Calamos Investments - Calamos Blue Chip Fund

(CBCAX)

NAV $10.97

$ CHANGE $0.02

% CHANGE +0.18%

Data as of 9/09/10

Objective

Long-term capital growth

Investment Strategy

Invest in larger, established companies with balance sheet strength that can also help mitigate downside risk.
We look for businesses with diversified product lines that can increase productivity to maintain growth.
Apply proprietary models to determine return potential of companies.
Each security is further vetted within the context of the portfolio.
We seek to identify long-term secular themes that can drive growth for decades.

Investment candidates emerge from the intersection of our top-down (overlay of macroeconomic themes) and bottom-up analysis.

Investor Profile

This Fund may be suitable for investors who seek:

A vehicle for building assets to meet mediumrange to long-range financial goals
A larger-cap core offering of diversified companies providing broad market participation

Performance Information is for Class A shares. Performance data for other share classes will vary.
Month-End Performance - Annualized Total Return					Data as of 8/31/10
	YTD (as of 9/09/10)	1-Year	3-Year	5-Year	10-Year	Since Inception (12/01/03)

NAV	-1.53%	7.67%	-6.31%	0.08%	N/A	1.94%
Load-Adjusted	--	2.53	-7.83	-0.90	N/A	1.21
Performance data quoted represents past performance, which is no guarantee of 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. 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. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Funds also offer Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results. The Fund's gross expense ratio is 1.55% as of the prospectus dated 3/1/2010.

Calendar Year Returns - Class A Shares at NAV

2009	2008	2007	2006	2005	2004	2003*

33.82%	-36.86%	9.07%	11.76%	6.06%	9.94%	0.60%

*2003 performance data from inception date of 12/01/03 through 12/31/03
Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified.

Growth of $10k

The chart below shows how a hypothetical $10,000 investment in the Fund performed versus the indices since the Fund's inception.

Data as of 6/30/10

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. : State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC. S&P 500 Index data shown is from 11/30/03, since comparative index data is only available for full monthly periods.

View All Holdings

Data as of 6/30/10

Portfolio Overview

Total Net Assets	$60.6 million
# of Holdings	60
Turnover	81.3%
Price/Book	3.1x
Price/Earnings	16.6x
Price/Sales	2.0x
PEG Ratio	1.2x
Debt/Capital	16.6%
ROIC	25.5%

Market Capitalization

< $2 Billion	0.0%
$2 to $4 Billion	0.0%
$4 to $12 Billion	4.7%
$12 to $40 Billion	33.5%
> $40 Billion	61.8%

Asset Allocation

Common Stock	92.6%
Options	5.6%
Cash and Receivables/Payables	1.8%

Largest Holdings¹

Company	Security Type	Industry	% of Net Assets

Apple, Inc.	Common Stock	Computer Hardware	4.7%
Amazon.com, Inc.	Common Stock	Internet Retail	4.1%
Cisco Systems, Inc.	Common Stock	Communications Equipment	4.1%
EMC Corp.	Common Stock	Computer Storage & Peripherals	3.9%
Oracle Corp.	Common Stock	Systems Software	3.9%
Google, Inc.	Common Stock	Internet Software & Services	3.8%
Infosys Technologies, Ltd.	Common Stock	IT Consulting & Other Services	3.4%
Alcon, Inc.	Common Stock	Health Care Supplies	3.2%
Novo Nordisk, A/S	Common Stock	Pharmaceuticals	2.8%
ABB, Ltd.	Common Stock	Heavy Electrical Equipment	2.6%
Total			36.5%

Sector Weightings¹

Sector	% of Net Assets	% of Primary Benchmark (S&P 500 Index )	Under/Overweight

Information Technology	37.0%	18.7%	18.3%
Health Care	12.1%	12.1%	0.0%
Industrials	11.0%	10.4%	0.6%
Consumer Staples	10.2%	11.5%	-1.3%
Energy	7.5%	10.7%	-3.2%
Consumer Discretionary	6.4%	10.1%	-3.7%
Materials	4.3%	3.4%	0.9%
Financials	4.1%	16.3%	-12.2%
Telecommunication Services	0.0%	3.0%	-3.0%
Utilities	0.0%	3.8%	-3.8%

¹Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visiting www.calamos.com.

* The portfolio is actively managed. Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

† Companies are classified geographically according to their country of incorporation.

Data as of 6/30/10

From sovereign debt concerns to economic instability in Europe, the second quarter proved to be a decidedly unfriendly one for blue chip investors as every sector in the S&P 500 Index took its lumps. While the Blue Chip Fund was not immune to these struggles, the fund outperformed the benchmark S&P 500 Index, where every sector declined.

One of the key tactics we have used since the first quarter is the purchase of put options. We remain concerned with subdued economic growth and the potential for increased volatility in the quarters ahead, and we feel the options are a way to help manage through this kind of environment for our clients. The puts added significant value during the quarter.

Health Care Selection a Positive

The portfolio’s relative security selection in the health-care sector, in particular in the pharmaceutical industry, added the most value. While the increasing role of government intervention continues to bear watching, the current risk-return profile in this sector reflects an almost utility-like pricing environment that we find attractive. Elsewhere, the rising price of gold helped bolster our holdings in the materials area.

Security selection in the consumer-discretionary sector, especially in the internet-retail area, was a drag on performance. Nevertheless, the fundamentals in this sector remain fairly solid, so we will continue to seek out businesses that provide easy access to affordable, quality products in a sluggish economic environment. Issue selection in the consumer-staples sector also hampered results. There is a growing dispersion of valuations across the sector that has widened the divide between winners and losers.

Information-Technology Sector: Lower Debt, Attractive Valuations

The fund’s top weights are in the information-technology, health-care and industrial sectors, with particular focus on technology due to the long-term growth potential we see in some of the firms with higher cash levels, lower debt and attractive valuations. We continue to favor companies that offer products that enhance productivity, may benefit from an increase from capex spending (which is at historic lows), and are likely to benefit from continued demand for the most up-to-date consumer electronics.

On the health care front, where utility-like pricing largely persists, we continue to assess opportunities for increased allocation on a case-by-case basis, though we remain cautious about the service providers. We also believe portfolio holdings in the industrial sector will continue to benefit from the healthy demand spurred by the global infrastructure build-out and government stimulus spending.

The fund remains underweight against the S&P 500 in the financial and consumer-discretionary sectors. While favoring mostly asset managers and global exchanges in the financials, we are approaching the array of unknown risks and the potential for tighter regulations in the financial sector with caution. Meanwhile, we are slow to warm to the consumer-discretionary sector as household spending lags. We remain on the lookout for companies with strong global brands, diversified global revenues, and lower cost, higher quality products for the cost-conscious consumer.

Our general outlook remains mostly cautious, as growing government deficits and runaway spending keep the prospect of increased volatility very much in the picture. For this reason, we continue to sidestep speculative grade companies in favor of higher-quality prospects – those multinational corporations with strong, resilient balance sheets and a demonstrated propensity for growth.

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.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

Important Fund Information

The Fund may invest up to 25% of its assets in the securities of foreign issuers. As a result of political or economic instability in foreign countries, there can be special risks associated with investing foreign securities, including fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons, the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

NOTES

Annualized Standard Deviation-A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average.

Beta-Is a 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 S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility.

Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.

Debt/Capital Ratio-Is a measure of a company s financial leverage, calculated as the company’s debt divided by its total capital.

PEG Ratio-Is price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth.

Price/Book Ratio-Is a stock’s capitalization divided by its book value.

Price/Earnings Ratio-Is the current stock price over trailing 12‐month earnings per share.

Price/Sales Ratio-Is the current stock price over trailing 12‐month sales per share.

ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital.

S&P 500 Index-Is generally considered representative of the U.S. stock market.

Turnover-is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.

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.

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	A Shares	B Shares	C Shares	I Shares

Inception Date	12/01/03	12/01/03	12/01/03	12/01/03
Ticker Symbol	CBCAX	CBCBX	CBXCX	CBXIX
CUSIP number	128119625	128119617	128119591	128119583
Minimum initial investment	$2,500	$2,500	$2,500	$1 million
Minimum subsequent investments	$50	$50	$50	$0
IRA initial investments	$500	$500	$500	N/A
Sales load	Front-end	Back-end	Level-load	N/A
Maximum Sales Charge	4.75%	5.00%	1.00%	N/A
US Bank Fund Number	641	642	643	644
Distributions	Annual dividends; annual capital gains