Calamos Investments

Past performance does not guarantee or indicate future results. 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.

Returns and Risk/Reward statistics presented reflect the Calamos All Cap 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 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. 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.

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.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Manager's fees are further described in Form ADV Part 2A, which is available upon request.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: Russell/Mellon Analytical Services LLC and Calamos Advisors LLC.

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.

Past performance does not guarantee or indicate future results. 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.

Returns and Risk/Reward statistics presented reflect the Calamos All Cap 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 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. 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.

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.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Manager's fees are further described in Form ADV Part 2A, which is available upon request.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: Russell/Mellon Analytical Services LLC and Calamos Advisors LLC.

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.

Past performance does not guarantee or indicate future results. 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.

Returns and Risk/Reward statistics presented reflect the Calamos All Cap 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 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. 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.

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.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Manager's fees are further described in Form ADV Part 2A, which is available upon request.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: Russell/Mellon Analytical Services LLC and Calamos Advisors LLC.

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.