (3/2011 – 09/2012)


Returns from 1 March 2011 through 30 September 2012 represent the Calamos Emerging Markets UCITS, net of fees. Returns presented from 1 December 2008 through 28 February 2011 represent the Calamos Emerging Economies Composite, net of fees, which is an actively managed composite investing in common stocks, primarily in high‐growth industries and companies. The Calamos Emerging Economies Composite is an actively managed composite investing in a globally diversified portfolio of equity, convertible or debt securities, with at least 35% of constituent portfolio assets are invested in securities of issuers that are organized in emerging market countries. Investments in securities of developed market companies are generally limited to those companies which derive 20% or more of assets or revenues from emerging market countries. The Composite was created 1 December 2010 calculated with an inception date of 1 December 2008 and includes all fully discretionary fee paying accounts, including those no longer with the Firm.

Calamos Emerging Markets Strategy

13.08%

2.98%

8.17%

19.32%

17.33%

‐0.66%

5.96%

21.58%

‐5%

0%

5%

10%

15%

20%

25%

1 YEAR 2 YEARS 3 YEARS 12/2008 ‐ 09/2012

Calamos Emerging Markets MSCI Emerging Markets Index

48

As of 30/9/12

10640 1012O IO

Calendar Year ReturnsCALAMOS EMERGING ECONOMIES COMPOSITE (12/2008 – 2/2011) / CALAMOS EMERGING MARKETS UCITS (3/2011 – 09/2012)


Returns from 1 March 2011 through 30 September 2012 represent the Calamos Emerging Markets UCITS, net of fees. Returns presented from 1 December 2008 through 28 February 2011 represent the Calamos Emerging Economies Composite, net of fees, which is an actively managed composite investing in common stocks, primarily in high‐growth industries and companies. The Calamos Emerging Economies Composite is an actively managed composite investing in a globally diversified portfolio of equity, convertible or debt securities, with at least 35% of constituent portfolio assets are invested in securities of issuers that are organized in emerging market countries. Investments in securities of developed market companies are generally limited to those companies which derive 20% or more of assets or revenues from emerging market countries. The Composite was created 1 December 2010 calculated with an inception date of 1 December 2008 and includes all fully discretionary fee paying accounts, including those no longer with the Firm.

Calamos Emerging Markets Strategy

6.96%

‐9.27%

22.27%

58.59%

12.33%

‐18.17%

19.20%

79.02%

‐40%

‐20%

0%

20%

40%

60%

80%

100%

YTD 2012 2011 2010 2009

Calamos Emerging Markets MSCI Emerging Markets Index

49

As of 30/9/12

10640 1012O IO


Cumulative Returns

4.76%

6.96%

13.08%

‐4.06%

7.89%

12.33%

17.33%

‐2.97%

‐10%

‐5%

0%

5%

10%

15%

20%

QTD YTD 2012 1‐YEAR SINCE INCEPTION (15/2/11)

Calamos Emerging Markets Fund (U.S. Accumulating Class A shares)

MSCI Emerging Markets Index

Performance data quoted represents past performance, and may not be a reliable guide to future results. Current performance may be lower or higher than the performance quoted. 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. The principal value and investment return will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting calamos.com/global. Total return measures net investment income and capital gain or loss from portfolio investments for each period specified. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class I shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for the MSCI Emerging Markets is 28 February 2011, since comparative index data is available only for full monthly periods. “Since Inception” start date is 15 February 2011. Please see back page for important information.

50

As of 30/9/12

Global Convertible Opportunities Fund Performance

10640 1012O IO

21.2%

15.3%

0% 5% 10% 15% 20% 25%

FUND MSCI WORLD INDEX

1.00

0.68

0% 50% 100% 150%

FUND MSCI WORLD INDEX

Calamos Global Convertible Opportunities Fund

A Core Global Allocation With Potential For Lower Volatility» 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

Overview» Objective: The fund seeks high long‐term total return through growth

and income.» Investment Strategy: The fund invests in a globally diversified portfolio

of equity, convertible and fixed income securities 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.

» Benchmark: MSCI World Index

Lower Volatility» Since inception, the fund has lower volatility and beta than the

benchmark.

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. Beta and Standard Deviation are from 27/11/07 through 30/9/12.

STANDARD DEVIATION

BETA

52

As of 30/9/12

10640 1012O IO

COMPANY INDUSTRY SECURITY TYPE COUNTRY % of NET ASSETSNovo Nordisk, A/S ‐ Class B Pharmaceutical s Common Stock Denmark 4.4%SAP, AG Appl ication Software Common Stock Germany 3.9Shi re, PLC Pharmaceutical s Convertible Bonds Ireland 3.9Amgen, Inc. Biotechnology Convertible Bonds United States 3.4Subsea 7, SA Oi l & Gas Equipment & Services Convertible Bonds United Kingdom 2.7Microsoft Corp. Systems Software Convertible Bonds United States 2.6Pricel ine.com, Inc. Internet Retai l Convertible Bonds United States 2.4Goldcorp, Inc. Gold Convertible Bonds Canada 2.4Teva Pharmaceutica l Industries , Ltd. Pharmaceutical s Convertible Bonds Israel 2.4Asahi Group Holdings , Ltd. Brewers Convertible Bonds Japan 2.3Total 30.4

GLBL CONVT OPPS FUND

MSCI WORLD INDEX

# of Holdings 79 1623Portfol io Turnover (12 mos) 67.21% N/AMedian Market Cap ($ mil )* 36,990 8,404Weighted Average Market Cap ($ mil )* 87,202 86,576ROIC 19.36% 15.89%Debt/Capita l 25.83% 35.72%PEG Ratio (1 Yr Forward) 1.60x 1.59x


MSCI WORLD INDEX

Information Technology 21.4% 12.6%Health Care 21.4 10.7Energy 10.6 10.8Materia ls 10.1 6.8Consumer Discretionary 8.1 10.7Consumer Staples 6.8 10.9Financia ls 3.5 19.2Industria ls 2.6 10.7Uti l i ties 2.1 3.5Telecommunication Services 2.6 4.1

Calamos Global Convertible Opportunities Fund: Portfolio Characteristics

Fund composition weightings are calculated as a percentage of Net Assets. This table excludes cash or cash equivalents, any government / sovereign bonds or broad based indexes the portfolio may hold. You can obtain a complete listing of holdings by visiting calamos.com/global. The portfolio is actively managed. Holdings and weightings are subject to change daily. Sector weightings exclude certain index options that have representation across all sectors. Ten Largest Holdings table excludes cash or cash equivalents, any government / sovereign bonds or broad based indexes the portfolio may hold. You can obtain a complete listing of holdings by visiting calamos.com/global. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. *Statistics based on common stock holdings.

CHARACTERISTICSSECTOR WEIGHTINGS


53

As of 30/9/12

10640 1012O IO

41.1%

35.3%

16.1%

4.7%

0.3% 0.0%

57.8%

27.8%

14.0%

0.2% 0.0% 0.2%

0%

10%

20%

30%

40%

50%

60%

70%

NORTH AMERICA EUROPE ASIA/PACIFIC MIDDLE EAST/AFRICA LATIN AMERICA CARIBBEAN

Global Convertible Opportunities Fund MSCI World Index



*Geographical distribution weightings are calculated as a percentage of net assets. These tables exclude cash or cash equivalents and any options on broad market indexes the portfolio may hold. Companies are classified geographically according to their country of domicile. You can obtain a complete listing of holdings by visiting calamos.com/global. The portfolio is actively managed. Holdings and weightings are subject to change daily.


MSCI WORLD INDEX



MSCI WORLD INDEX

United States 34.8% 52.9%Japan 9.0 8.2Germany 7.7 3.5France 6.3 3.6Canada 6.3 4.9

LARGEST COUNTRY WEIGHTS*SUMMARY*

54

As of 30/9/12

10640 1012O IO

Annualised ReturnsCALAMOS GLOBAL CONVERTIBLE COMPOSITE (10/2001 ‐ 11/2007) / CALAMOS GLOBAL CVT OPPS UCITS (12/2007 – 09/2012)

Past performance is no guarantee of future results.Returns from 1 December 2007 through 30 September 2012 represent the Calamos Global Convertible Opportunities UCITS, net of fees. The Calamos Global Convertible Composite is an actively managed Composite investing primarily in a globally diversified portfolio of convertible securities. The Composite includes all fully discretionary fee paying accounts, including those no longer with the Firm. Accounts valued at less than $1,000,000 are not included. The Composite was created 15 May 2008, calculated with an inception date of 1 October 2001.

Calamos Global Convertible Opportunities Strategy

7.72%

5.05%

‐0.58%

7.19%6.38%

22.32%

8.07%

‐1.58%

8.61%

5.77%

‐5%

0%

5%

10%

15%

20%

25%

1‐YEAR 3‐YEARS 5‐YEARS 10‐YEARS 10/2001 ‐09/2012

Calamos Global Convt Opps MSCI World Index

55

As of 30/9/12

10640 1012O IO

Calendar Year ReturnsCALAMOS GLOBAL CONVERTIBLE COMPOSITE (10/2001 ‐ 11/2007) / CALAMOS GLOBAL CVT OPPS UCITS (12/2007 – 09/2012)

Past performance is no guarantee of future results.Returns from 1 December 2007 through 30 September 2012 represent the Calamos Global Convertible Opportunities UCITS, net of fees. The Calamos Global Convertible Composite is an actively managed Composite investing primarily in a globally diversified portfolio of convertible securities. The Composite includes all fully discretionary fee paying accounts, including those no longer with the Firm. Accounts valued at less than $1,000,000 are not included. The Composite was created 15 May 2008, calculated with an inception date of 1 October 2001.

Calamos Global Convertible Opportunities Strategy

5.37%

‐3.10%

11.61%

32.30%

‐36.22%

15.82% 14.69%

9.13% 9.12%

25.70%

0.66%

13.56%

‐5.02%

12.34%

30.79%

‐40.33%

9.57%

20.65%

10.02%

15.25%

33.76%

‐19.54%

‐50%

‐40%

‐30%

‐20%

‐10%

0%

10%

20%

30%

40%

YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

Calamos Global Convt Opps MSCI World Index

56

As of 30/9/12

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Performance data quoted represents past performance, and may not be a reliable guide to future results. Current performance may be lower or higher than the performance quoted. 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. The principal value and investment return will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting calamos.com/global. Total return measures net investment income and capital gain or loss from portfolio investments for each period specified. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class C, I and X shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for indexes is November 30, 2007, since comparative index data is available only for full monthly periods. “Since Inception” start date is November 27, 2007. Please see back page for important information.

4.35%

7.72%

5.05%

‐0.85%

6.83%

22.32%

8.07%

‐1.41%

4.59%

12.12%

6.43%

2.58%

‐5%

0%

5%

10%

15%

20%

25%

QTD 1‐YEAR 3‐YEAR SINCE INCEPTION (27/11/07)

Calamos Global Convertible Opportunities Fund (U.S. Accumulating Class A shares)


BofA ML Global 300 Convertible Index (USD)

5.37%

‐3.10%

11.61%

32.30%

‐36.22%

13.56%

‐5.02%

12.34%

30.79%

‐40.33%

9.91%

‐5.65%

12.34%

36.78%

‐27.76%

‐60%

‐40%

‐20%

0%

20%

40%

YTD 2012 2011 2010 2009 2008

Calamos Global Convertible Opportunities Fund (U.S. Accumulating Class A shares)


BofA ML Global 300 Convertible Index (USD)

57

As of 30/9/12

Global High Income Fund Performance

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Calamos Global High Income Fund

Seeks High Income with Relatively Lower Credit Risk» Focuses on mid‐tier credits to enhance investment‐grade income or diversify high yield allocation» Invests globally to achieve an optimal income/total return balance over market cycles» Proprietary credit research utilising over three decades of corporate credit experience

Overview» Objective: The fund seeks a high level of current income with the potential for capital appreciation.» Investment Strategy: The fund invests in diversified portfolio of high yield bonds of U.S. and non‐U.S. companies

that have the potential for income and capital appreciation.» Benchmarks: Credit Suisse High Yield Index | BofA ML US BB‐B Constrained Index

CREDIT QUALITY AAA AA A BBB BB B CCC

YIELD 1.6% 2.0% 2.5% 3.5% 5.1% 6.4% 11.1%

LONG‐TERM DEFAULT RATE 0.00% 0.02% 0.08% 0.26% 0.97% 4.93% 27.98%

Yields as of 30/9/12. Weighted Long‐term default rates as of 31/12/11. Sources: FRED Economic Data; St. Louis Fed; BofA Merrill Lynch and Standard & Poor's 2009 Annual Global Corporate Default Study And Rating Transitions, 21 March 2012, p. 8.

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GLOBAL HIGH INCOME FUND

CREDIT SUISSE HIGH YIELD INDEX

Consumer Discretionary 26.9% 22.9%Energy 14.1 15.8Heal th Care 13.5 7.5Information Technology 12.5 6.9Industria ls 9.0 12.2Financia l s 6.6 10.4Consumer Staples 4.6 3.7Materia ls 4.4 9.6Uti l i ties 3.7 4.6Telecommunication Services 0.5 6.3



# of Holdings 74 1476Current Yield 6.86% 7.88%Duration 6.06 years 4.66 yearsTime to Maturi ty 8.69 years 6.50 yearsYield to Maturi ty 6.10% 7.24%

Calamos Global High Income Fund ‐ Portfolio Characteristics

CHARACTERISTICS

Ten Largest Holdings table excludes cash or cash equivalents, any government / sovereign bonds or broad based indexes the portfolio may hold. You can obtain a complete listing of holdings by visiting calamos.com/global. The portfolio is actively managed. 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.*Statistics based on common stock holdings. Bond Credit Quality ‐ Reflects the higher of the ratings of Standards & 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 QUALITY

SECTOR WEIGHTINGS

AAA 0.0% 0.0%AA 0.0 0.0A 1.0 0.1BBB 14.0 9.3BB 42.6 39.0B 41.4 39.7CCC and below 1.0 10.3Unrated Securi ties 0.0 1.6

COMPANY INDUSTRY SECURITY DESCRIPTION COUNTRY % OF NET ASSETSCalumet Specia l ty Products , LP Oi l & Gas Refining & Marketing 9.63% Corp Bond Due 2020 United States 2.4%Affi l iated Managers Group, Inc. Asset Management & Custody Banks 5.10% Cv Pfd United States 2.3DISH Network Corp. Cable & Satel l i te 7.88% Corp Bond Due 2019 United States 2.3Royal Caribbean Cruises , Ltd. Hotel s , Resorts & Cruise Lines 7.25% Corp Bond Due 2018 United States 2.2Gap, Inc. Apparel Reta i l 5.95% Corp Bond Due 2021 United States 2.2Tol l Brothers Finance Corp. Homebui lding 5.88% Corp Bond Due 2022 United States 2.2Goodyear Tire & Rubber Company Tires & Rubber 8.25% Corp Bond Due 2020 United States 2.2Gri fols , SA Biotechnology 8.25% Corp Bond Due 2018 Spain 2.2OMEGA Heal thcare Investors , Inc. Specia l i zed REITs 6.75% Corp Bond Due 2022 United States 2.2iGate Corp. IT Consulting & Other Services 9.00% Corp Bond Due 2016 United States 2.1Total 22.3


60

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83.4%

9.6%

2.0% 1.9%0.7% 0.0%

90.0%

7.2%

0.0% 0.2% 1.4% 1.2%

0%

20%

40%

60%

80%

100%

NORTH AMERICA EUROPE MIDDLE EAST/AFRICA LATIN AMERICA ASIA/PACIFIC CARIBBEAN

Global High Income Fund Credit Suisse High Yield Index






United States 81.2% 86.8%Ireland 3.6 0.8Canada 2.2 3.2Spa in 2.2 0.3United Kingdom 2.1 1.9



# of Countries Inves ted In 9 25Developed Markets 93.7% 99.0%Emerging Markets 3.9% 1.0%

SUMMARY* LARGEST COUNTRY WEIGHTS*

61

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Returns from 1 August 2012 through 30 September 2012 represent the Calamos Global High Income UCITS, net of fees. Returns presented from 1 November 1999 through 31 July 2012 represent the Calamos High Income Composite, net of fees. The Calamos High Income Composite is an actively managed composite investing in high yield fixed income securities, primarily with credit ratings lower than investment grade. The Composite was created 1 January2001 calculated with an inception date of 1 November 1999 and includes all fully discretionary fee paying accounts, including those no longer with the Firm.

Calamos High Income Strategy

15.14%

10.62%

7.10%

10.29%

8.61%

17.92%

12.55%

8.62%

10.54%

8.08%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

1 YEAR 3 YEARS 5 YEARS 10 YEARS 11/1999 ‐ 09/2012

Calamos Global High Income Credit Suisse High Yield Index

Annualised ReturnsCALAMOS HIGH INCOME COMPOSITE (11/1999 – 07/2012) / CALAMOS GLOBAL HIGH INCOME UCITS (8/2012 – 09/2012)

62

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Calendar year returnsCALAMOS HIGH INCOME COMPOSITE (11/1999 – 7/2012) / CALAMOS GLOBAL HIGH INCOME UCITS (8/2012 – 09/2012)

Past performance is no guarantee of future results.Returns from 1 August 2012 through 30 September 2012 represent the Calamos Global High Income UCITS, net of fees. Returns presented from 1 November 1999 through 31 July 2012 represent the Calamos High Income Composite, net of fees. The Calamos High Income Composite is an actively managed composite investing in high yield fixed income securities, primarily with credit ratings lower than investment grade. The Composite was created 1 January2001 calculated with an inception date of 1 November 1999 and includes all fully discretionary fee paying accounts, including those no longer with the Firm.

Calamos High Income Strategy

9.09%

5.50%

12.34%

48.34%

‐26.28%

5.61%

11.54%

3.51%

12.32%

26.47%

2.22%

12.10%

3.00%

11.22%

5.47%

14.42%

54.22%

‐26.17%

2.65%

11.92%

2.26%

11.95%

27.94%

3.10%5.80%

‐5.21%

‐40%

‐30%

‐20%

‐10%

0%

10%

20%

30%

40%

50%

60%

YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Calamos Global High Income Credit Suisse High Yield Index

63

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Cumulative Returns

Performance data quoted represents past performance, and may not be a reliable guide to future results. Current performance may be lower or higher than the performance quoted. 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. The principal value and investment return will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting calamos.com/global. Total return measures net investment income and capital gain or loss from portfolio investments for each period specified. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class I shares, the performance of which may vary. Performance shown reflects the management fee. The “Since Inception” total return start date for the Credit Suisse High Yield Index is 31 July 2012, since comparative index data is available only for full monthly periods. “Since Inception” start date is 2 July 2012. Please see back page for important information.

1.26%

2.99%

1.25%

4.27%

1.28%

4.45%

0%

1%

2%

3%

4%

5%

MTD SINCE INCEPTION (2/7/12)

Calamos Global High Income Fund (U.S. Accumulating Class A shares)

Credit Suisse High Yield Index

BofA ML High Yield BB‐B Constrained Index

64

As of 30/9/12

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Additional Information

65

The Calamos Growth Compositewas created 1 January 2001, calculated with an inception date of 1 January 1991, and includes all fully discretionary, fee paying accounts of $500,000 or more, including those no longer with the Firm. Fees include the investment advisory fee charged by Calamos Advisors LLC. Returns greater than 12 months are annualized. All performance shown assumes reinvestment of dividends and capital gains distributions. The Calamos Global Growth Composite, was created 22 March 2007, calculated with an inception date of 1 April 2007, and includes all fully discretionary, fee paying accounts of $500,000 or more, including those no longer with the Firm. Fees include the investment advisory fee charged by Calamos Advisors LLC. Returns greater than 12 months are annualized. All performance shown assumes reinvestment of dividends and capital gains distributions. Sources: Calamos Advisors LLC and Mellon Analytical Solutions, LLC. The Calamos Emerging Economies Composite is an actively managed composite investing in a globally diversified portfolio of equity, convertible or debt securities. The Composite was calculated with an inception date of 1 December 2008 and includes all fully discretionary fee paying accounts, including those no longer with the Firm.Returns presented from October 1, 1996 through December 31, 2008 reflect the Calamos Global Opportunities Composite which is an actively managed composite primarily investing in a globally diversified portfolio of equity, convertible and fixed‐income securities, with equal emphasis on capital appreciation and current income. The Composite has an inception date of October 1,1996 and includes all fully discretionary fee paying accounts of $500,000 or more, including those no longer with the Firm. Returns presented from January 1, 2009 through the current period reflect the Calamos Global Convertible Composite, which is an actively managed Composite investing primarily in a globally diversified portfolio of convertible securities. The Composite has an inception date of October 1, 2001 and includes all fully discretionary fee paying accounts of $1,000,000 or more, including those no longer with the Firm.Fees include the investment advisory fee charged by Calamos Advisors LLC. Returns greater than 12 months are annualized. All performance shown assumes reinvestment of dividends and capital gains distributions. Sources: Calamos Advisors LLC and Mellon Analytical Solutions, LLC. The Calamos High Income Composite is an actively managed composite investing in high yield fixed income securities, primarily with credit ratings lower than investment grade. The Calamos High Income Composite, was created 1 January 2001, calculated with an inception date of 1 November 1999, and includes all fully discretionary, fee paying accounts of $500,000 or more, including those no longer with the Firm.

Important Fund 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 Fund may invest in mid‐size and small companies which present greater risk and higher volatility than investments in larger, more established companies. The Fund may also invest in the securities of non‐U.S. issuers. As a result of political or economic instability in some countries, there can be special risks associated with investing in some international securities, including fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information. Changes in exchange rates may have an adverse effect on the value, price or income of the Fund.The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option‐based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

Calamos Investments LLP Calamos Global Funds PLCNo1 Cornhill, RBC Dexia Investor Services Ireland LimitedLondon, EC3V 3ND, UK George’s Quay HouseTel: +44 (0)20 3178 8838 43 Townsend Street | Dublin 2 | Irelandcalamos.com/global Tel: +353 1 440 6555 | Fax: +353 1 613 0401

calamos.com/globalE‐mail: [email protected]

Calamos Investments LLP is Authorised and Regulated by the Financial Services Authority

Calamos Investments LLC 2020 Calamos Court Naperville, IL 60563 Tel: 630.955.4899 x 3943 U.S. Toll Free: 877.663.8056 Email: [email protected]

10640 1012O IO

Additional Information

66

Calamos U.S. Growth Fund, Calamos Global Equity, Calamos Emerging Markets, Calamos Global Convertible Opportunities Fund are sub‐funds of Calamos Global Funds PLC, an investment company with variable capital incorporated with limited liability in Ireland (registered number 444463). Calamos Global Funds PLC has been established as an umbrella fund with segregated liability between sub‐funds and is authorized pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 as amended.Calamos Global Funds may not be offered or sold to citizens or residents of the United States and should not be offered for sale or sold in the United States, its territories or possessions. The Fund is offered solely to non‐U.S. investors under the terms and conditions of the Fund’s current prospectus. The prospectus contains important information about the Fund and should be read carefully before investing. A copy of the full and simplified prospectus for the Fund may be obtained by visiting calamos.com/global, or by contacting the local Paying Agent listed by jurisdiction at www.calamos.com/global, or through the Fund’s Transfer Agent, RBC Dexia Investor Services Ireland Limited.

The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market‐value weighted index (stock price times number of shares outstanding), with each stock's weight in the Index proportionate to its market value. The "500" is one of the most widely used benchmarks of U.S. equity performance. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect any fees, expenses or sales charges. Investors cannot invest directly in an index. PEG Ratio (price/earnings ratio divided by earnings growth rate)—A lower PEG indicates that less is being paid for each unit of earnings growth. ROIC (return on invested capital)—Measures an investment's growth prospects; measures the percentage earned on invested capital. Debt/Capital—Measures a company's debt in relation to its total capital.The MSCI World Index is a market capitalization weighted index representative of the market structure of developed market countries in North America, Europe, and the Asia/Pacific region. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. PEG Ratio (price/earnings ratio divided by earnings growth rate)—A lower PEG indicates that less is being paid for each unit of earnings growth. ROIC (return on invested capital)—Measures an investment's growth prospects; measures the percentage earned on invested capital. Debt/Capital—Measures a company's debt in relation to its total capital.Sources: Calamos Advisors LLC, State Street Corporation and Mellon Analytical Solutions, LLC.The BofAMerrill Lynch Global Convertible Index (G300) contains 300 issues and represents approximately one‐third of the total global convertible market. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. PEG Ratio (price/earnings ratio divided by earnings growth rate)—A lower PEG indicates that less is being paid for each unit of earnings growth. ROIC (return on invested capital)—Measures an investment's growth prospects; measures the percentage earned on invested capital. Debt/Capital—Measures a company's debt in relation to its total capital.The MSCI Emerging Markets Index is a free float‐adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is calculated without dividends, with net or with gross dividends reinvested, in both US dollars and local currencies. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes. PEG Ratio (price/earnings ratio divided by earnings growth rate)—A lower PEG indicates that less is being paid for each unit of earnings growth. ROIC (return on invested capital)—Measures an investment's growth prospects; measures the percentage earned on invested capital. Debt/Capital—Measures a company's debt in relation to its total capital.The 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. The BofAMerrill 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%.Source: Calamos Advisors LLC, State Street Corporation and Mellon Analytical Solutions, LLC

Calamos Investments LLP is Authorised and Regulated by the Financial Services Authority

10640 1012O IO

Legal Disclosure

While the information contained herein has been obtained from sources believed to be reliable, Calamos Investments LLP makes no representations as to the accuracy or completeness of this information and accepts no liability in relation to its use. Past performance is not indicative of future results. This document constitutes neither an offer nor solicitation to purchase or sell securities or any other financial instruments. This material is provided to you because you have been classified as a professional client or eligible counterparty by Calamos Investments LLP as defined under the Financial Services Authority's rules. If you are unsure about your classification, or believe that you may be a retail client under these Rules, please contact Calamos Investments LLP and disregard this information. Calamos Investments LLP, is a limited liability partnership organized in the UK and authorized by the FSA to provide investment advisory and product distribution services. Investment management services and certain related relationship services will be delegated to Calamos Advisors LLC, which is based in the U.S. and registered with the SEC.

With regards to portfolio management, investment strategy and process, and investment team, the following responses are with reference to Calamos Advisors LLC. The employees of Calamos’ major business functions, including management, investment personnel and trading are employed by Calamos Advisors LLC and based in the U.S.

The Funds are offered solely to non‐U.S. investors under the terms and conditions of the Fund’s current prospectus. The prospectus contains important information about the Fund and should be read carefully before investing. A copy of the full and simplified prospectus for the Fund may be obtained by visiting calamosglobal.com, or by contacting the local Paying Agent listed by jurisdiction at calamos.com/global, or through the Fund’s Transfer Agent, RBC Dexia Investor Services Ireland Limited.

67

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UCITS Investment FundsPast Performance is no guarantee of future results. The Funds are a sub‐fund of Calamos Global Funds PLC, an investment company with variable capital incorporated with limited liability in Ireland (registered number 444463). Calamos Global Funds PLC has been established as an umbrella fund with segregated liability between sub‐funds and is authorized pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 as amended.The Funds are offered solely to non‐U.S. investors under the terms and conditions of the Fund’s current prospectus. The prospectus contains important information about the Fund and should be read carefully before investing. A copy of the prospectus for the Fund may be obtained by visiting www.calamosglobal.com, or by contacting the local Paying Agent listed by jurisdiction, or through the Fund’s Transfer Agent, RBC Dexia Investor Services Ireland Limited.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 show assumes reinvestment of dividends and capital gains distributions. Sources for performance data: Calamos Advisors LLC, RBC Dexia and Mellon Analytical Solutions, LLC.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.

Calamos Institutional CompositesThe Calamos Global Growth Composite is an actively managed composite primarily investing in a globally‐diversified portfolio of equity securities. The composite includes all fully discretionary fee‐paying accounts. Accounts valued at less than $500,000 are not included. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest. The Calamos Emerging Economies Composite is an actively managed composite investing in a globally diversified portfolio of equity, convertible or debt securities, with at least 35% of constituent portfolio assets are invested in securities of issuers that are organized in emerging market countries. Investments in securities of developed market companies are generally limited to those companies which derive 20% or more of assets or revenues from emerging market countries. The Composite was created December 1, 2010 calculated with an inception date of December 1, 2008 and includes all fully discretionary fee paying accounts, including those no longer with the Firm. The Calamos Global Convertible Composite is an actively managed composite investing primarily in a globally diversified portfolio of convertible securities. The composite includes all fully discretionary fee‐paying accounts, including those no longer with the Firm. Accounts valued at less than $1,000,000 are not included. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest. The Calamos Growth Composite is an actively managed composite investing in common stocks, primarily in high‐growth industries and companies. The composite includes all fully discretionary, fee‐paying accounts. Accounts valued at less than $500,000 are not included. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest. The Calamos High Income Composite is an actively managed composite investing in high yield fixed‐income securities, primarily with credit ratings lower than investment grade. The composite includes all fully discretionary, fee‐paying accounts. Accounts valued at less than $500,000 are not included. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest.

Supplemental Information

68

10640 1012O IO

The MSCI World Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI Emerging Markets Index is a free float‐adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCIEurope Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The S&P 500 Index is generally considered representative of the U.S. stock market. The MSCI Japan Index is a free‐float adjusted market capitalization weighted index that is designed to track the equity market performance of Japanese securities listed on Tokyo Stock Exchange, Osaka Stock Exchange, JASDAQ and Nagoya Stock Exchange. The MSCIACWI is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The WorldTrade Index is represented by the CPB Netherlands World Trade Index. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice. 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 Fund may invest in mid‐size and small companies which present greater risk and higher volatility than investments in larger, more established companies. The Fund may also invest in the securities of non‐U.S. issuers. As a result of political or economic instability in some countries, there can be special risks associated with investing in some international securities, including fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information. Changes in exchange rates may have an adverse effect on the value, price or income of the Fund. Source: Calamos Advisors LLC, RBC Dexia and Mellon Analytical Solutions, LLC

Calamos Investments LLPNo1 Cornhill,London, EC3V 3ND, UKTel: +44 (0)20 3178 8838Email: [email protected]: calamos.com/global

Calamos Investments LLP is Authorised and Regulated by the Financial Services Authority. © 2012 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Supplemental Information

Calamos Global Funds PLCRBC Dexia Investor Services Ireland LimitedGeorge’s Quay House43 Townsend Street | Dublin 2 | IrelandTel: (353) 1 440 6555 Fax: (353) 1 613 0401E‐mail: [email protected]

Calamos Investments LLC2020 Calamos CourtNaperville, IL 60563Tel: 630.955.4899 x 3941U.S. Toll Free: 877.663.8056Email: [email protected]

69

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Contact Us

Geoffrey DavisSenior Vice President

Head of Intermediary Distribution ‐ EMEA

Phone: +44 (0) 20 3178 8839

Email: [email protected]

Calamos Investments LLP

No. 1 Cornhill

London, EC3V 3ND, UK

Phone: +44 (0) 20 3178 8842

[email protected]

For additional information, please visit www.calamos.com/global

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calamos international presentation

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