Calamos Opportunistic Value (CVAAX)

Overview

The fund invests in the equities of small, midsize and large U.S. companies that we believe are undervalued according to certain financial measurements of their intrinsic values.

Key Features

  • Bottom-up stock picking and benchmark agnostic approach with a focus on good businesses with solid cash flow trading at value prices
  • Trading focus where positions are frequently monitored, investment assumptions are often questioned, and losing investments are quickly sold to protect capital
  • Options strategies to potentially generate income and lower risk

Portfolio Fit

The fund is a core value equity option that may balance a growth allocation and complement other value strategies. Our flexibility in analyzing all companies regardless of sector helps us avoid the cyclicality inherent in a deep value strategy or a momentum growth strategy over full market cycles.

Return on Invested Capital

As of 6/30/19
Name Gain
Fund 18.9514
S&P 1500 Value 17.1836

Debt/Capital

As of 6/30/19
Name Gain
Fund 45.605
S&P 1500 Value 44.397

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.

Notes

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

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.

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.

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 3/1/2019 are as follows: A Shares 1.61%, C Shares 2.36% and I Shares 1.37%.

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.

Fund Details
As of 9/17/19
Inception Date: 1/02/02
Current NAV: $14.08
$ Change: $0.05
% Change: 0.36%
Total Net Assets (As of 6/30/19): $44.7 M
Morningstar Category: Large Blend

Zephyr Analysis

Zephyr Analysis

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Resources

Calendar Year Total Returns

As of 6/30/19
Date Calamos Opportunistic Value Fund (NAV) Calamos Opportunistic Value Fund Load-Adjusted S&P 1500 Value Index Russell 1000 Value Index
YTD 2019 14.69 9.22 16.63 16.24
2018 -6.72 -11.13 -9.29 -8.27
2017 17.15 11.61 14.99 13.66
2016 11.51 6.2 18.49 17.34
2015 -3.99 -8.56 -3.53 -3.83
2014 2.03 -2.81 12.14 13.45
2013 31.53 25.32 32.47 32.53
2012 13.25 7.89 17.78 17.51
2011 -5.32 -9.8 -0.69 0.39
2010 5.23 0.26 16.06 15.51
2009 31.5 25.32 22.21 19.69
2008 -35.33 -38.4 -38.52 -36.85
2007 2.85 -2.03 1.74 -0.17
2006 14.59 9.12 20.22 22.25
2005 4.67 -0.29 8.86 7.05
2004 13.28 7.91 15.45 16.49
2003 33.33 26.93 30.96 30.03
2002* -18.7 -22.57 0 0

*Reflects the fund's return from the inception date of 1/2/2002 through 12/31/2002.

Growth of 10K

As of 6/30/19
Date Calamos Opportunistic Value Fund S&P 1500 Value Index
12/31/2001 12:00:00 AM 10000 10000
1/2/2002 12:00:00 AM 10000 10000
1/31/2002 12:00:00 AM 9950 9955
2/28/2002 12:00:00 AM 9680 10060.22
3/31/2002 12:00:00 AM 9890 10505.09
4/30/2002 12:00:00 AM 9930 10214.73
5/31/2002 12:00:00 AM 9960 10212.07
6/30/2002 12:00:00 AM 9130 9621.71
7/31/2002 12:00:00 AM 8400 8696.1
8/31/2002 12:00:00 AM 8440 8728.63
9/30/2002 12:00:00 AM 7560 7808.89
10/31/2002 12:00:00 AM 7860 8288.75
11/30/2002 12:00:00 AM 8670 8786.98
12/31/2002 12:00:00 AM 8130 8403.61
1/31/2003 12:00:00 AM 7860 8166.96
2/28/2003 12:00:00 AM 7640 7943.11
3/31/2003 12:00:00 AM 7700 7961.37
4/30/2003 12:00:00 AM 8320 8632.36
5/31/2003 12:00:00 AM 9070 9201.4
6/30/2003 12:00:00 AM 9330 9313.66
7/31/2003 12:00:00 AM 9420 9502.17
8/31/2003 12:00:00 AM 9660 9738.49
9/30/2003 12:00:00 AM 9570 9592.12
10/31/2003 12:00:00 AM 10230 10208.99
11/30/2003 12:00:00 AM 10530 10360.39
12/31/2003 12:00:00 AM 10840 11005.43
1/31/2004 12:00:00 AM 11180 11193.62
2/29/2004 12:00:00 AM 11520 11422.64
3/31/2004 12:00:00 AM 11270 11311.5
4/30/2004 12:00:00 AM 11140 11057.89
5/31/2004 12:00:00 AM 11300 11200.87
6/30/2004 12:00:00 AM 11500 11513.26
7/31/2004 12:00:00 AM 10880 11196.88
8/31/2004 12:00:00 AM 11020 11294.18
9/30/2004 12:00:00 AM 11050 11507.3
10/31/2004 12:00:00 AM 11340 11707.07
11/30/2004 12:00:00 AM 11790 12313.73
12/31/2004 12:00:00 AM 12280 12706.04
1/31/2005 12:00:00 AM 11850 12451.42
2/28/2005 12:00:00 AM 12160 12822.59
3/31/2005 12:00:00 AM 12010 12599.35
4/30/2005 12:00:00 AM 11640 12319.9
5/31/2005 12:00:00 AM 12000 12713.27
6/30/2005 12:00:00 AM 12240 12834.3
7/31/2005 12:00:00 AM 12510 13365.51
8/31/2005 12:00:00 AM 12580 13304.7
9/30/2005 12:00:00 AM 12650 13459.57
10/31/2005 12:00:00 AM 12490 13250.54
11/30/2005 12:00:00 AM 12769.82 13827.87
12/31/2005 12:00:00 AM 12853.08 13831.88
1/31/2006 12:00:00 AM 13290.19 14320.42
2/28/2006 12:00:00 AM 13248.56 14453.31
3/31/2006 12:00:00 AM 13560.78 14731.68
4/30/2006 12:00:00 AM 13706.49 15116.03
5/31/2006 12:00:00 AM 13196.53 14711.83
6/30/2006 12:00:00 AM 13050.82 14757
7/31/2006 12:00:00 AM 13050.82 14836.09
8/31/2006 12:00:00 AM 13311.01 15069.02
9/30/2006 12:00:00 AM 13706.49 15429.62
10/31/2006 12:00:00 AM 14185.23 15972.9
11/30/2006 12:00:00 AM 14553.59 16281.17
12/31/2006 12:00:00 AM 14728.81 16629.27
1/31/2007 12:00:00 AM 14958.77 16944.22
2/28/2007 12:00:00 AM 14476.94 16700.06
3/31/2007 12:00:00 AM 14476.94 16911.98
4/30/2007 12:00:00 AM 15155.89 17588.12
5/31/2007 12:00:00 AM 15517.26 18272.48
6/30/2007 12:00:00 AM 15243.49 17887.11
7/31/2007 12:00:00 AM 14652.15 17156.78
8/31/2007 12:00:00 AM 14958.77 17377.59
9/30/2007 12:00:00 AM 15429.66 17879.97
10/31/2007 12:00:00 AM 16075.75 18078.08
11/30/2007 12:00:00 AM 15306.19 17172.01
12/31/2007 12:00:00 AM 15147.9 16919.07
1/31/2008 12:00:00 AM 14252.69 16305.58
2/29/2008 12:00:00 AM 13981.77 15489.98
3/31/2008 12:00:00 AM 13887.54 15426
4/30/2008 12:00:00 AM 14441.15 16040.73
5/31/2008 12:00:00 AM 14558.95 16144.99
6/30/2008 12:00:00 AM 13416.37 14382.44
7/31/2008 12:00:00 AM 13593.06 14567.55
8/31/2008 12:00:00 AM 13687.29 14792.03
9/30/2008 12:00:00 AM 12744.97 13684.85
10/31/2008 12:00:00 AM 10483.38 11272.89
11/30/2008 12:00:00 AM 9611.73 10247.96
12/31/2008 12:00:00 AM 9795.58 10402.5
1/31/2009 12:00:00 AM 8770.05 9159.61
2/28/2009 12:00:00 AM 7756.31 7976.19
3/31/2009 12:00:00 AM 8616.81 8749
4/30/2009 12:00:00 AM 9925.24 9772.02
5/31/2009 12:00:00 AM 10738.59 10335.18
6/30/2009 12:00:00 AM 10703.23 10300.04
7/31/2009 12:00:00 AM 11575.52 11186.98
8/31/2009 12:00:00 AM 12035.24 11787.16
9/30/2009 12:00:00 AM 12742.5 12186.04
10/31/2009 12:00:00 AM 12459.6 11710.91
11/30/2009 12:00:00 AM 12801.44 12412.39
12/31/2009 12:00:00 AM 12881.25 12713.14
1/31/2010 12:00:00 AM 12384.9 12448.33
2/28/2010 12:00:00 AM 12621.26 12821.53
3/31/2010 12:00:00 AM 13389.4 13645.06
4/30/2010 12:00:00 AM 13448.49 13957.25
5/31/2010 12:00:00 AM 12266.73 12851.98
6/30/2010 12:00:00 AM 11794.02 12090.76
7/31/2010 12:00:00 AM 12254.91 12943.52
8/31/2010 12:00:00 AM 11817.66 12315.89
9/30/2010 12:00:00 AM 12526.72 13309.04
10/31/2010 12:00:00 AM 13023.06 13664.66
11/30/2010 12:00:00 AM 12798.52 13637.33
12/31/2010 12:00:00 AM 13554.85 14755.32
1/31/2011 12:00:00 AM 13803.02 15206.09
2/28/2011 12:00:00 AM 14240.28 15776.47
3/31/2011 12:00:00 AM 14039.38 15784.04
4/30/2011 12:00:00 AM 14582.99 16167.44
5/31/2011 12:00:00 AM 14346.63 15873.84
6/30/2011 12:00:00 AM 14145.73 15537.47
7/31/2011 12:00:00 AM 13732.12 14982.01
8/31/2011 12:00:00 AM 13011.24 14030.5
9/30/2011 12:00:00 AM 12042.19 12918.44
10/31/2011 12:00:00 AM 13294.86 14430.93
11/30/2011 12:00:00 AM 13070.33 14401.21
12/31/2011 12:00:00 AM 12833.97 14653.95
1/31/2012 12:00:00 AM 13401.22 15407.75
2/29/2012 12:00:00 AM 13980.29 16032.84
3/31/2012 12:00:00 AM 14275.73 16552.3
4/30/2012 12:00:00 AM 14181.19 16342.58
5/31/2012 12:00:00 AM 13200.32 15248.94
6/30/2012 12:00:00 AM 13779.39 15943.53
7/31/2012 12:00:00 AM 13720.3 16058
8/31/2012 12:00:00 AM 14039.38 16428.3
9/30/2012 12:00:00 AM 14275.73 16929.69
10/31/2012 12:00:00 AM 14358.45 16811.35
11/30/2012 12:00:00 AM 14287.55 16871.03
12/31/2012 12:00:00 AM 14534.82 17258.9
1/31/2013 12:00:00 AM 15242.37 18387.63
2/28/2013 12:00:00 AM 15446.24 18644.14
3/31/2013 12:00:00 AM 16117.82 19363.8
4/30/2013 12:00:00 AM 16309.69 19668.78
5/31/2013 12:00:00 AM 16849.35 20166.8
6/30/2013 12:00:00 AM 16429.62 19983.08
7/31/2013 12:00:00 AM 17185.14 21033.59
8/31/2013 12:00:00 AM 17017.25 20275.33
9/30/2013 12:00:00 AM 17712.81 20845.06
10/31/2013 12:00:00 AM 18252.47 21746.19
11/30/2013 12:00:00 AM 18624.23 22336.39
12/31/2013 12:00:00 AM 19117.02 22863.3
1/31/2014 12:00:00 AM 18321.56 21995.64
2/28/2014 12:00:00 AM 19090.94 22858.53
3/31/2014 12:00:00 AM 19169.18 23410.79
4/30/2014 12:00:00 AM 19117.02 23634.13
5/31/2014 12:00:00 AM 19156.14 23937.35
6/30/2014 12:00:00 AM 19677.75 24491.03
7/31/2014 12:00:00 AM 19482.15 24025.45
8/31/2014 12:00:00 AM 20147.2 24934.81
9/30/2014 12:00:00 AM 19521.27 24384
10/31/2014 12:00:00 AM 19651.67 24933.38
11/30/2014 12:00:00 AM 19625.59 25462.96
12/31/2014 12:00:00 AM 19505.82 25638.4
1/31/2015 12:00:00 AM 18772.41 24522.62
2/28/2015 12:00:00 AM 19703.27 25879.21
3/31/2015 12:00:00 AM 19421.2 25550.28
4/30/2015 12:00:00 AM 19632.75 25865.57
5/31/2015 12:00:00 AM 19858.42 26060.86
6/30/2015 12:00:00 AM 19477.61 25574.82
7/31/2015 12:00:00 AM 19604.55 25590.42
8/31/2015 12:00:00 AM 18419.81 24104.13
9/30/2015 12:00:00 AM 17940.28 23404.15
10/31/2015 12:00:00 AM 19195.53 25089.01
11/30/2015 12:00:00 AM 19223.74 25253.85
12/31/2015 12:00:00 AM 18726.61 24732.61
1/31/2016 12:00:00 AM 17713.53 23505.62
2/29/2016 12:00:00 AM 17606.08 23675.8
3/31/2016 12:00:00 AM 18741.96 25374.07
4/30/2016 12:00:00 AM 19018 25901.85
5/31/2016 12:00:00 AM 19202.47 26145.33
6/30/2016 12:00:00 AM 19171.75 26368.87
7/31/2016 12:00:00 AM 19631.87 27132.25
8/31/2016 12:00:00 AM 19769.3 27291.79
9/30/2016 12:00:00 AM 19676.38 27209.09
10/31/2016 12:00:00 AM 19337.95 26765.86
11/30/2016 12:00:00 AM 20382.2 28586.74
12/31/2016 12:00:00 AM 20881.56 29306.55
1/31/2017 12:00:00 AM 20881.56 29499.39
2/28/2017 12:00:00 AM 21608.24 30570.22
3/31/2017 12:00:00 AM 21344.62 30220.8
4/30/2017 12:00:00 AM 21436.4 30207.5
5/31/2017 12:00:00 AM 21667.91 30064.02
6/30/2017 12:00:00 AM 21821.75 30651.77
7/31/2017 12:00:00 AM 22081.77 31055.15
8/31/2017 12:00:00 AM 22205.43 30656.09
9/30/2017 12:00:00 AM 22727.26 31741.62
10/31/2017 12:00:00 AM 23340.9 32097.76
11/30/2017 12:00:00 AM 24001.45 33197.75
12/31/2017 12:00:00 AM 23135 33700.03
1/31/2018 12:00:00 AM 24178.39 35003.21
2/28/2018 12:00:00 AM 23271.7 33107.79
3/31/2018 12:00:00 AM 22743.43 32532.71
4/30/2018 12:00:00 AM 22954.94 32712.29
5/31/2018 12:00:00 AM 23363.54 32949.45
6/30/2018 12:00:00 AM 23181.3 33155.39
7/31/2018 12:00:00 AM 23937.01 34436.51
8/31/2018 12:00:00 AM 24616.82 34954.78
9/30/2018 12:00:00 AM 24722.67 35011.06
10/31/2018 12:00:00 AM 23241.78 33002.12
11/30/2018 12:00:00 AM 23785.64 33854.57
12/31/2018 12:00:00 AM 21580.71 30570
1/31/2019 12:00:00 AM 23147.47 33286.14
2/28/2019 12:00:00 AM 23777.08 34091.67
3/31/2019 12:00:00 AM 23957.79 34335.76
4/30/2019 12:00:00 AM 24786.73 35768.76
5/31/2019 12:00:00 AM 23111.15 32984.38
6/30/2019 12:00:00 AM 24749.73 35652.39

Annualized Total Returns

As of 6/30/19
TimeFrame Calamos Opportunistic Value Fund (NAV) Calamos Opportunistic Value Fund Load-Adjusted S&P 1500 Value Index Russell 1000 Value Index
6 Month 14.69 9.22 16.63 16.24
1 Year 6.77 1.73 7.53 8.46
3 Year 10.93 9.16 10.58 10.19
5 Year 5.87 4.85 7.8 7.46
10 Year 9.35 8.83 13.22 13.19
15 Year 5.64 5.3 7.83 7.84
Since Inception 5.65 5.36 7.52 7.47

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 directly 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.

The funds' gross expense ratios as of the prospectus dated 3/1/2019 are as follows: A Shares 1.61%, C Shares 2.36% and I Shares 1.37%.

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 6/30/19
Sector % of Assets S&P 1500 Value
Financials 20.5% 22.1%
Information Technology 19.5% 15.4%
Industrials 11.6% 11.2%
Health Care 9.4% 10.3%
Consumer Staples 9.3% 8.9%
Consumer Discretionary 6.5% 7.8%
Energy 6.5% 6.8%
Communication Services 5.6% 5.4%
Utilities 4.9% 4.9%
Real Estate 3.4% 3.4%
Materials 2.0% 3.9%

Asset Allocation

As of 6/30/19
Asset Allocation
Common Stock 98.9863
Cash and Receivables/Payables 0.6232
Other 0.2773
Options 0.1131

Top 10 Holdings

As of 6/30/19
Company Security Type Industry %
Apple, Inc. Stocks Technology Hardware, Storage & Peripherals 7.5%
JPMorgan Chase & Company Stocks Diversified Banks 3.1%
Bank Of America Corp. Stocks Diversified Banks 2.3%
Chevron Corp. Stocks Integrated Oil & Gas 2.2%
UnitedHealth Group, Inc. Stocks Managed Health Care 1.7%
Berkshire Hathaway, Inc. - Class B Stocks Multi-Sector Holdings 1.6%
Citigroup, Inc. Stocks Diversified Banks 1.4%
Procter & Gamble Company Stocks Household Products 1.3%
Walmart, Inc. Stocks Hypermarkets & Super Centers 1.3%
Walt Disney Company Stocks Movies & Entertainment 1.2%
Total 23.6%

Fund Facts

As of 6/30/19
Name Fund S&P 1500 Value
Number of Holdings 210 1,125
Debt/Capital 45.6% 44.4%
PEG Ratio 1.9x 1.8x
Portfolio Turnover (12 months) 86.3% N/A
Price/Book 3.1x 2.2x
Price/Earnings 17.2x 14.3x
Price/Sales 1.8x 1.3x
ROIC 19.0% 17.2%
Net Assets $44.7 M N/A

Market Capitalization

As of 6/30/19
Market CAP Range % of Assets
<=$0.10bil 0.0%
>$0.10bil<=$5bil 5.8%
>$5bil<=$30bil 31.8%
>$30bil<=$200bil 30.5%
>$200bil 31.9%

Regional Exposure

As of 6/30/19
Region % of Assets
North America 97.4%
Caribbean 1.5%
Europe 0.5%
Asia/Pacific 0.0%
Middle East/Africa 0.0%

Top Country Exposures

As of 6/30/19
Country %
United States 97.4%
Puerto Rico 1.0%
Ireland 0.5%
Bermuda 0.4%
Canada 0.0%
China 0.0%
Israel 0.0%
Luxembourg 0.0%
Netherlands 0.0%
Netherlands Antilles 0.0%

Top Currency Exposures

As of 6/30/19
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.

Notes

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 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.

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.

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.

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.

Total Capital Gains

Year Capital Gains
2008 0.0000
2009 0.0000
2010 0.0000
2011 0.0000
2012 0.0000
2013 1.1116
2014 0.9862
2015 0.9092
2016 0.0000
2017 0.4708
2018 2.1969

Schedule

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

Distributions

Frequency Income Total Reinvest
Q2 2019 $0.0000 $0.0000 0.00000
Q4 2018 $0.0625 $0.0625 11.81000
Q4 2017 $0.0476 $0.0476 15.06000
Q4 2016 $0.0958 $0.0958 13.65000
Q4 2015 $0.1648 $0.1648 12.16000
Q4 2014 $0.1387 $0.1387 13.79000
Q1 2014 $0.0000 $0.0000 0.00000
Q4 2013 $0.1422 $0.1422 14.35000
Q3 2013 $0.0000 $0.0000 0.00000
Q2 2013 $0.0000 $0.0000 0.00000
Q1 2013 $0.0000 $0.0000 0.00000
Q4 2012 $0.1812 $0.1812 12.25000
Q3 2012 $0.0000 $0.0000 0.00000
Q2 2012 $0.0000 $0.0000 0.00000
Q1 2012 $0.0000 $0.0000 0.00000
Q4 2011 $0.0000 $0.0000 0.00000
Q3 2011 $0.0000 $0.0000 0.00000
Q2 2011 $0.0000 $0.0000 0.00000
Q1 2011 $0.0000 $0.0000 0.00000
Q4 2010 $0.0000 $0.0000 0.00000
Q3 2010 $0.0000 $0.0000 0.00000
Q2 2010 $0.0000 $0.0000 0.00000
Q1 2010 $0.0000 $0.0000 0.00000
Q4 2009 $0.0273 $0.0273 10.73000
Q3 2009 $0.0000 $0.0000 0.00000
Q2 2009 $0.0000 $0.0000 0.00000
Q1 2009 $0.0000 $0.0000 0.00000
Q4 2008 $0.0060 $0.0060 8.23000
Q3 2008 $0.0000 $0.0000 0.00000
Q2 2008 $0.0000 $0.0000 0.00000
Q1 2008 $0.0000 $0.0000 0.00000

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 3/1/2019 are as follows: A Shares 1.61%, C Shares 2.36% and I Shares 1.37%.

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.

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 1.61% 2.36% 1.37%
Net Expense Ratio 1.16% 1.91% 0.91%

Investment Information

Name A Shares C Shares I Shares
Minimum initial investment $2500 $2500 $1 million
Minimum subsequent investments $50 $50 $0
IRA initial investments $500 $500 N/A

Fund Information

Name A Shares C Shares I Shares
Inception Date 1/02/02 1/02/02 3/01/02
Ticker Symbol CVAAX CVACX CVAIX
CUSIP number 128119666 128119641 128119633

Sales & Distribution

Name A Shares C Shares I Shares
Sales Load Front-End Level-Load N/A
Maximum Sales Charge 4.75 1.00 N/A
US Bank Fund Number 634 636 637
Dividends ANNUAL ANNUAL ANNUAL
Capital Gains ANNUAL ANNUAL ANNUAL

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.

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.

calamos-opportunistic-value-fund-mutual-fund-fact-sheet.pdf
Calamos Opportunistic Value Fund Fact Sheet

The Opportunistic Value Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.

calamos-value-fund-mutual-fund-summary-prospectus.pdf
Calamos Opportunistic Value Fund Prospectus

This summary contains important information about the Class A, C, and I Opportunisitic Value Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.

calamos-mutual-fund-statutory-prospectus.pdf
Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

calamos-mutual-fund-sai.pdf
SAI

The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

calamos-mutual-funds-semi-annual-report.pdf
Semi-Annual Report

The semi-annual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.

calamos-mutual-funds-annual-report.pdf
Annual Report

The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.