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

Past performance does not guarantee or indicate 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 perfor¬mance, characteristics and volatility may differ from the benchmark(s) shown. 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. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Calendar year returns measure 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. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Fund also offers Class B, C, and I shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results. As of 10/31/08, the gross expense ratio for Class A shares is 1.14%; Class B and C shares is 1.89%; and I shares is 0.89%.

All risk-adjusted statistics are relative to the S&P 500 Index on an annualized basis versus the Calamos Market Neutral Fund (A shares, load-waived). Past performance is no guarantee results. Cur¬rent 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.

Data sources: State Street Corporation, Mellon Analytical Solutions, LLC., and Calamos Advisors LLC.

Important Fund Information
Convertible arbitrage—Convertible arbitrage entails risks associated with equity securities, short sales and fixed income securities, including convertible securities. Proper correlation must be used to provide a proper safeguard in hedging the risks inherent in the positions. Short sale risk—The Fund engages in short sales of convertible securities' underlying stock, which may increase volatility and portfolio turnover. Short sale risk includes the risk of loss due to increase in the market value of borrowed securities between the date of short sale and the date the Fund replaces the security. Convertible bond risk—In addition to market risk, there are certain other risks associated with an investment in a convertible bond, such as default risk (the risk that the company issuing debt securities will be unable to repay principal and interest) and interest rate risk (the risk that the security may decrease in value if interest rates increase). Option risk—As the writer of a covered call option on a security, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security, covering the call option above the sum of the premium and the exercise price of the call.

Definitions
Alpha is the extra return of a portfolio due to nonmarket factors. 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 half the market's volatility as represented by the Fund's primary benchmark, while a beta of 2 reflects twice the volatility. Information ratio is a measure of the value added per unit of active risk by the manager versus an index. Portfolio turnover is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity. SEC yield (or current yield) reflects bond return that takes into account the coupon payments and bond prices. Sharpe ratio is a measure of the excess return per unit of risk taken by an investment strategy. Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.

Convertible arbitrage is an investment strategy that generally involves a long position on a convertible security and a short position on the issuing company's common stock. Covered call writing is an options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset in an attempt to generate increased income from the asset.

The Barclays Capital U.S. Government/Credit Bond Index comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest. The Citigroup 30 Day T-Bill Index is generally considered representative of the performance of short-term money market instruments. 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 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.

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

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

Past performance does not guarantee or indicate 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 perfor¬mance, characteristics and volatility may differ from the benchmark(s) shown. 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. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Calendar year returns measure 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. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Fund also offers Class B, C, and I shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results. As of 10/31/08, the gross expense ratio for Class A shares is 1.14%; Class B and C shares is 1.89%; and I shares is 0.89%.

All risk-adjusted statistics are relative to the S&P 500 Index on an annualized basis versus the Calamos Market Neutral Fund (A shares, load-waived). Past performance is no guarantee results. Cur¬rent 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.

Data sources: State Street Corporation, Mellon Analytical Solutions, LLC., and Calamos Advisors LLC.

Important Fund Information
Convertible arbitrage—Convertible arbitrage entails risks associated with equity securities, short sales and fixed income securities, including convertible securities. Proper correlation must be used to provide a proper safeguard in hedging the risks inherent in the positions. Short sale risk—The Fund engages in short sales of convertible securities' underlying stock, which may increase volatility and portfolio turnover. Short sale risk includes the risk of loss due to increase in the market value of borrowed securities between the date of short sale and the date the Fund replaces the security. Convertible bond risk—In addition to market risk, there are certain other risks associated with an investment in a convertible bond, such as default risk (the risk that the company issuing debt securities will be unable to repay principal and interest) and interest rate risk (the risk that the security may decrease in value if interest rates increase). Option risk—As the writer of a covered call option on a security, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security, covering the call option above the sum of the premium and the exercise price of the call.

Definitions
Alpha is the extra return of a portfolio due to nonmarket factors. 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 half the market's volatility as represented by the Fund's primary benchmark, while a beta of 2 reflects twice the volatility. Information ratio is a measure of the value added per unit of active risk by the manager versus an index. Portfolio turnover is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity. SEC yield (or current yield) reflects bond return that takes into account the coupon payments and bond prices. Sharpe ratio is a measure of the excess return per unit of risk taken by an investment strategy. Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.

Convertible arbitrage is an investment strategy that generally involves a long position on a convertible security and a short position on the issuing company's common stock. Covered call writing is an options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset in an attempt to generate increased income from the asset.

The Barclays Capital U.S. Government/Credit Bond Index comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest. The Citigroup 30 Day T-Bill Index is generally considered representative of the performance of short-term money market instruments. 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 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.

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

As of 12/31/11

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

Past performance does not guarantee or indicate 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 perfor¬mance, characteristics and volatility may differ from the benchmark(s) shown. 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. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Calendar year returns measure 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. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Fund also offers Class I shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results. As of 3/1/2011, the gross expense ratio for Class A shares is 1.20% and Class I shares is 0.96%.

All risk-adjusted statistics are relative to the S&P 500 Index on an annualized basis versus the Calamos Market Neutral Fund (A shares, load-waived). Past performance is no guarantee results. Cur¬rent 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.

Data sources: State Street Corporation, Mellon Analytical Solutions, LLC., and Calamos Advisors LLC.

Important Fund Information
Convertible arbitrage—Convertible arbitrage entails risks associated with equity securities, short sales and fixed income securities, including convertible securities. Proper correlation must be used to provide a proper safeguard in hedging the risks inherent in the positions. Short sale risk—The Fund engages in short sales of convertible securities' underlying stock, which may increase volatility and portfolio turnover. Short sale risk includes the risk of loss due to increase in the market value of borrowed securities between the date of short sale and the date the Fund replaces the security. Convertible bond risk—In addition to market risk, there are certain other risks associated with an investment in a convertible bond, such as default risk (the risk that the company issuing debt securities will be unable to repay principal and interest) and interest rate risk (the risk that the security may decrease in value if interest rates increase). Option risk—As the writer of a covered call option on a security, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security, covering the call option above the sum of the premium and the exercise price of the call.

Definitions
Alpha is the extra return of a portfolio due to nonmarket factors. 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 half the market's volatility as represented by the Fund's primary benchmark, while a beta of 2 reflects twice the volatility. Information ratio is a measure of the value added per unit of active risk by the manager versus an index. Portfolio turnover is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity. SEC yield (or current yield) reflects bond return that takes into account the coupon payments and bond prices. Sharpe ratio is a measure of the excess return per unit of risk taken by an investment strategy. Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.

Convertible arbitrage is an investment strategy that generally involves a long position on a convertible security and a short position on the issuing company's common stock. Covered call writing is an options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset in an attempt to generate increased income from the asset.

The Barclays Capital U.S. Government/Credit Bond Index comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest. The Citigroup 30 Day T-Bill Index is generally considered representative of the performance of short-term money market instruments. 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 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.

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

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 Information about Risk
Convertible arbitrage entails risks associated with equity securities, short sales, fixed income securities, including convertible securities. Proper correlation must be used to provide a proper safeguard in hedging the risks inherent in the positions. The Fund engages in short sales of convertible securities' underlying stock, which may increase volatility and portfolio turnover. Short sale risk includes the risk of loss due to increase in the market value of borrowed securities between the date of short sale and the date the Fund replaces the security. In addition to market risk, there are certain other risks associated with an investment in a convertible bond, such as default risk, the risk that the company issuing debt securities will be unable to repay principal and interest, and interest rate risk, the risk that the security may decrease in value if interest rates increase. As the writer of a covered call option on a security, the Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the security, covering the call option above the sum of the premium and the exercise price of the call.