Strategies

View Summary of Returns
AS OF 06/30/14
Strategy Name Index Since Inception Returns Inception Date
Gross Net Index
Active Growth Equity
U.S. Growth
Russell 3000 Growth Index15.20%14.24%9.36%01/01/1991
Focus Growth
Russell 1000 Growth Index8.20%7.14%8.07%01/01/2004
U.S. Mid Cap Growth
Russell Midcap Growth Index11.04%10.16%12.67%02/01/2003
Global Growth
MSCI ACWI Growth9.05%7.89%5.55%04/01/2007
International Growth
MSCI ACWI ex-US Growth Index10.67%9.61%7.11%04/01/2005
Emerging Market Equity
MSCI Emerging Markets Index6.04%5.40%4.79%12/01/2013
Lower Volatility Equity/Risk Managed
Emerging Economies
MSCI Emerging Markets Index17.13%15.79%16.28%12/01/2008
U.S. Opportunities
S&P 500 Index13.28%12.48%10.35%01/01/1989
Global Opportunities
MSCI ACWI Index10.37%9.34%6.92%10/01/1996
Value Equity
Opportunistic Value
Russell 1000 Value Index8.64%7.57%4.86%05/01/2007
Convertible
U.S. Convertible
BofA ML All U.S. Convertibles Ex Mandatory Index (V0A0)---10/01/1979
Global Convertible
BofA ML Global 300 Convertible Index8.74%7.79%7.42%10/01/2001
High Yield
High Income
BofA ML High Yield BB-B Constrained Index (HUC4)8.71%7.92%7.41%11/01/1999
Strategy Name Quarter YTD 1 Year 3 Year 5 Year 10 Year Since Inception Inception Date
Active Growth Equity
U.S. GrowthGross2.93%3.57%30.92%10.48%17.35%7.54%15.20%01/01/1991
Net2.73%3.18%29.95%9.63%16.43%6.70%14.24%01/01/1991
Focus GrowthGross2.32%1.92%31.63%12.93%16.90%8.24%8.20%01/01/2004
Net2.06%1.42%30.36%11.82%15.76%7.18%7.14%01/01/2004
U.S. Mid Cap GrowthGross1.33%1.72%24.29%7.54%18.22%7.73%11.04%02/01/2003
Net1.10%1.26%23.22%6.74%17.37%6.87%10.16%02/01/2003
Global GrowthGross3.74%3.52%25.81%9.39%18.41%-9.05%04/01/2007
Net3.46%2.95%24.42%8.14%17.19%-7.89%04/01/2007
International GrowthGross2.30%3.24%21.77%6.81%15.84%-10.67%04/01/2005
Net2.06%2.77%20.68%5.82%14.74%-9.61%04/01/2005
Emerging Market EquityGross5.80%4.47%----6.04%12/01/2013
Net5.52%3.93%----5.40%12/01/2013
Lower Volatility Equity/Risk Managed
Emerging EconomiesGross5.46%5.96%19.85%4.16%13.12%-17.13%12/01/2008
Net5.15%5.34%18.45%2.91%11.82%-15.79%12/01/2008
U.S. OpportunitiesGross4.89%5.78%20.42%9.10%13.69%8.15%13.28%01/01/1989
Net4.72%5.43%19.63%8.38%12.94%7.43%12.48%01/01/1989
Global OpportunitiesGross4.22%6.19%18.28%7.26%12.18%8.60%10.37%10/01/1996
Net4.02%5.78%17.37%6.41%11.26%7.63%9.34%10/01/1996
Value Equity
Opportunistic ValueGross2.94%3.52%21.20%13.93%17.28%-8.64%05/01/2007
Net2.69%3.01%20.02%12.81%16.13%-7.57%05/01/2007
Convertible
U.S. ConvertibleGross4.03%7.08%19.10%8.49%12.49%6.85%-10/01/1979
Net3.88%6.77%18.40%7.87%11.89%6.30%-10/01/1979
Global ConvertibleGross3.50%6.66%19.15%6.94%10.90%8.19%8.74%10/01/2001
Net3.14%5.95%17.81%5.99%10.06%7.29%7.79%10/01/2001
High Yield
High IncomeGross2.53%5.81%12.08%9.00%12.30%8.34%8.71%11/01/1999
Net2.35%5.43%11.27%8.21%11.49%7.55%7.92%11/01/1999

*Gross returns shown are for the Market Neutral Income Fund A-Shares at NAV, while Net returns shown are for the Market Neutral Income Fund A-Shares load-adjusted.

For a full list of our available strategies, please contact us at 877.841.0098.

Performance data quoted represents past performance, which is no guarantee of 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.

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

Returns presented reflect the Calamos Opportunistic Value Composite, which is an actively managed composite that seeks to offer a diversified portfolio of stocks that are undervalued according to certain financial measurements of their intrinsic value. The investment manager takes a "bottom up" approach and focuses on security selection considering a stock’s intrinsic value, the financial strength of the business and the existence of a near term catalyst for market realization of the stock’s value. The Composite was created February 16, 2006 calculated with an inception date of May 1, 2007. Jeff Miller, Tammy Miller and Ariel Fromer (the "Value Team") managed the strategy while employed by American Independence Funds (AIF) from May 1, 2007 to June 29, 2012. Calamos acquired the Value Team on 7/2/2012. Results include all fully discretionary, fee-paying accounts of $500,000 or more, including those no longer with the Firm.

The Calamos Opportunistic Value Composite was formerly named the Calamos All Cap Value Composite. This name change was effected on March 1, 2014.

Returns reflect the Calamos Growth Composite, which 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, including those no longer with the Firm.

Returns presented reflect the Calamos Emerging Economies Composite, which 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.

Returns presented reflect the Calamos Mid Cap Growth Composite, which is an actively managed composite investing in common stocks, primarily in high-growth industries and companies. Ordinarily, constituent portfolios are primarily invested in equities of medium capitalization U.S. companies with market capitalizations between $1 billion and the capitalization of the largest company in the Russell Midcap Growth Index at time of purchase. The Composite includes all fully discretionary fee paying accounts, including those no longer with the Firm.

Returns presented reflect the Calamos Small-Mid Cap Growth Composite, which is an actively managed composite investing in a diversified portfolio of equity investments in small and mid-cap issuers. Ordinarily, constituent portfolios are primarily invested in equities with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2500 Growth Index at time of purchase. Up to 25% of constituent portfolios may be invested in foreign securities. The Composite includes all fully discretionary fee paying accounts, including those no longer with the Firm.

Returns presented reflect the Calamos Focus Growth Composite, which is an actively managed Composite primarily investing in common and preferred stocks issued by well-established, well-known and financially viable companies. The Composite includes all fully discretionary, fee-paying accounts, including those no longer with the Firm. Accounts valued at less than $500,000 are not included.

The Calamos Focus Growth Composite was formerly named the Calamos Large Cap Growth Composite. This name change was effected on March 1, 2013.

Returns presented reflect the Calamos International Growth Composite, which is an actively managed composite primarily investing in common stocks issued by companies outside the United States. The Composite includes all fully discretionary fee paying accounts, including those no longer with the Firm. Accounts valued at less than $500,000 are not included.

Returns presented 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 includes all fully discretionary fee paying accounts, including those no longer with the Firm. Accounts valued at less than $500,000 are not included.

Returns presented are based on the Calamos U.S. Opportunities Composite, which is an actively managed Composite investing in equity, convertible and high yield securities seeking long term total return through growth and current income. The Composite includes all taxable fully discretionary, fee-paying accounts, including those no longer with the Firm. Accounts valued at less than $250,000 are not included.

Returns reflect the Calamos High Income Composite, which is an actively managed Composite investing in high yield fixed income securities, primarily with credit ratings lower than investment grade securities. The Composite includes all fully discretionary, fee-paying accounts, including those no longer with the Firm. Accounts valued at less than $500,000 are not included.

Calamos High Income Composite was formerly named the Calamos High Yield Composite. This name change was effected on March 21, 2012.

Returns presented reflect the Calamos Global Growth Composite, which is an actively managed composite primarily investing in a globally-diversified portfolio of equity securities. The Composite was created March 22, 2007 calculated with an inception date of April 1, 2007 and includes all fully discretionary, tax-exempt, fee paying accounts of $500,000 or more, including those no longer with the Firm.

Returns presented from October 1, 1979 through December 31, 1990 are based on the Calamos Convertible Composite. This is an actively managed composite investing primarily in higher-quality foreign and U.S. convertible bonds, which is comprised of fully discretionary, fee-paying, tax-exempt accounts of $250,000 or more, including those no longer with the Firm, managed by Calamos Advisors LLC. Returns presented from January 1, 1991 through the current period are based on the Calamos Institutional Convertible Composite. This is an actively managed composite investing primarily in high-quality U.S. convertible bonds, which is comprised of fully discretionary, fee paying, tax-exempt accounts of $1,000,000 or more, managed by Calamos Advisors LLC.

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 May 15, 2008, calculated with an inception date of October 1, 2001.

Returns greater than 12 months are annualized.

Source: Calamos Advisors LLC and Russell/Mellon Analytical Services LLC.

The BofA Merrill Lynch All U.S. Convertibles Ex Mandatory Index measures the return of all U.S. Convertibles excluding mandatory convertibles. The BofA Merrill Lynch Global 300 Convertible Index (VG00) is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region. The Credit Suisse High Yield Index consists of U.S.- denominated high-yield issues of developed countries. Issues must be publicly registered in the U.S. or issues under Rule 144A with registration right, must be rated "BB" or lower, and the minimum amount outstanding (par value) must be $75 million. The MSCI EAFE Growth Index measures developed market growth equity performance (excluding the U.S. and Canada). 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 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 the Asia/Pacific Region. The MSCI indexes are calculated without dividends, with net or with gross dividends reinvested, in both U.S. dollars and local currencies. The S&P 500 Index is an unmanaged index generally considered representative of the performance of the U.S. equity market. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 2500 Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indexes. The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price to-book ratios and higher forecasted growth values. The Russell Midcap measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. The MSCI ACWI Growth Index is a free float-adjusted market capitalization weighted index that is designed to measure the growth equity market performance of developed markets and emerging markets. The MSCI ACWI ex-U.S. Growth Index is a free float-adjusted market capitalization weighted index that is designed to measure the growth equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets and emerging markets.

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

Manager's fees are further described in Part II of the Adviser's Form ADV, which is available upon request.

Calamos Advisors LLC is a federally registered investment advisor. Part II of Form ADV, which provides background information about the firm and its business practices, is available upon written request to:

Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Attn: Compliance Officer