Since its inception, the Calamos Evolving World Growth Fund has historically demonstrated lower volatility (as measured in terms of beta and standard deviation) than the broader emerging market equity market, represented by the MSCI Emerging Markets Index. Moreover, it has participated in a portion of the market's upside with relatively less downside than its peers (up/down capture). The fund provided a higher level of return than would be expected given its risk profile (Sharpe Ratio).

**Data since inception, as of 12/31/2013**

**Beta** - A 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 S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility.

**Standard Deviation** - Standard deviation is measure of volatility.

**Upside Capture Ratio** - Upside capture ratio measures a manager's performance in up markets relative to the named index itself. It is calculated by taking the security's upside capture return and dividing it by the benchmark's upside capture return.

**Sharpe Ratio** - Sharpe ratio is a calculation that reflects the reward per each unit of risk in a portfolio. The higher the ratio, the better the portfolio's risk-adjusted return is.

**Diversified Emerging Mkts, EM** - Diversified emerging-markets portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest at least 70% of total assets in equities and invest at least 50% of stock assets in emerging markets.