Calamos Investments

Information as of 6/19/13

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risk. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end please call 1-800-582-6959 or visit www.calamos.com.

²1-year, 3-year, 5-year, 10-year and since inception returns are as of 3/31/2013. 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. Performance shown reflects an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares (3.75% for Total Return Bond Fund). Class B shares have a declining contingent deferred sales charge over six years, with a maximum of 5% in year one (3.50% for Total Return Bond Fund Class B shares). Class B shares automatically convert to A shares after eight years. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC). There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund's Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

The Fund's investment adviser has contractually agreed to reimburse Fund expenses through June 30, 2013 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class B and Class C are limited to 1.15%, 1.90% and 1.90% of average net assets respectively for the Calamos Value and Blue Chip Fund; 1.50%, 2.25% and 2.25% of average net assets respectively for the Calamos Discovery Growth Fund; 1.40%, 2.15% and 2.15% of average net assets respectively for the Calamos International Growth and Global Equity Fund; and 0.90%, 1.65% and 1.65% of average net assets respectively for the Calamos Total Return Bond Fund.

The Fund's investment adviser has contractually agreed to reimburse Fund expenses through June 30, 2013 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class I and Class R are limited to 0.90% and 1.40% of average net assets respectively for the Calamos Value and Blue Chip Fund; 1.25% and 1.75% of average net assets respectively for the Calamos Discovery Growth Fund; 1.15% and 1.65% of average net assets respectively for the Calamos International Growth and Global Equity Fund; and 0.65% and 1.15% of average net assets respectively for the Calamos Total Return Bond Fund.

The funds' gross expense ratios as of the prospectus dated 2/29/12 are as follows: Growth A 1.26%, B 2.01%, C 2.01% and I 1.02%; Growth and Income A 1.08%, B 1.83%, C 1.83% and I 0.83%; Value A 1.68%, B 2.43%, C 2.43% and I 1.43%; Blue Chip A 1.57%, B 2.32%, C 2.32% and I 1.32%; Discovery Growth Fund A 1.84%, B 2.61%, C 2.60% and I 1.55%; Global Growth and Income A 1.32%, B 2.07%, C 2.07% and I 1.07%; International Growth A 1.58%, B 2.33%, C 2.33% and I 1.34%; Global Equity A 1.66%, B 2.42%, C 2.41% and I 1.39%; Evolving World Growth A 1.58%, B 2.34%, C 2.34% and I 1.34%; Convertible A 1.07%, B 1.82%, C 1.82% and I 0.82%; Market Neutral Income A 1.22%, B 1.97%, C 1.97% and I 0.97%; High Yield A 1.22%, B 1.97%, C 1.97% and I 0.97%; and Total Return Bond A 0.97%, B 1.72%, C 1.72% and I 0.72%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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.