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NEW @ CALAMOS.COM

January 28, 2012

Global Economic Review & Outlook, January 2012

John P. Calamos, Sr. and Nick P. Calamos discuss the “risk-on, risk-off” markets of 2011 and their economic outlook for 2012. They consider the impact of volatility, government debt and reflation on the financial markets and speak to the opportunities they see in the equity markets.

Economic Review & Outlook, October 2011

John P. Calamos, Sr. and Nick P. Calamos discuss the healing of the global economy, the sustainability of emerging markets as an engine for future growth, and the historic relationship between debt deleveraging and equity market performance. They also explain why they believe global growth equities offer the most attractive risk/reward characteristics.

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.