Attractive Historical Returns—With Less Volatility

Calamos Market Neutral Income Fund

The Fund seeks high current income consistent with stability of principal. Over the past 10 years—a period that has spanned bear and bull markets—the Fund outperformed the stock market (as represented by the S&P 500 Index), but with much less volatility.

The chart above compares how a hypothetical $10,000 investment in the Fund performed versus the S&P 500 Index for the 10-year period ended 3/31/08. Performance for the Fund does not include a 4.75% front-end sales charge for Class A shares. Had the sales charge been included, results would have been lower. (Sources: State Street Corporation and Lipper, Inc.)

The Calamos Market Neutral Income Fund delivered these attractive gains with significantly reduced volatility versus the market.
	Risk Measures (9/30/90-3/31/08)
	Beta¹	Annualized Standard Deviation²
Calamos Market Neutral Income Fund	0.18	4.24%
The Market (S&P 500 Index)	1.00	13.42%

Source: Lipper, Inc.
Data is available only for full monthly periods. The Risk Measures start date reflects the beginning of the month following the Fund's inception.

Average Annual Returns as of 3/31/08
	1-Year	3-Year	5-Year	10-Year
Calamos Market Neutral Income Fund
A Shares - at NAV	1.64%	4.28%	4.33%	6.83%
A Shares - Load-adjusted	-3.19%	2.60%	3.31%	6.31
Lehman Brothers Government/Credit Index	8.35%	5.55%	4.62%	6.12
S&P 500 Index	-5.08%	5.85%	11.32%	3.50

Performance data quoted is historical and does not guarantee 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. Class A shares load-adjusted returns are adjusted for a maximum front-end sales load of 4.75%. The Fund also offers Class B, C, I and R shares, the performance of which may vary. Performance includes reinvestment of all distributions. Performance shown reflects an expense reimbursement that improved results. View performance through the most recent month-end (Sources: State Street Corporation and Lipper, Inc.)

The Fund's gross expense ratio is 1.20% as of 10/31/07.

Introduction | Total Return Approach

Literature

To learn more about the potential benefits of including Calamos Market Neutral Income Fund in your asset allocation, contact your financial advisor or call Calamos Investments at
800-582-6959.

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.

The Lehman Brothers Government/Credit 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.

The S&P 500 Index is an unmanaged index 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.

¹ Beta is a measure of an investment's volatility. A beta of 1.0 represents average volatility. A beta of 2.0 indicates that the portfolio has demonstrated twice the volatility of the market. For the one-, three-, five-, and 10-year periods ended 3/31/08, the beta of Calamos Market Neutral Income Fund (Class A shares) was 0.33, 0.36, 0.30, and 0.16, respectively; versus a beta of 1.0 for the S&P 500 Index for each time period. Data for periods of more than one year are annualized. Source: Lipper, Inc.

² Standard deviation indicates how tightly a set of data points are grouped around the mean. A portfolio with high standard deviation has experienced a greater dispersion of returns versus the mean. For the one-, three-, five-, and 10-year periods ended 3/31/08, the standard deviation of Calamos Market Neutral Income Fund (Class A shares) was 4.03%, 3.59%, 3.70%, and 4.17%; respectively. For the one-, three-, five-, and 10-year periods ended 3/31/08, the standard deviation of the S&P 500 Index was 11.22%, 8.55%, 9.10%, and 14.62%, respectively. Data for periods of more than one year are annualized. Source: Lipper, Inc.

A Word About Risk:
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.

Liquidity and Marketplace Risk. Both convertible arbitrage and covered call writing often entail placing matching hedged positions through separate transactions in different marketplaces or exchanges. It is possible that, for a variety of reasons, one market may fail to provide the liquidity intended when the initial hedged or covered structure was initiated.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE