(CLMS) Value Product Renamed toCalamos Opportunistic Value Fund

NAPERVILLE, Ill., March 4, 2014  — www.calamos.com/value  Calamos is pleased to announce it has changed the name of the Calamos Value Fund (A Shares: CVAAX; B Shares: CVABX; C Shares: CVACX; I Shares: CVAIX) to the Calamos Opportunistic Value Fund, effective March 1, 2014.  The new name is intended to better reflect the investment approach and scope of the fund, which have not changed.

The Calamos Value Team joined the firm in 2012 and assumed management of the fund. The team’s approach to value investing contrasts with traditional buy-and-hold “deep value” funds, operating with higher turnover and utilizing option strategies to manage risk reward.  The term “opportunistic” relates to ways in which the Calamos Value Team enters and exits positions in the fund, the speed at which the team does so, as well as the openness and agility used to react to new investment possibilities.

Jeff Miller, Senior Vice President and Co-Portfolio Manager of the fund, stated: “The Calamos Opportunistic Value Fund pursues a value style focused on investing in strong operating businesses with transient reasons for being undervalued, special situations like mergers and spinoffs, and complex or misunderstood companies.  Furthermore, the fund deploys a trading strategy that includes the use of options strategies to manage risk and seek to enhance returns. As a result, the fund offers distinct characteristics and a dynamic approach that distinguishes it from its peer group. When opportunity knocks, the Calamos Value Team opens the door.”

For more information about the fund, including a video by Jeff Miller detailing the team’s opportunistic approach to value investing, please visit www.calamos.com/value.

About Calamos

Calamos Investments LLC is a diversified global investment firm offering innovative investment strategies including equity, fixed income, convertible and alternative investments. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals. Headquartered in the Chicago metropolitan area, the firm also has offices in London and New York. For more information, visit www.calamos.com.

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

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

The fund’s ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option 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.

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.

Calamos Financial Services LLC, Distributor