Calamos Evolving World Growth Fund

calamos.com Calamos Evolving World Growth Fund Companies Not Countries, an Innovative Approach

Driven by Independent Thinking 2 CALAMOS EVOLVING WORLD GROWTH FUND

Calamos Investments is a global investment management firm serving financial advisors, their clients and institutions. For more than 30 years, Calamos has helped its clients achieve their long-term goals through innovative risk-managed 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 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 opportunity, the fund may provide a compelling core, strategic investment within a long-term equity allocation. CALAMOS EVOLVING WORLD GROWTH FUND A Core Allocation with Exposure to Growth Trends Offers participation in growth of emerging markets driven by the rise of middle class consumption Seeks to produce a lower-volatility profile essential for a core allocation Companies Not Countries, an Innovative Approach Invests in emerging market growth companies Invests in global growth companies with strong revenues in emerging markets Uses convertible securities 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 growth equity strategy launched Calamos Evolving World Growth Fund 1979 LATE 1980s 1990s 1996 2005 2007 2008 There can be no assurance the Fund will achieve its investment objective. www.calamos.com 3

Emerging Markets and the Global Economy Since the 1990s, many emerging markets (EMs) have improved their balance sheets by increasing foreign currency reserves, reducing their debt, and generating higher GDP growth. As a result, emerging markets are an increasingly important driver of global GDP growth. Global middle class consumption will be dominated by emerging market consumers, data suggests. Led by the EMs, a youth boom is underway. These demographic shifts could create a large EM population of young and middle-age adults who are seeking middle class lifestyles for themselves and their families. This may provide sustained support for increased EM consumer activity and, in turn, for global economic growth. EMs, A SIGNIFICANT DRIVER OF GLOBAL GDP ESTIMATED 2014 GLOBAL GDP % Other 8% Europe 24% Japan 6% U.S. 23% Emerging Markets 39% Source: International Monetary Fund World Economic Outlook Database, April 2014. THE EMERGING MARKET MIDDLE CLASS: A RISING FORCE IN THE GLOBAL ECONOMY SHARE OF GLOBAL MIDDLE CLASS CONSUMPTION, 2000 2050 (PROJECTED) YOUTH BOOM IN EMERGING MARKETS PROJECTED WORLD POPULATION, 2030 100% Others 100% POPULATION IN THOUSANDS 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 32% More Developed Regions 53% Less Developed Regions 1,500,000 1,000,000 46% 13% 500,000 21% 21% 12% 3% 0 0-19 20-59 60-79 80+ AGE GROUP More developed regions comprise Europe, Northern America, Australia/New Zealand and Japan. Less developed regions comprise all regions of Africa, Asia (excluding Japan), Latin America and the Caribbean plus Melanesia, Micronesia and Polynesia. Source: Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat, World Population Prospects: The 2010 Revision. 80% 60% 40% 20% United States Japan 0% 2000 2012 2021 2030 2039 2048 Source: Homi Kharas, The Emerging Middle Class in Developing Countries. OECD Development Centre. 26 Jan. 2010. Web. Mar. 2011.http://www.oecd-ilibrary.org. Other Asia is defined as Asia excluding Japan, India and China. EU Other Asia India China 80% 60% 40% 20% 0% Over 50% 4 CALAMOS EVOLVING WORLD GROWTH FUND

The growth of a middle class and national prosperity in emerging markets are reshaping the global economy and creating opportunities for companies around the world. A rapidly expanding middle class in emerging markets is increasing demand for a wide range of goods and services. We believe this translates into growth opportunities for the global companies supplying that demand including those domiciled in developed markets. EMS: INCREASED DEMAND AND UNTAPPED POTENTIAL PENETRATION RATES AS A PERCENTAGE OF POPULATION U.S. Brazil India China 150 135.3 120 95.5 88.7 90 84.2 70.8 60 51.6 45.8 40.3 30 0 15.1 INTERNET USERS 16.7 5.4 1.1 PASSENGER CARS CELL PHONE USERS Source: World Bank, July 2014. Most recent data available as of 12/31/2013. EMERGING MARKET TRENDS, GLOBAL GROWTH OPPORTUNITIES The growing prosperity and progress in emerging markets creates opportunities for companies around the world. Consumer sectors. The rapid expansion of a middle class is providing new markets for globally branded consumer staples, including foods, beverages and personal products. Technology and telecommunications. Technology and telecommunication companies are providing affordable ways for emerging market consumers to stay connected to each other and to information, for example, through affordable smart phone technologies. Commodities. Infrastructure build-out and development projects in emerging markets can provide a boost to companies in sectors such as materials, energy and agriculture. The opinions referenced are as of the date of the publication, are subject to change due to changes in the market or economic conditions, and may not necessarily come to pass. www.calamos.com 5

Calamos Evolving World Growth Fund Companies Not Countries Calamos Evolving World Growth Fund provides an innovative way to participate in the growth of emerging markets. A global approach to emerging market opportunity. The fund invests in companies based in emerging markets, and companies in developed markets that have a significant percentage of invested assets in emerging markets or derive a significant portion of firm revenues from them. The flexibility to invest in developing and developed markets may mitigate the risks of investing solely in companies domiciled in emerging markets. Favor companies with diversified revenues. The investment team emphasizes companies with geographically diversified revenues streams. An emphasis on revenue diversification provides greater opportunity to participate in long-term global growth themes, while potentially reducing the risk associated with any one economy. Opportunistic use of convertible securities. Calamos Evolving World Growth Fund has the flexibility to invest in equity-sensitive convertible securities. Because they offer equity participation with potential downside resilience, Calamos views them as lowervolatility equity investments. KEYS TO FUND RISK MANAGEMENT GLOBAL COMPANIES DIVERSIFIED REVENUES CONVERTIBLES 6 CALAMOS EVOLVING WORLD GROWTH FUND

Companies all over the world may benefit from progress and prosperity in emerging markets. A Global View of EM Opportunity The investment team s emphasis is on what a company is doing and the clients it serves, not where it s located. As the chart below shows, the investment team has found companies around the world that are participating in the growth potential of emerging markets. TOP 10 HOLDINGS INDUSTRY COUNTRY Taiwan Semiconductor Manufacturing Company, Ltd. Semiconductors Taiwan 3.6% MediaTek, Inc. Semiconductors Taiwan 3.0 Naspers, Ltd. - Class N Cable & Satellite South Africa 2.5 Tencent Holdings, Ltd. Internet Software & Services China 2.5 Grupo Financiero Banorte, SAB de CV Diversified Banks Mexico 2.4 Hyundai Motor Company Automobile Manufacturers South Korea 2.3 Metropolitan Bank & Trust Company Diversified Banks Philippines 2.3 Alsea, SAB de CV Restaurants Mexico 2.0 Cemex, SAB de CV Construction Materials Mexico 2.0 Epistar Corp. Semiconductors Taiwan 1.9 Source: Calamos. Data is as of 6/30/14. Holdings 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. Holdings exclude cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the portfolio may hold. Understanding the Risks. An investment in Calamos Evolving World Growth Fund is subject to risks, and you could lose money on your investment in the fund. The principal risks of investing in the fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, 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. www.calamos.com 7

Calamos Evolving World Growth Fund 8 CALAMOS EVOLVING WORLD GROWTH FUND

The fund has historically provided equity market participation with lower volatility. Since its inception, Calamos Evolving World Growth Fund has historically demonstrated lower-volatility characteristics* versus the broad emerging markets equity market, as represented by the MSCI Emerging Markets Index. Beta and standard deviation are two popular measures of historic volatility, with lower values indicating less volatility. Please note that past performance is no guarantee of future results, and that there are many measures of risk. * The Fund s investment objective does not seek to reduce volatility, and as a result, the Fund may experience volatility in some market conditions. BETA SINCE INCEPTION THROUGH 6/30/14 FUND BENCHMARK STANDARD DEVIATION SINCE INCEPTION THROUGH 6/30/14 FUND BENCHMARK 0% 18.36% 25.87% 5% 10% 15% 20% 25% 30% More than 30% less risk Nearly 30% less than the index Source: Lipper Inc. Beta considers a fund s historic volatility versus the market, as measured by a benchmark, in this case, the MSCI Emerging Markets Index. A fund with half the volatility of the market would have a beta of 0.5, while a fund with a beta of 2.0 would have been twice as volatile as the market. Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio. 0.68 0.0 0.5 1.0 1.00 THE IMPORTANCE OF RISK MANAGEMENT IN CORE ALLOCATIONS Core allocations are long-term, making risk management especially important. Meanwhile, emerging markets can be volatile. Because of this, your financial advisor will pay careful attention to how an investment team addresses potential risks, and how a fund has performed in down markets. These considerations may lead you to choose Calamos Evolving World Growth Fund. www.calamos.com 9

Your financial advisor can tell you more about the potential advantages of the Calamos approach to emerging markets. OVER 75% OF THE TIME, THE FUND OUTPERFORMED WHEN EMERGING MARKETS DECLINED FUND S EXCESS RETURNS (CLASS A SHARES AT NAV) DURING NEGATIVE MONTHS FOR THE MSCI EMERGING MARKETS INDEX SINCE INCEPTION, AS OF 6/30/14 12% 11.41 10% 8% The Evolving World Growth Fund has outperformed the MSCI Emering Markets Index in 26 of 34 down months for the index since the fund s inception 6% 4% 2% 0% -2% 5.04 0.97 0.64 1.73-0.13 0.75-0.18 3.80 0.44 0.40 2.80 2.23 3.21-0.38-0.91-0.27 4.07 2.26 6.10-1.78 3.03-0.27 3.55 2.32-0.63 0.86 1.55 1.77 1.76 0.22 1.24 2.55 1.67-4% SEP OCT NOV '08 '08 '08 JAN '09 FEB JUN AUG '09 '09 '09 JAN '10 MAY '10 JUN '10 AUG '10 NOV '10 JAN '11 FEB MAY '11 '11 JUN '11 JUL AUG SEP NOV DEC '11 '11 '11 '11 '11 MAR '12 APR '12 MAY '12 JUN '12 OCT FEB MAR '12 '13 '13 MAY '13 JUN '13 AUG '13 NOV '13 DEC '13 JAN '14 Source: Morningstar. Returns shown are excess returns. Actual returns for the periods shown may have been negative. Excess returns are the returns in excess of the benchmark. SINCE INCEPTION, THE FUND S RETURNS HAVE SURPASSED THE BENCHMARK AS OF 6/30/14 20% 15% 10% 5% 0% -5% 17.83 12.21 1-YEAR 14.68 3-YEAR Source: State Street Corporation and Mellon Analytical Solutions, LLC Fund A shares at NAV Load-Adjusted MSCI Emerging Markets Index 2.49 0.83-0.06 11.26 10.18 9.58 5-YEAR 7.25 6.36 4.12 SINCE INCEPTION (08/15/08) 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 www.calamos.com. 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 3/1/14, the gross and net expense ratios for Calamos Evolving World Growth Fund, Class A shares are 1.64%. 10 CALAMOS EVOLVING WORLD GROWTH FUND

CALAMOS EVOLVING WORLD GROWTH FUND Objective: Long-Term Capital Growth A Shares B Shares C Shares I Shares CNWGX CNWZX CNWDX CNWIX 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 1-800-582-6959. Read it carefully before investing. An investment in Calamos Evolving World Growth Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund 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 can increase during times of significant market volatility. More detailed information regarding these risks can be found in the Fund s prospectus. MSCI Emerging Markets Index is a free float adjusted market capitalization index. It includes market indexes of Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The MSCI All Country World Index (ACWI) measures the performance of equities from developed and developing markets. MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index. The opinions referenced are as of the date of the publication, are subject to change due to changes in the market or economic conditions, and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice. Past performance is no guarantee of future results. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Calamos Financial Services LLC, Distributor 2020 Calamos Court Naperville, IL 60563-2787 800.582.6959 www.calamos.com caminfo@calamos.com 2014 Calamos Investments LLC. All Rights Reserved. Calamos and Calamos Investments are registered trademarks of Calamos Investments LLC. EWGBRO 11054 0614Q R