Calamos Select Fund (CVAIX)

An Important Announcement from John P. Calamos, Sr.

Since our founding more than 40 years ago, we have dedicated ourselves to helping investors address their asset allocation needs through innovative investment strategies.

We have made some changes to Calamos Opportunistic Value Fund that reflect our commitment to you. First, the Fund has been renamed Calamos Select Fund to more closely align with its highly selective investment approach. More specifically, Calamos Select Fund is managed to provide enhanced access to a select, more concentrated group of our U.S. equity team’s highest-conviction ideas. The Fund’s investment process is driven by rigorous fundamental and sector specific research and is designed to maximize exposure to opportunities our team believes are most compelling.

Additionally, removing “Value” from the Fund’s name better reflects the breadth and flexibility of its approach. Calamos Select Fund can invest across the spectrum of investment styles in the U.S. equity market—including companies with more pronounced growth characteristics, as well as value stocks and those with blended attributes. This flexibility may give the Fund an edge in navigating leadership changes between growth and value stocks. We believe investors will be well served by this mandate, as it may help them resist trying to time style shifts in the market.

Similarly, the Fund’s benchmark has changed from the S&P 1500 Value Index to the S&P 500 Index. The S&P 500 Index includes stocks with growth, blend and value attributes, which makes it a good fit for the Fund’s broad universe.

Calamos Select Fund: A Strategic Core for Equity Allocation
The U.S. equity market offers many attractive opportunities, but we are not in an environment where a rising tide will lift all boats. Selectivity and fundamental research are key to long-term success. Because Calamos Select Fund pairs a high conviction approach with a broad investment universe, we believe it is an attractive choice for investors who seek a long-term core equity allocation to U.S. stocks.

We thank you for your trust and look forward to serving your asset allocation needs in the years to come.

John P. Calamos, Sr.
Founder, Chairman and Global Chief Investment Officer

Overview

The fund primarily invests in a concentrated portfolio of large-cap U.S. equities with broad representation across sectors and industries. The fund can invest across the spectrum of investment styles in the U.S. equity market.

Key Features

  • Security selection is based mainly on Calamos analysts' highest-conviction ideas. We leverage the collective expertise of the firm's research analysts, who average 15+ years of experience in their respective sectors and areas of expertise.
  • The investment process is driven by rigorous fundamental and sector-specific research. The goal is to maximize exposure to opportunities our team believes are most compelling.
  • Quantitative tools help minimize systematic risks across both sectors and factors. We use quantitative tools to minimize unintended bets and maximize the impact of security selection on portfolio performance.

Portfolio Fit

Because the fund pairs a high-conviction approach with a broad investment universe, we believe it is an attractive choice for investors seeking a long-term core equity allocation to U.S. stocks.

Return on Invested Capital

As of 12/31/19
Name Gain
Fund 19.8906
S&P 1500 Value Index 14.9676

Debt/Capital

As of 12/31/19
Name Gain
Fund 47.9143
S&P 1500 Value Index 44.3169

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 Select 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 the potential for greater economic and political instability in less developed countries. Options risk is the Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option and is dependent, in part, upon the liquidity of the option market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured. More detailed information regarding these risks can be found in the Fund's prospectus.

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.

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

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 2/28/2020 are as follows: A Shares 1.63%, 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 3/30/20
Inception Date: 3/01/02
Current NAV: $12.08
$ Change: $0.39
% Change: 3.34%
Total Net Assets (As of 12/31/19): $47.9 M
Morningstar Category: Large Blend

Zephyr Analysis

Zephyr Analysis

key.jpg Create real time reports on performance, risk analysis, peer group analysis, style attribution and more on the Calamos Investment Professional site.

Resources

Calendar Year Total Returns

As of 12/31/19
Date Calamos Select Fund (NAV) S&P 1500 Value Index Russell 1000 Value Index
2019 26.23 31.31 26.54
2018 -6.5 -9.29 -8.27
2017 17.5 14.99 13.66
2016 11.75 18.49 17.34
2015 -3.76 -3.53 -3.83
2014 2.31 12.14 13.45
2013 31.82 32.47 32.53
2012 13.53 17.78 17.51
2011 -5.06 -0.69 0.39
2010 5.52 16.06 15.51
2009 31.71 22.21 19.69
2008 -35.15 -38.52 -36.85
2007 3.18 1.74 -0.17
2006 14.83 20.22 22.25
2005 5.04 8.86 7.05
2004 13.59 15.45 16.49
2003 33.62 30.96 30.03
2002* -17.09 0 0

*Reflects the fund's return from the inception date of 3/1/2002 through 12/31/2002.

Growth of 10K

As of 12/31/19
Date Calamos Select 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 12769.83 13827.87
12/31/2005 12:00:00 AM 12853.09 13831.88
1/31/2006 12:00:00 AM 13290.2 14320.42
2/28/2006 12:00:00 AM 13248.57 14453.31
3/31/2006 12:00:00 AM 13560.79 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 13050.83 14757
7/31/2006 12:00:00 AM 13050.83 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 14553.6 16281.17
12/31/2006 12:00:00 AM 14728.81 16629.27
1/31/2007 12:00:00 AM 14958.78 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 15517.27 18272.48
6/30/2007 12:00:00 AM 15243.5 17887.11
7/31/2007 12:00:00 AM 14652.16 17156.78
8/31/2007 12:00:00 AM 14958.78 17377.59
9/30/2007 12:00:00 AM 15429.66 17879.97
10/31/2007 12:00:00 AM 16075.76 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 14558.94 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 12744.96 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 12384.91 12448.33
2/28/2010 12:00:00 AM 12621.26 12821.53
3/31/2010 12:00:00 AM 13389.41 13645.06
4/30/2010 12:00:00 AM 13448.5 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 12798.53 13637.33
12/31/2010 12:00:00 AM 13554.86 14755.32
1/31/2011 12:00:00 AM 13803.03 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 14346.64 15873.84
6/30/2011 12:00:00 AM 14145.74 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 12042.2 12918.44
10/31/2011 12:00:00 AM 13294.87 14430.93
11/30/2011 12:00:00 AM 13070.33 14401.21
12/31/2011 12:00:00 AM 12833.98 14653.95
1/31/2012 12:00:00 AM 13401.23 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 13200.33 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 14358.46 16811.35
11/30/2012 12:00:00 AM 14287.55 16871.03
12/31/2012 12:00:00 AM 14534.83 17258.9
1/31/2013 12:00:00 AM 15242.38 18387.63
2/28/2013 12:00:00 AM 15446.25 18644.14
3/31/2013 12:00:00 AM 16117.83 19363.8
4/30/2013 12:00:00 AM 16309.7 19668.78
5/31/2013 12:00:00 AM 16849.36 20166.8
6/30/2013 12:00:00 AM 16429.63 19983.08
7/31/2013 12:00:00 AM 17185.15 21033.59
8/31/2013 12:00:00 AM 17017.26 20275.33
9/30/2013 12:00:00 AM 17712.82 20845.06
10/31/2013 12:00:00 AM 18252.48 21746.19
11/30/2013 12:00:00 AM 18624.24 22336.39
12/31/2013 12:00:00 AM 19117.04 22863.3
1/31/2014 12:00:00 AM 18321.58 21995.64
2/28/2014 12:00:00 AM 19090.96 22858.53
3/31/2014 12:00:00 AM 19169.2 23410.79
4/30/2014 12:00:00 AM 19117.04 23634.13
5/31/2014 12:00:00 AM 19156.16 23937.35
6/30/2014 12:00:00 AM 19677.77 24491.03
7/31/2014 12:00:00 AM 19482.16 24025.45
8/31/2014 12:00:00 AM 20147.22 24934.81
9/30/2014 12:00:00 AM 19521.28 24384
10/31/2014 12:00:00 AM 19651.69 24933.38
11/30/2014 12:00:00 AM 19625.61 25462.96
12/31/2014 12:00:00 AM 19505.83 25638.4
1/31/2015 12:00:00 AM 18772.42 24522.62
2/28/2015 12:00:00 AM 19703.29 25879.21
3/31/2015 12:00:00 AM 19421.21 25550.28
4/30/2015 12:00:00 AM 19632.77 25865.57
5/31/2015 12:00:00 AM 19858.43 26060.86
6/30/2015 12:00:00 AM 19477.62 25574.82
7/31/2015 12:00:00 AM 19604.56 25590.42
8/31/2015 12:00:00 AM 18419.82 24104.13
9/30/2015 12:00:00 AM 17940.29 23404.15
10/31/2015 12:00:00 AM 19195.54 25089.01
11/30/2015 12:00:00 AM 19223.75 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 19018.25 25901.85
5/31/2016 12:00:00 AM 19202.45 26145.33
6/30/2016 12:00:00 AM 19171.75 26368.87
7/31/2016 12:00:00 AM 19632.24 27132.25
8/31/2016 12:00:00 AM 19770.39 27291.79
9/30/2016 12:00:00 AM 19678.29 27209.09
10/31/2016 12:00:00 AM 19340.6 26765.86
11/30/2016 12:00:00 AM 20384.38 28586.74
12/31/2016 12:00:00 AM 20882.93 29306.55
1/31/2017 12:00:00 AM 20882.93 29499.39
2/28/2017 12:00:00 AM 21609.43 30570.22
3/31/2017 12:00:00 AM 21346.66 30220.8
4/30/2017 12:00:00 AM 21439.4 30207.5
5/31/2017 12:00:00 AM 21671.26 30064.02
6/30/2017 12:00:00 AM 21825.83 30651.77
7/31/2017 12:00:00 AM 22243.18 31055.15
8/31/2017 12:00:00 AM 22366.84 30656.09
9/30/2017 12:00:00 AM 22892.39 31741.62
10/31/2017 12:00:00 AM 23510.69 32097.76
11/30/2017 12:00:00 AM 24175.36 33197.75
12/31/2017 12:00:00 AM 24463.72 33700.03
1/31/2018 12:00:00 AM 25566.99 35003.21
2/28/2018 12:00:00 AM 24607.63 33107.79
3/31/2018 12:00:00 AM 24048 32532.71
4/30/2018 12:00:00 AM 24271.85 32712.29
5/31/2018 12:00:00 AM 24703.56 32949.45
6/30/2018 12:00:00 AM 24511.69 33155.39
7/31/2018 12:00:00 AM 25311.16 34436.51
8/31/2018 12:00:00 AM 26030.68 34954.78
9/30/2018 12:00:00 AM 26142.6 35011.06
10/31/2018 12:00:00 AM 24575.65 33002.12
11/30/2018 12:00:00 AM 25151.26 33854.57
12/31/2018 12:00:00 AM 22819.73 30570
1/31/2019 12:00:00 AM 24476.92 33286.14
2/28/2019 12:00:00 AM 25143.61 34091.67
3/31/2019 12:00:00 AM 25334.09 34335.76
4/30/2019 12:00:00 AM 26210.31 35768.76
5/31/2019 12:00:00 AM 24438.83 32984.38
6/30/2019 12:00:00 AM 26172.21 35652.39
7/31/2019 12:00:00 AM 26648.42 36258.76
8/31/2019 12:00:00 AM 26171.41 35226.44
9/30/2019 12:00:00 AM 26666.05 36591.82
10/31/2019 12:00:00 AM 27066.04 37521.32
11/30/2019 12:00:00 AM 27867.19 38928.75
12/31/2019 12:00:00 AM 28725.5 40141.69

Annualized Total Returns

As of 12/31/19
TimeFrame Calamos Select Fund (NAV) S&P 1500 Value Index Russell 1000 Value Index
6 Month 9.96 12.59 8.86
1 Year 26.23 31.31 26.54
3 Year 11.51 11.06 9.68
5 Year 8.32 9.38 8.29
10 Year 8.63 12.19 11.8
15 Year 6.1 7.97 7.63
Since Inception 6.47 7.96 7.79

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 Select 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 the potential for greater economic and political instability in less developed countries. Options risk is the Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option and is dependent, in part, upon the liquidity of the option market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured. More detailed information regarding these risks can be found in the Fund's prospectus.

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 2/28/2020 are as follows: A Shares 1.63%, 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 12/31/19
Sector % of Assets S&P 1500 Value Index
Financials 21.8% 21.8%
Information Technology 21.3% 7.8%
Industrials 10.6% 10.2%
Health Care 8.1% 17.1%
Consumer Discretionary 7.9% 6.1%
Consumer Staples 7.6% 9.0%
Energy 5.7% 7.6%
Communication Services 5.3% 7.1%
Utilities 3.8% 6.2%
Materials 3.6% 3.1%
Real Estate 2.6% 4.0%

Asset Allocation

As of 12/31/19
Asset Allocation
Common Stock 98.325
Cash and Receivables/Payables 1.5251
Options 0.1499

Top 10 Holdings

As of 12/31/19
Company Security Type Industry %
Apple, Inc. Stocks Technology Hardware, Storage & Peripherals 9.3%
JPMorgan Chase & Company Stocks Diversified Banks 3.3%
Bank Of America Corp. Stocks Diversified Banks 2.3%
AT&T, Inc. Stocks Integrated Telecommunication Services 2.2%
Chevron Corp. Stocks Integrated Oil & Gas 1.6%
Berkshire Hathaway, Inc. - Class B Stocks Multi-Sector Holdings 1.5%
Citigroup, Inc. Stocks Diversified Banks 1.3%
Walmart, Inc. Stocks Hypermarkets & Super Centers 1.3%
Home Depot, Inc. Stocks Home Improvement Retail 1.1%
Comcast Corp. - Class A Stocks Cable & Satellite 1.0%
Total 24.9%

Fund Facts

As of 12/31/19
Name Fund S&P 1500 Value Index
Number of Holdings 212 1,141
Debt/Capital 47.9% 44.3%
PEG Ratio 2.1x 2.4x
Portfolio Turnover (12 months) 69.0% N/A
Price/Book 3.1x 2.4x
Price/Earnings 17.7x 15.6x
Price/Sales 1.6x 1.4x
ROIC 19.9% 15.0%
Net Assets $47.9 M N/A

Market Capitalization

As of 12/31/19
Market CAP Range % of Assets
<=$0.10bil 0.0%
>$0.10bil<=$5bil 2.8%
>$5bil<=$30bil 30.3%
>$30bil<=$200bil 35.0%
>$200bil 31.8%

Regional Exposure

As of 12/31/19
Region % of Assets
North America 95.9%
Europe 1.7%
Caribbean 0.9%
Asia/Pacific 0.0%

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 Select 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 the potential for greater economic and political instability in less developed countries. Options risk is the Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option and is dependent, in part, upon the liquidity of the option market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured. More detailed information regarding these risks can be found in the Fund's prospectus.

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
2019 0.0000

Schedule

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

2019 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 18, 2019. To view the report, click here.

Distributions

Frequency Income Total Reinvest
Q4 2019 $0.1246 $0.1246 15.22000
Q3 2019 $0.0000 $0.0000 0.00000
Q2 2019 $0.0000 $0.0000 0.00000
Q4 2018 $0.1472 $0.1472 12.12000
Q4 2017 $0.0933 $0.0933 15.45000
Q4 2016 $0.1310 $0.1310 13.99000
Q4 2015 $0.2050 $0.2050 12.47000
Q4 2014 $0.1858 $0.1858 14.11000
Q1 2014 $0.0000 $0.0000 0.00000
Q4 2013 $0.1759 $0.1759 14.67000
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 $0.1997 $0.1997 12.50000
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 $0.0527 $0.0527 10.88000
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 $0.0389 $0.0389 8.34000
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 Select 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 the potential for greater economic and political instability in less developed countries. Options risk is the Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option and is dependent, in part, upon the liquidity of the option market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured. More detailed information regarding these risks can be found in the Fund's prospectus.

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 2/28/2020 are as follows: A Shares 1.63%, 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 1.63% 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 Select 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 the potential for greater economic and political instability in less developed countries. Options risk is the Fund's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option and is dependent, in part, upon the liquidity of the option market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund's ability to utilize options successfully will depend on the ability of the Fund's investment adviser to predict pertinent market movements, which cannot be assured. More detailed information regarding these risks can be found in the Fund's prospectus.

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-select-fund-mutual-fund-summary-prospectus.pdf
Calamos Select Fund Prospectus

This summary contains important information about the Class A, C, and I Select 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.