Capturing Opportunity, Managing Risk

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1 EVOLVING WORLD GROWTH FUND Capturing Opportunity, Managing Risk An Active Approach to Emerging Markets Investing THE CALAMOS DOCTRINE As the global marketplace changes, successfully investing for growth in emerging markets requires a more evolved approach. Our worldview can be distilled to Five Essential Truths that underpin Calamos Evolving World Growth Fund. Investments in emerging markets can be more volatile. The normal risks of investing in foreign countries are heightened when investing in emerging markets. In addition, the small size of securities markets and the low trading volume may lead to a lack of liquidity, which leads to increased volatility. Also, emerging markets may not provide adequate legal protection for private or foreign investment or private property. 1

2 Driven by Independent Thinking Calamos Investments is a global investment management firm serving financial advisors, their clients and institutions. For more than 35 years, Calamos has helped its clients achieve their long-term goals through innovative riskmanaged investment solutions. The firm traces its origins back to the difficult financial markets of the 1970s, when it developed pioneering strategies to manage risk in volatile markets. Calamos has expanded its capabilities throughout the years, and began investing outside the U.S. in the late 1980s. In 2008, Calamos launched the Calamos Evolving World Growth Fund to capitalize on the secular themes that we believe will drive growth in the global economy for decades to come. With a historically lower-volatility approach to emerging markets opportunities, the fund may provide a compelling core, strategic investment within a long-term equity allocation. Applying an active approach to emerging markets investing, Calamos view can be distilled to Five Essential Truths:» The potential is compelling» Significant exposure is essential» Our revenue focus is pivotal» Actively managing risk is crucial» The strategy is timely CALAMOS TIMELINE Bringing an experienced approach to global opportunity First institutional convertible strategy, managed to provide equity participation with potentially lower volatility Begin investing outside the U.S. First growth equity mutual fund Launch of first global mutual fund, combining equities and convertible securities International Growth Strategy debuts Global Convertible Strategy launched Global Growth Equity Strategy launched Calamos Evolving World Growth Fund launched Calamos Global Convertible Fund launched 1979 LATE 1980s 1990s There can be no assurance the fund will achieve its investment objective. 2 CALAMOS EVOLVING WORLD GROWTH FUND

3 TRUTH: The Potential is Compelling The growing middle class and national prosperity in emerging markets are reshaping the global economy and creating opportunities for companies around the world. Since the 1990s, many emerging markets (EMs) have improved their balance sheets by: 1) Increasing foreign currency reserves. 2) Reducing their debt. 3) Generating higher GDP growth. As a result, EMs are an increasingly important driver of global GDP growth. Further illustrating this progress, it is projected that emerging countries will account for 67% of global medium-high middle classes and affluent segments by 2025.* EM CONSUMERS DRIVE GLOBAL CONSUMPTION The U.S. consumer is generally considered one of the most important drivers of the global economy. Yet, the EM consumer has already overtaken the U.S. consumer in terms of global share of consumption. 40% 35% 30% 25% 20% U.S. CONSUMPTION, % OF GLOBAL EM CONSUMPTION, % OF GLOBAL 15% Source: J.P. Morgan Guide to the Markets, March 31, EMERGING MARKETS TRANSFORMING THE GLOBAL ECONOMY Emerging markets are a powerful driver within the global economy and now contribute over 40% of global GDP, twice their level in EMERGING MARKETS UNITED STATES (E) Source: International Monetary Fund, World Economic Outlook Database, October 2015 *BBVA EAGLEs Economic Watch, March

4 TRUTH: Significant Exposure is Essential We believe successful asset allocations reflect long-term growth themes By any number of measures, many investors are underweight emerging markets. For example, only 3% of mutual fund assets are invested in emerging market equity funds, but emerging market companies make up more than 10% of the global equity market. The gap widens even more from a secular perspective as emerging markets represent 40% of the global economy. To commensurately reflect this, investors may consider a larger, core allocation to emerging markets. (Individual allocations will vary based on risk tolerance and time horizon.) EMERGING MARKETS UNDERAPPRECIATED AND UNDERWEIGHTED Emerging markets make up 9% OF GLOBAL MARKET CAP and 40% OF GLOBAL GDP Japan: 8% Emerging Markets: 9% U.S.: 24% Rest of the World: 7% U.S.: 52% Emerging Markets: 40% Europe: 24% Japan: 6% Rest of the World: 8% Europe: 22%... yet only 3% OF MUTUAL FUND ASSETS are invested in EM equity funds Due to rounding, the pie chart may not equal 100%. The MSCI ACWI Index is a free-float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Sources: Morningstar, International Monetary Fund World Economic Outlook, October 2015, and Calamos Advisors LLC. MSCI ACWI Index data (Global Market Cap chart) as of 12/31/2015. GDP data shown is based on current prices. 4 CALAMOS EVOLVING WORLD GROWTH FUND

5 TRUTH: Our Revenue Focus is Pivotal Expanded Approach, Expanded Growth Potential 1) We take a highly selective approach to emerging markets because economic growth prospects differ widely. 2) Even in periods of short-term volatility, we believe the long-term case for emerging markets remains strong due to the strength of secular trends, such as the growth of the emerging market consumer. 3) In the current environment, we see better prospects for commodity consuming emerging markets (e.g., China) versus commodity producers (e.g., Brazil and Russia). 4) We favor countries that are enacting positive economic reforms, such as India, the Philippines, China and Mexico. 5) We believe China continues to offer opportunities for long-term investors, especially companies that are capitalizing on trends in Chinese consumer spending and technological innovation. 6) By investing in multinational businesses domiciled in developed markets that derive significant revenue from emerging markets, we participate in the emerging market growth story, with increased stability. 5

6 TRUTH: Actively Managing Risk is Crucial Demographics and economic fundamentals make the long-term case for emerging market allocations. Still, the risks of investing in EMs may be higher than in developed markets. At Calamos, we address these risks through an active, multipronged approach. We: 1) Companies before countries approach, focused on emerging market revenue sources DIVERSIFIED REVENUES 2) Seek companies with stronger fundamentals, such as good growth metrics and higher quality balance sheets GLOBAL COMPANIES 3) Opportunistic use of convertible securities to manage risk CONVERTIBLES EQUITY MARKET PARTICIPATION WITH LOWER VOLATILITY Since its inception, the Calamos Evolving World Growth Fund historically demonstrated lower volatility (as measured by beta and standard deviation) than the broader emerging market equity market, represented by the MSCI Emerging Markets Index. STANDARD DEVIATION AS OF 12/31/15 BETA AS OF 12/31/15 Calamos Evolving World Growth Fund 17.40% Calamos Evolving World Growth Fund 0.68 MSCI EM Index 24.24% MSCI EM Index 1.00 Morningstar Category (Diversified Emerging Markets) 23.65% Morningstar Category (Diversified Emerging Markets) Beta is an historic measure of a fund s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market s volatility as represented by the fund s primary benchmark, while a beta of 2.0 reflects twice the volatility. Annualized Standard Deviation is a statistical measure of the historical volatility of a mutual fund or portfolio. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Diversified Emerging Markets - Diversified emerging-markets portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest at least 70% of total assets in equities and invest at least 50% of stock assets in emerging markets. 6 CALAMOS EVOLVING WORLD GROWTH FUND

7 TRUTH: The Strategy is Timely The case for emerging markets is already strong. EM economies are integral to the global economy and the EM middle class expansion has redefined opportunities for companies around the world. Through a risk-managed approach, the Calamos Evolving World Growth Fund provides a way to establish a meaningful core allocation to EM opportunities. AVERAGE ANNUAL RETURNS AS OF 12/31/15 Calamos Evolving World Growth Fund I shares at NAV (Inception 8/15/08) A shares at NAV (Inception 8/15/08) A shares Load adjusted MSCI Emerging Markets Index Morningstar Diversified Emerging Markets Category YEAR 3-YEAR 5-YEAR -8.41% -2.16% -1.36% 3.17% SINCE INCEPTION MORNINGSTAR OVERALL RATING Morningstar 5 star overall rating among 578 Diversified Emerging Markets Funds (Class I Shares) OVER 90% OF THE TIME, THE FUND OUTPERFORMED WHEN EMERGING MARKETS DECLINED As of 12/31/15 12% 10% 8% 9.59 The Evolving World Growth Fund (Class A Shares at NAV) has outperformed the MSCI Emerging Markets Index in 10 of 11 down quarters for the index since the fund s inception 6% 4% 2% 0% % -4% % 4Q Q Q Q Q Q Q Q Q Q Q 2015 Morningstar 5 star overall rating among 578 Diversified Emerging Markets Funds. The fund s Class I shares had 5 stars overall, 4 stars for 3 years, and 5 stars for 5 years out of 578, 578 and 386 Diversified Emerging Markets funds, respectively, for the period ended 12/31/15. The fund s Class A shares had 4 stars overall, 4 stars for 3 years, and 5 stars for 5 years out of 578, 578 and 386 Diversified Emerging Markets funds, respectively, for the period ended 12/31/15. Morningstar Ratings are based on the risk-adjusted returns. Past performance is no guarantee of future results. Morningstar Ratings are based on risk-adjusted returns for Class A shares and will differ for other share classes. Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and 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. For the most recent Fund performance information visit In calculating net investment income, all applicable fees and expenses are deducted from the returns. 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 Fund also offers Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results. As of the prospectus dated 3/1/15, the gross and net expense ratios for Calamos Evolving World Growth Fund, Class A and Class I shares are 1.62% and 1.37%, respectively. Class A Load-waived shares are not available to all investors. Please see the prospectus for eligibility. 7

8 AN ACTIVE APPROACH TO EMERGING MARKETS INVESTING To learn more about harnessing the potential of emerging markets:» Call , Monday through Friday, 8 am through 6 pm, CT Important Risk 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 Evolving World Growth Fund include: equity securities risk, growth stock risk, foreign securities risk, emerging markets risk, convertible 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. 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 or call Read it carefully before investing. Information contained herein is for informational purposes only. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. We believe the information provided here is reliable. The views and strategies described may not be suitable for all investors. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. Morningstar Ratings are based on risk-adjusted returns and are through 3/31/15 for Class A shares and will differ for other share classes. Morningstar Ratings based on a risk-adjusted return measure that accounts for variation in a fund s monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: 2015 Morningstar, Inc. All Rights Reserved. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Calamos Financial Services LLC, Distributor 2020 Calamos Court Naperville, IL caminfo@calamos.com 2016 Calamos Investments LLC. All Rights Reserved. Calamos and Calamos Investments are registered trademarks of Calamos Investments LLC. EWGBRO Q R 8 CALAMOS EVOLVING WORLD GROWTH FUND

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