Morningstar Advisor - June/July 2012 - (Page Cover2)

Evolving world. EvolvE your stratEgy. Emerging markets are an exciting driver of global growth, and increasingly merit a core position in long-term asset allocations. But, emerging market volatility is a real concern. Calamos provides an innovative solution. ParticiPating in EmErging markEts with lowEr volatility How a HypotHetical $10,000 investment Grew $15,000 $13,000 $11,000 $9,000 $7,000 $5,000 AUG '08 AUG '09 AUG '10 AUG '11 Calamos Evolving World Growth Fund CNWGX MSCI Emerging Markets Index $13,445 $11,912 MAR '12 Past performance is no guarantee of future results. See below for standardized performance. Data shown since inception (8/15/08) As of 3/31/12. Performance is for the Fund’s Class A shares at net asset value and does not include the fund’s maximum front-end sales charge of 4.75%—had it been included, the fund’s return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 8/31/08, since comparative index data is available only for full monthly periods. Source: Mellon Analytical Solutions LLC, Calamos Advisors LLC; State Street Corporation and Lipper, Inc Calamos Evolving World Growth Fund takes a unique approach, employing strategies to produce the lower-volatility profile that is essential for a core allocation. *The Funds’ historical performance exhibited lower volatility, as measured by beta and standard deviation, over the life of the Fund. The Funds’ investment objective does not seek to reduce volatility, and as a result, the Funds may experience volatility in some market conditions. (Source for beta and standard deviation data is Morningstar, Inc.) Standard deviation is measure of volatility. Beta is an historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the fund’s primary Benchmark, while a beta of 2.0 reflects twice the volatility. Since Inception Performance data quoted represents past performance, which 1-YEAR 3-YEAR (8/15/08) is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal MSCI Emerging Markets Index -8.52 25.42 4.52 value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less Calamos Evolving World Growth Fund (A Shares at NAV) -3.93 23.53 8.50 than their original cost. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. Load-adjusted -8.52 21.56 7.05 Performance data current to the most recent month-end can be Source: Mellon Analytical Solutions LLC, Calamos Advisors LLC and Morningstar. obtained by visiting www.calamos.com 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. As of the prospectus dated 2/29/12, the gross expense ratio for Calamos Evolving World Growth Fund is 1.58%. The Fund also offers Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results. http://www.calamos.com http://www.calamos.com

Table of Contents for the Digital Edition of Morningstar Advisor - June/July 2012

Morningstar Advisor - June/July 2012
Contributors
Letter From the Editor
Be Worth Remarking About
How Important Is Stewardship?
From West Point to Points East
Where a Fund’s Secrets Lie
Getting Fund Directors on Board
Managers Prep for Housing Rebound
Four Picks for the Present
Investment Briefs
A Hedge Against Career Risk
Natural Gas Reaches Capitulation
Family Matters
How Good Stewardship Predicts Superior Performance
Stewardship Goes Back to the Fundamentals
On the Go for Fixed Income
Where Shareholders Ride First Class
Dangers Lurk in Exchange-Traded Notes
Stocks on Sale in a Strong Market
A Good Steward Is Easy to Find
Our Favorite Mutual Funds
50 Most Popular ETFs
Undervalued Stocks With Wide Moats
Buffett Rule’s Biggest Losers

Morningstar Advisor - June/July 2012