Calamos Opportunistic Value Fund - Calamos Investments

1 NOT FDIC INSURED | MAY LOSE VALUENO BANK EQUITY DATA AS OF6/30/18 Opportunistic Value FUND GROWTH OF $10 KThe chart below shows how a hypothetical $10,000 investment in the fund performed since the fund s FDIC INSURED | MAY LOSE VALUENO BANK GUARANTEEOVERVIEWThe fund invests in the equities ofsmall, midsize and large that we believe areundervalued according to certainfinancial measurements of theirintrinsic FEATURES Employs bottom-up stock pickingand a benchmark-agnosticapproach Focuses on good businesses withsolid cash flows and Value pricesPORTFOLIO FITThe fund is a core Value equity optionthat may balance a growth allocationand complement other valuestrategies. Our flexibility in analyzingall companies regardless of sectorhelps us avoid the cyclicality inherentin a deep Value strategy or amomentum growth strategy over fullmarket TICKER SYMBOLSA Shares C Shares I SharesCVAAXCVACX CVAIXCALENDAR YEAR RETURNSC alamos Opportunistic Value Fund A Shares - at NAVR ussell 1000 Value IndexYTD year returns measure net investment income and capital gain or loss from portfolio Investments for each period annual total return measures net investment income and capital gain or loss from portfolio Investments as an annualized av-erage.

2 All performance shown assumes reinvestment of dividends and capital gains distributions. In calculating net investment in-come, all applicable fees and expenses are deducted from returns. The Fund also offers Class C shares, the performance of which 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 I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, undercertain data quoted represents past performance, which is no guarantee of future performance may belower or higher than the performance quoted. The principal Value and return of an investment will fluctuate so thatyour shares, when redeemed, may be worth more or less than their original cost.

3 Performance reflected at NAV does notinclude the Fund s maximum front-end sales load of Had it been included, the Fund s return would have beenlower. For the most recent fund month-end performance information visit ANNUAL RETURNSC alamos Opportunistic Value FundI Shares - at NAV(Inception 3/1/02)A Shares - at NAV(Inception 1/2/02)A Shares - Load adjustedRussell 1000 Value ASHAREINCEPTIONN/A% Traditional Value InvestingNot all Value funds are alike. The Calamos Opportunistic Value Fund offers distinct characteristics and adynamic approach that distinguishes it from its peer , NOT CHEAPS eeks to buy strong operatingbusinesses with transient reasonsfor being VS. DISTRESSEDF ocuses on complex ormisunderstood businesses withstronger balance sheetcharacteristics than traditionalvalue APPROACHD ynamic trading strategy includesusing options to manage risk andseek to enhance Opportunistic Value FundPerformance 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 had it beenincluded, the Fund s return would have been lower.

4 Results are before taxes on fund distributions and assume reinvestment of dividends and capital : State Street Corporation and Lipper, can be no assurance that the Fund willachieve its investment objective.$0$5,000$10,000$15,000$20,000$ 25,00012-31-0111-30-0311-30-0511-30-0711 -30-0911-30-1111-30-1311-30-1511-30-17gC alamos Opportunistic Value Fund (A Shares at NAV)$23, EQUITY DATA AS OF6/30/18 Calamos Financial Services LLC, Distributor2020 Calamos Court| Naperville, IL | | 2018 Calamos Investments LLC. All Rights and Calamos Investments are registered trademarks ofCalamos Investments 6060618Q RLARGEST 10 HOLDINGS INDUSTRY%JPMorgan Chase & CompanyDiversified Hathaway, Inc. - Class BMulti-Sector of America Mobil Oil & Oil & & Systems, , , & Direct Marketing FACTSFUNDRUSSELL 1000 Value INDEXN umber of Holdings201729 Total Net Assets (mil)$ to Turnover(12 months) StandardDeviation (5-Year) (5-Year) WEIGHTINGS FUND % CAPITALIZATIONFUND %RUSSELL 1000 Value INDEX %Small Cap/<=$ Cap/>$4bil<=$ Cap/>$10bil<=$ Cap/>$29bil<=$ Cap/>$ Market Capitalization (mil)$24,278$9,539 Weighted Average Market Capitalization (mil)$140,371$115,870 Largest 10 Holdings and Sector Weightings are calculated as a percentage of net assets and exclude cash or cash equivalents.

5 The Sec-tor Weightings table also excludes any security class that is not assigned to a GICS sector, such as but not limited to government/sov-ereign bonds, mutual funds or index options. You can obtain a complete listing of holdings by visiting and weightings are subject to change daily. Holdings are provided for informational purposes only and should not bedeemed as a recommendation to buy or sell the securities INFORMATIONA SHARESC SHARESI SHARESI nception Date1/2/20021/2/20023/1/2002 Ticker SymbolCVAAXCVACXCVAIXCUSIP Number128119666128119641128119633 Minimum Initial/Subsequent Investment$2,500/$50$2,500/$50$1,000,000 /$0 IRA Initial Investment$500$500N/ASales Load/Maximum Sales ChargeFront- Expense Ratio Expense Ratio* dividends; annual capital gainsObjectiveLong-term capital growth*The Fund s investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2020 to the extent neces-sary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokeragecommissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C and Class I shares are lim-ited to , and of average net assets, respectively.

6 Calamos Advisors may recapture previously waived expenseamounts within the same fiscal year for any day where the respective Fund s expense ratio falls below the contractual expense limitup to the expense limit for that day. As of prospectus dated 3/1 are managed according to their respective strategieswhich may differ significantly in terms of security holdings, indus-try weightings and asset allocation from those of the bench-mark(s). Portfolio performance, characteristics and volatility maydiffer from the benchmark(s) shown. Please refer to ImportantRisk standard deviationis a statistical measure of the histor-ical volatility of a mutual fund or is a historic measureof a portfolio s relative volatility, which is one of the measures ofrisk; a beta of reflects half the market s volatility as representedby the strategy s primary benchmark, while a beta of 2 reflects twicethe ratio is a measure of a company s finan-cial leverage, calculated as the company s debt divided by its ratio is a stock s price/earnings ratio divided by esti-mated earnings growth rate in the next year.

7 A lower PEG indicatesthat less is being paid for each unit of earnings (returnon invested capital) measures how effectively a company uses themoney investing in its operations, calculated as a company s net in-come minus any dividends divided by the company s total 1000 Value Index measures the performance of thosecompanies in the Russell 1000 Index with lower price-to-book ratiosand lower forecasted growth values. CUSIP identifiers have beenprovided by CUSIP Global Services, managed on behalf of the Ameri-can Bankers Association by S&P Global Market Intelligence LLC, andare not for use or dissemination in a manner that would serve as asubstitute for any CUSIP service. The CUSIP Database, 2011 American Bankers Association. CUSIP is a registered trademark ofthe American Bankers Association. Unmanaged index returns as-sume reinvestment of any and all distributions and, unlike fund re-turns, do not reflect fees, expenses or sales charges.

8 Investors can-not invest directly in an Risk Information. An investment in the Fund(s) is subjectto risks, and you could lose money on your investment in theFund(s). There can be no assurance that the Fund(s) will achieve itsinvestment objective. Your investment in the Fund(s) is not a depositin a bank and is not insured or guaranteed by the Federal DepositInsurance Corporation (FDIC) or any other government agency. Therisks associated with an investment in the Fund(s) can increase dur-ing times of significant market volatility. The Fund(s) also has spe-cific principal risks, which are described below. More detailed infor-mation regarding these risks can be found in the Fund s principal risks of investing in the Calamos Opportunistic ValueFund include: equity securities risk consisting of market prices declin-ing in general, Value stock risk consisting of the potential that acompany will never reach its calculated intrinsic Value , small andmid-sized company risk, foreign securities risk and portfolio selectionrisk.

9 As a result of political or economic instability in foreign coun-tries, there can be special risks associated with investing in foreignsecurities, including fluctuations in currency exchange rates, in-creased price volatility and difficulty obtaining information. In addi-tion, emerging markets may present additional risk due to potentialfor greater economic and political instability in less developed coun-tries. Options risk is the Fund s ability to close out its position as apurchaser or seller of an over-the-counter or exchange-listed put orcall option is dependent, in part, upon the liquidity of the optionmarket. There are significant differences between the securities andoptions markets that could result in an imperfect correlation amongthese markets, causing a given transaction not to achieve its objec-tives. The Fund s ability to utilize options successfully will depend onthe ability of the Fund s investment adviser to predict pertinent mar-ket movements, which cannot be assured.

10 More detailed informationregarding these risks can be found in the Fund s investing, carefully consider the fund s investmentobjectives, risks, charges and expenses. Please see theprospectus and summary prospectus containing this andother information which can be obtained by calling 1-800-582-6959. Read it carefully before Opportunistic Value FundRUSSELL 1000 Value INDEX %