Calamos Growth Fund

Class A Shares (CVGRX)

Objective

Fund Objective

Long-term capital growth

Investment Strategy

Blends rigorous economic and broad themes analysis with intensive company and security research seeking to identify businesses with higher growth relative to peers
Determines the quality and sustainability of a company's growth by assessing its fundamentals and management among other factors
Uses proprietary valuation models to ascertain a stock's return potential
Adheres to strict risk-management guidelines in constructing the portfolio and assessing a security's fit within the portfolio

Investor Profile

This Fund may be suitable for investors who seek:

A portfolio that pursues the highest potential U.S. growth opportunities regardless of company size or industry
A relatively aggressive yet diversified way to participate in the U.S. stock market's long-term growth potential

Investment Management Team

The long-standing team has a proven track record of risk-managed portfolio construction; John P. Calamos, Sr. and Nick P. Calamos, who have managed the Fund since inception, have experience in the investment industry dating back to 1970 and 1983, respectively.

Calamos Investments Approach to Growth

Identify what we believe to be the best growth companies using quantitative screens
Apply fundamental analysis using Calamos' proprietary stock evaluation models to assess the sustainability of a company's growth
Because great companies are not always great investments, we use a proprietary cash flow valuation model to help assess overall price and return potential
In constructing the portfolio, we apply strict risk-management guidelines to determine how individual securities fit in the overall portfolio

Performance

YTD Return as of 3/9/10 1.91%

Month–End Performance as of 2/28/10
	Annualized Total Return
	1-Year	3-Year	5-Year	10-Year	Since Inception
NAV	64.56%	-3.16%	0.47%	1.75%	13.71%
Load-Adjusted	56.77%	-4.72%	-0.50%	1.26%	13.43%

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

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. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Funds also offer Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results.

The Fund's gross expense ratio is 1.22% as of 10/31/08.

Performance is for the Fund's Class A shares at net asset value and does not include the Fund's maximum front-end sales charge of 4.75%—had it been included, the Fund's return would have been lower. Source: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC. Russell Midcap Growth Index and S&P 500 Index data shown is from 8/31/90, since comparative index data is only available for full monthly periods.

See Notes

Calendar Year Returns - A Shares at NAV
CALENDAR 2008	CALENDAR 2007	CALENDAR 2006	CALENDAR 2005	CALENDAR 2004
-50.28%	23.26%	1.45%	8.47%	18.65%
CALENDAR 2003	CALENDAR 2002	CALENDAR 2001	CALENDAR 2000	CALENDAR 1999
42.34%	-15.88%	-7.68%	26.59%	77.70%

Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified.

DISTRIBUTIONS PREVIOUS 4 YEARS - A SHARES
2008	Income Cap Gains	0.00000 0.00000
2007	Income Cap Gains	0.00000 7.56493
2006	Income Cap Gains	0.00000 1.96678
2005	Income Cap Gains	0.00000 2.34410

View all Funds' Quarterly Distributions

Composition as of 9/30/09

Fund Composition View All Holdings
Number of Holdings	153
Total Net Assets	$8,285,856,832
Turnover (12 mos.)	47.9%
Annualized Standard Deviation (09/30/90)	23.02%
Beta (09/30/90) vs. Russell Midcap Growth Index	0.91
Net Expense Ratio as of 10/31/08	1.22%

See Notes

Asset Allocation*
Common Stock	97.0%
Cash and Receivables/Payables	2.0%
Options	1.0%
US Government Securities	0.0%
Warrants	0.0%
Convertible Preferred Stock	0.0%
Convertible Bonds	0.0%
Corporate Bonds	0.0%
Preferred Stock	0.0%
Other	0.0%

Sector Weightings*
Information Technology	33.2%
Energy	16.4%
Industrials	14.3%
Consumer Discretionary	9.6%
Health Care	8.1%
Financials	7.8%
Materials	4.8%
Telecommunication Services	2.0%
Consumer Staples	1.3%
Utilities	0.0%

Top 10 Holdings*
Google, Inc.	4.8%
Apple, Inc.	4.6%
Amazon.com, Inc.	2.5%
National Oilwell Varco, Inc.	2.3%
Transocean, Ltd.	2.0%
eBay, Inc.	1.9%
Baidu.com, Inc.	1.7%
Cisco Systems, Inc.	1.7%
Cameron International Corp.	1.6%
Coach, Inc.	1.6%
Total	24.7%

Market Capitalization of Equities* (Dollar ranges in billions)
Small Cap (1 & Below)	1.6%
Medium/Small Cap (1 - 4)	22.1%
Medium Cap (4 - 11)	23.9%
Medium/Large Cap (11 - 39)	29.4%
Large Cap (39 & Above)	23.0%
Median Market Cap	$4,337,023,500
Weighted Average Market Cap	$33,949,177,561

* The portfolios of the underlying funds are actively managed. Holdings, weightings and allocations 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. Fund composition weightings are based on net assets. Sector weightings do not include the government bond portion of synthetic convertibles. Sector weightings exclude certain index options that have representation across all sectors. Diversification does not eliminate risk.

^† Companies are classified geographically according to their country of incorporation.

Fund Snapshot

Class A Shares
Inception Date	9/4/90
Ticker Symbol	CVGRX
CUSIP	128119302
Daily Prices as of 3/9/10
NAV	45.31
NAV Change	0.09
See Notes

Distributions
Dividends	Annual
Capital Gains	Annual
Literature

Fact Sheet

Quarterly Commentary

In Turnaround or Bear Market, Opportunities Remain

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

Important Fund Information

The Fund may invest in mid-size and small companies which present greater risk and higher volatility than investments in larger companies. The Fund may also invest up to 25% of its assets in the securities of foreign issuers. As a result of political or economic instability in foreign countries, there can be special risks associated with investing foreign securities, including fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

NOTES

Annualized Standard Deviation—A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average.

Beta—Is 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.

Russell Midcap® Growth Index—Measures the performance of those Russell Midcap companies whose average market capitalization is approximately $4.2 billion, with higher price-to-book ratios and higher growth values.

S&P 500 Index—Is generally considered representative of the U.S. stock 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.

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