Opportunistic Value Fund (CVAAX)

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Opportunistic Value Fund include: equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities risk and portfolio selection risk.

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

10k 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. Index data shown is from 12/31/01, since comparative index data is available only for full monthly periods.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.

Russell 1000^® Value Index-measures the performance of those companies in the Russell 1000® Index with lower price-to-book ratios and lower forecasted growth values.

The S&P 1500 Value Index consists of the value segment of the securities found in the S&P 1500 Index. The S&P 1500 combines the S&P 500, S&P MidCap 400 and the S&P SmallCap 600.

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 in an index.

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 2.25%* for Class A shares in the following funds: Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, High Income Opportunities Fund, and Total Return Bond Fund. The maximum front-end sales load for Class A shares of all other funds is 4.75%. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class 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 funds' gross expense ratios as of the prospectus dated 3/1/19 are as follows: Growth A 1.29%, C 2.04% and I 1.04%; Growth and Income A 1.10%, C 1.85% and I 0.85%; Opportunistic Value A 1.61%, C 2.36% and I 1.37%; Dividend Growth A 1.84%, C 2.60% and I 1.61%; Global Growth and Income A 1.50%, C 2.25% and I 1.25%; International Growth A 1.51%, C 2.26%, I 1.26% and R6 1.21%; Global Equity A 1.56%, C 2.32% and I 1.31%; Evolving World Growth A 1.63%, C 2.38% and I 1.38%; Emerging Market Equity A 2.30%, C 3.05% and I 2.05%; Convertible A 1.17%, C 1.92% and I 0.92%; Global Convertible A 1.36%, C 2.11% and I 1.11%; Market Neutral Income A 1.26%, C 2.01% and I 1.00%; Phineus Long/Short A 2.32%, C 3.07% and I 2.04%; Hedged Equity A 1.48%, C 2.31% and I 1.27%; High Income Opportunities A 1.46%, C 2.22% and I 1.21%; Total Return Bond A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Sector Weightings

^{AS OF 3/31/19}

	% of Assets	S&P 1500 Value Index
Financials	18.9%	21.3%
Information Technology	18.5%	15.7%
Health Care	11.4%	10.5%
Industrials	11.4%	11.1%
Consumer Staples	8.7%	9.0%
Energy	6.5%	7.3%
Communication Services	5.5%	5.1%
Consumer Discretionary	5.5%	7.9%
Utilities	5.3%	4.9%
Real Estate	3.6%	3.4%
Materials	2.4%	3.8%

Asset Allocation

^{AS OF 3/31/19}

Top 10 Holdings

View All Holdings ^{AS OF 3/31/19}

Company	Security Type	Industry	%
Apple, Inc.	Stocks	Technology Hardware, Storage & Peripherals	7.5%
JPMorgan Chase & Company	Stocks	Diversified Banks	2.7%
UnitedHealth Group, Inc.	Stocks	Managed Health Care	2.1%
Bank of America Corp.	Stocks	Diversified Banks	2.1%
Chevron Corp.	Stocks	Integrated Oil & Gas	2.1%
Berkshire Hathaway, Inc. - Class B	Stocks	Multi-Sector Holdings	1.7%
Wells Fargo & Company	Stocks	Diversified Banks	1.4%
Citigroup, Inc.	Stocks	Diversified Banks	1.4%
Exxon Mobil Corp.	Stocks	Integrated Oil & Gas	1.4%
Procter & Gamble Company	Stocks	Household Products	1.2%
Total			23.6%

Fund Facts

^{AS OF 3/31/19}

	Fund	S&P 1500 Value Index
Total Net Assets	$46.1 M	--
# of Holdings	212	1,123
Price/Book	3.0x	2.2x
Price/Earnings	16.0x	13.8x
Price/Sales	1.6x	1.3x
PEG Ratio	1.9x	1.8x
Debt/Capital	46.1%	44.3%
ROIC	19.7%	17.5%
Portfolio Turnover (12 months)	96.1%	--

Market Capitalization

^{AS OF 3/31/19}

Market Cap Range	%
<=$0.30bil	0.0%
>$0.30bil<=$5bil	6.4%
>$5bil<=$20bil	22.7%
>$20bil<=$100bil	27.2%
>$100bil	43.7%

Regional Exposure

^{AS OF 3/31/19}

Region	%
North America	96.7%
Caribbean	1.3%
Europe	1.1%
Asia/Pacific	0.0%
Middle East/Africa	0.0%

Top Country Exposures

^{AS OF 3/31/19}

Country	%
United States	96.7%
Puerto Rico	1.0%
Ireland	0.8%
Bermuda	0.4%
United Kingdom	0.3%
Canada	0.0%
China	0.0%
Israel	0.0%
Luxembourg	0.0%
Netherlands	0.0%

Top Currency Exposures

^{AS OF 3/31/19}

Currency	%
United States Dollar (USD)	100.0%

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Opportunistic Value Fund include: equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities risk and portfolio selection risk.

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Top 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.

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.

The S&P 1500 Value Index consists of the value segment of the securities found in the S&P 1500 Index. The S&P 1500 combines the S&P 500, S&P MidCap 400 and the S&P SmallCap 600.

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-Represents a stock’s 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 the 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 a stock’s capitalization divided by its sales over the trailing 12 months.

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.

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.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Opportunistic Value Fund include: equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities risk and portfolio selection risk.

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/19 are as follows: Growth A 1.29%, C 2.04% and I 1.04%; Growth and Income A 1.10%, C 1.85% and I 0.85%; Opportunistic Value A 1.61%, C 2.36% and I 1.37%; Dividend Growth A 1.84%, C 2.60% and I 1.61%; Global Growth and Income A 1.50%, C 2.25% and I 1.25%; International Growth A 1.51%, C 2.26%, I 1.26% and R6 1.21%; Global Equity A 1.56%, C 2.32% and I 1.31%; Evolving World Growth A 1.63%, C 2.38% and I 1.38%; Emerging Market Equity A 2.30%, C 3.05% and I 2.05%; Convertible A 1.17%, C 1.92% and I 0.92%; Global Convertible A 1.36%, C 2.11% and I 1.11%; Market Neutral Income A 1.26%, C 2.01% and I 1.00%; Phineus Long/Short A 2.32%, C 3.07% and I 2.04%; Hedged Equity A 1.48%, C 2.31% and I 1.27%; High Income Opportunities A 1.46%, C 2.22% and I 1.21%; Total Return Bond A 1.05%, C 1.80% and I 0.80%; and Short-Term Bond A 0.95%, and I 0.70%.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Opportunistic Value Fund include: equity securities risk consisting of market prices declining in general, value stock risk consisting of the potential that a company will never reach its calculated intrinsic value, small and mid-sized company risk, foreign securities risk and portfolio selection risk.

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2022 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 C, and Class I are limited to 1.15%, 1.90%, and 0.90% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.