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NEW @ CALAMOS.COM

May 17, 2012

Global Economic Review & Outlook, April 2012

John P. Calamos, Sr. and Nick P. Calamos share their outlook for economic growth and discuss their view of the equity market, including the compelling valuations they see. They also discuss the evolution of the global economy and the opportunities for global companies to participate in the growth of emerging markets.

Accessing Global Growth

In an article for President & CEO magazine, John P. Calamos, Sr., writes that that the most compelling growth opportunities in the world are in emerging markets. With that in mind, he adds that investors should view emerging markets as long-term, core holdings rather than short-term, tactical plays.

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.

Calamos Financial Services LLC, Distributor

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OUR DISCIPLINED INVESTMENT PROCESS

Calamos Equity Valuation Process: Determining Cash Flows and Valuing a Business

The value of any security is a function of the underlying business's cash flows and the quality of those cash flows. This paper outlines Calamos Investments' research process for determining a company's business valuation. We will detail how Calamos research uncovers the economic profits of a company and how our research determines the quality of the cash flows, the return on capital, and finally, the equity's valuation.

Calamos Credit Analysis Process

A look at the historical-based models, the forward-looking models and the fundamental analysis that contribute to our pricing of risk.