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CONVERTIBLE FUND (CCVIX)

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Overview

The fund invests primarily in convertible securities of U.S. companies that are diversified across market sector and credit quality.

Key Features

  • Leverage more than four decades of research in convertible security investing
  • A portfolio diversified across market sector and credit quality emphasizing mid-sized companies with higher-quality balance sheets
  • Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle

Portfolio Fit

The fund offers a way to potentially manage risk alongside an equity allocation with securities that participate in upside equity movements with limited downside participation.

Notable Outperformance vs. Bonds in the Face of Rate Increases

The chart below shows the fund’s outperformance versus the Bloomberg Barclays U.S. Aggregate Bond Index during periods when the 10-year Treasury bond yields rose more than 100 basis points.

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 click on the performance tab.

Return on Invested Capital

AS OF 9/30/17

Debt/Capital

AS OF 9/30/17

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. Debt/capital ratio is a measure of a company’s financial leverage, calculated as the company’s debt divided by its total capital.

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 Convertible Fund include: 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, synthetic convertible instruments risk consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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

Annualized Standard Deviation-A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average.

Beta-Is a 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 S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility.

Bloomberg Barclays U.S. Aggregate Bond Index covers the U.S.-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS sectors.

Bond Credit Quality-Reflects the higher of the ratings of Standard & Poor’s Corporation; Moody’s Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards and Poors scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security’s credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund’s Statement of Additional Information at www.calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites; www.standardandpoors.com and www.moodys.com.

Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.

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

Distribution Rate-The percentage rate at which a fund distributes income to its shareholders. It is calculated by dividing a fund's annual distributions by its current price; this figure can vary from the SEC yield of the same fund because of the multiple ways of treating different asset classes.

Lehman Brothers Government/Credit Index-Comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market.

PEG Ratio-Is 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 a 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 the current stock price over trailing 12‐month sales per share.

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.

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

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.

Value Line Convertible Index-Is an equally weighted index of the largest convertibles, representing 90% of the market.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. 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.

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 investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

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.

Fund Details

As of 10/5/17
Inception Date:
6/21/85
Current NAV:
$18.08
$ Change:
$0.03
% Change:
0.17%
Net Assets*
596.4 mil
(*Total Net Assets as of 9/30/17)

Zephyr Analysis


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 9/30/17

Growth of 10K

Annualized Total Returns

AS OF 9/30/17
Calamos (NAV)6.30%11.72%4.51%7.34%4.82%7.02%7.05%8.97%
(Load-Adjusted)3.90%6.43%2.83%6.30%4.31%6.67%6.79%8.81%
BofA ML6.32%14.30%6.82%11.01%6.83%8.94%7.09%%
S&P 5007.71%18.61%10.81%14.22%7.44%10.04%7.00%10.86%

The Fund's Gross Expense Ratio is 1.15% as of the prospectus dated 2/28/17

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. You can obtain a complete listing of holdings by visiting www.calamos.com.

The portfolio is actively managed. 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.

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 2.25%—(Prior to 2/28/17, the Fund had a 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 6/30/85, since comparative index data is available only for full monthly periods. Source: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC.

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 2.25%—(Prior to 2/28/17, the Fund had a maximum front-end sales charge of 4.75%)-had it been included, the Fund’s return would have been lower. Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified. 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 C Shares, the performance of which may vary.

The offering price for Class I shares is the NAV per share with no initial sales charge. There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund’s Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

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

Value Line Convertible Index-Is an equally weighted index of the largest convertibles, representing 90% of the market.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. 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.

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 investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

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.

Sector Weightings

AS OF 9/30/17
% of Assets BofA ML All U.S. Convertibles Index
Information Technology 36.4% 34.4%
Consumer Discretionary 18.3% 11.4%
Health Care 17.3% 17.7%
Financials 7.9% 12.6%
Industrials 5.9% 5.2%
Real Estate 3.8% 5.7%
Energy 3.6% 5.6%
Utilities 2.4% 3.4%
Telecom Services 0.8% 1.7%
Materials 0.6% 0.9%
Consumer Staples 0.0% 1.4%

Asset Allocation

AS OF 9/30/17

Month-End Yield

AS OF 9/30/17
30-Day SEC Yield 0.30%
Distribution Rate 1.76%

Top 10 Holdings

Adobe Logo View All Holdings AS OF 9/30/17
Company Security Type Industry
%
Tesla, Inc. Convertible Bonds Automobile Manufacturers 4.3%
Priceline Group, Inc. Convertible Bonds Internet & Direct Marketing Retail 3.5%
Intel Corp. Convertible Bonds Semiconductors 3.2%
Wells Fargo & Company Convertible Preferred Stocks Diversified Banks 3.1%
Microchip Technology, Inc. Convertible Bonds Semiconductors 2.8%
Micron Technology, Inc. Convertible Bonds Semiconductors 2.8%
Lam Research Corp. Common Stocks Semiconductor Equipment 2.6%
Workday, Inc. Convertible Bonds Application Software 2.4%
Bank of America Corp. Convertible Preferred Stocks Diversified Banks 2.2%
Allergan, PLC Convertible Preferred Stocks Pharmaceuticals 2.2%
Total 29.1%

Fund Facts

AS OF 9/30/17


Fund BofA ML All U.S. Convertibles Index
Total Net Assets $596.4 million --
# of Holdings 99 429
Median Investment Premium 22.8% 11.9%
Median Conversion Premium 23.3% 26.8%
Price/Book 5.6x --
Price/Earnings 20.6x --
Price/Sales 4.0x --
PEG Ratio 1.0x --
Debt/Capital 43.2% 116.0%
ROIC 13.1% 11.6%
Portfolio Turnover (12 months) 48.4% --

Market Capitalization

AS OF 9/30/17
Market %
> $98bil 0.0%
$27bil - $98bil 79.4%
$9bil - $27bil 20.6%
$3bil - $9bil 0.0%
< $3bil 0.0%

Regional Exposure

AS OF 9/30/17
Region %
North America 94.3%
Europe 1.4%
Middle East/Africa 0.7%
Asia/Pacific 0.5%
Caribbean 0.0%

Top Currency Exposures

AS OF 9/30/17
Currency%
United States Dollar (USD) 100.0%

Credit Quality of Bonds

AS OF 9/30/17
Class %
AAA 0.0%
AA 0.0%
A 4.1%
BBB 16.2%
BB 14.4%
B 11.1%
CCC and below 0.0%
Unrated Securities 54.2%

Maturity Schedule

AS OF 9/30/17
Security Type%
1 To 5 Years 41.3%
Equities and Other 22.2%
5 To 10 Years 20.7%
< 1 Year 12.6%
20 To 30 Years 3.2%
10 To 20 Years 0.0%
> 30 Years 0.0%

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. You can obtain a complete listing of holdings by visiting www.calamos.com.

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.

Important Fund Information

Bond credit quality allocation reflects the higher of the ratings of Standards & Poor’s Corporation; Moody’s Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent, Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards & Poor’s scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security’s credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund’s Statement of Additional Information at calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites: www.standardandpoors.com and www.moodys.com.

Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

Annualized Standard Deviation-A statistical measure of the historical volatility of a mutual fund or portfolio. Beta—Is a 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.

Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund’s expenses for that same period. Lipper Convertible Securities Funds—Represents funds that invest primarily in convertible bonds and/or convertible preferred stock.

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

Value Line Convertible Index-Is an equally weighted index of the largest convertibles.

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 Convertible Fund include: convertible securities risk, synthetic convertible instruments risk, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield 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.

Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. 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.

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 investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

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.

Total Capital Gains

  
20160.0000
20150.2719
20140.8824
20131.3264
20121.5585
20111.4755
20100.6091
20090.0822
20080.0337

Schedule

   
Distributions Quarterly
Capital Gains Annually

Distributions

Choose a year  
Income Total Reinvest
3Q 2017 0.01274 0.01274 17.73000
2Q 2017 0.05960 0.05960 17.37000
1Q 2017 0.08501 0.08501 16.75000
4Q 2016 0.15681 0.15681 16.11000
3Q 2016 0.16352 0.16352 16.03000
2Q 2016 0.09882 0.09882 15.63000
1Q 2016 0.03752 0.03752 15.10000
4Q 2015 0.25794 0.25794 15.74000
3Q 2015 0.19234 0.19234 16.95000
1Q 2015 0.12346 0.12346 17.89000
4Q 2014 0.10870 0.10870 17.46000
3Q 2014 0.11846 0.11846 18.63000
2Q 2014 0.04239 0.04239 18.60000
1Q 2014 0.10861 0.10861 18.38000
4Q 2013 0.49030 0.49030 17.56000
3Q 2013 0.00000 0.00000 0.00000
1Q 2013 0.00000 0.00000 0.00000
1Q 2013 0.00000 0.00000 0.00000
4Q 2012 0.02325 0.02325 16.50000
3Q 2012 0.00000 0.00000 0.00000
2Q 2012 0.02996 0.02996 16.90000
1Q 2012 0.04489 0.04489 18.18000
4Q 2011 0.06822 0.06822 17.11000
3Q 2011 0.00000 0.00000 0.00000
2Q 2011 0.13633 0.13633 19.44000
1Q 2011 0.02651 0.02651 19.80000
4Q 2010 0.08385 0.08385 19.44000
3Q 2010 0.11035 0.11035 18.93000
2Q 2010 0.24051 0.24051 18.58000
1Q 2010 0.14430 0.14430 19.18000
4Q 2009 0.19778 0.19778 18.54000
3Q 2009 0.13917 0.13917 18.39000
2Q 2009 0.13681 0.13681 16.28000
1Q 2009 0.11267 0.11267 14.61000
4Q 2008 0.10805 0.10805 14.24000
3Q 2008 0.00000 0.00000 0.00000
2Q 2008 0.00000 0.00000 0.00000
1Q 2008 0.00000 0.00000 0.00000
Adobe Logo Most Recent Distributions

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. 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.

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 investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

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.

Annual Expenses

A Shares C Shares I Shares
Total Expense Ratio1.151.900.90
Net Expense Ratio1.151.900.90
Transaction Fee0.000.000.00
Redemption Fee0.000.000.00

Investment Information

A Shares C Shares I Shares
Minimum initial investment$2,500$2,500$1 million
Minimum subsequent investments$50$50$0
IRA initial investments$500$500N/A

Fund Information

A Shares C Shares I Shares
Inception Date6/21/857/05/966/25/97
Ticker SymbolCCVIXCCVCXCICVX
CUSIP number128119401128119823128119864

Sales & Distribution

A Shares C Shares I Shares
Sales loadFront-endLevel-loadN/A
Maximum Sales Charge2.25%1.00%N/A
US Bank Fund Number603617627
DistributionsQuarterly dividends; annual capital gains

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. 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.

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 investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

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.

Convertible Fund Commentary
Calamos Convertible Fund Quarterly Commentary A quarterly update of the Calamos Convertible Fund’s performance, positioning, related market commentary and outlook.
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Convertible Fund Fact Sheet
Calamos Convertible Fund Fact Sheet The Convertible Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.
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Convertible Market Review and Outlook The convertible securities market is healthy and well positioned in this rising rate environment.
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Narrowing Spreads Prompt a Shift Away from High Yield and Toward Convertibles Narrowing spreads are generally associated with improving economic conditions, an environment when convertible securities have historically outperformed.
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Convertibles Are Off To Another Chart-Topping Year Convertibles’ returns have bested fixed income asset classes over the last ten years and are on track to do it again in 2017. See how convertibles can enhance fixed income allocations.
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Don't Make This Mistake with Convertible Bond Funds A passive convertible bond strategy that just follows where the market goes misses out on the opportunity that an active manager has to rebalance and optimize risk/reward.
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Managing Equity Risk Over Market Cycles See how the Calamos Convertible Fund seeks equity-like performance over full market cycles while seeking to reduce equity market risk.
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Rising Rates Raising Concerns? The Fed’s decision to raise interest rates can cause headwinds for portfolios with traditional fixed-income securities. Convertible securities can potentially diversify asset allocations beyond bonds and stocks.
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The Case for Strategic Convertible Allocations Thumbnail
The Case for Strategic Convertible Allocations

John P. Calamos, Sr. and Eli Pars discuss the role of convertible securities within portfolios, the value of active management, and encouraging global trends within the convertible market.

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5 Things to Know about Convertible Securities in 2017 Five insights into convertible securities as drawn from our 32-page Convertible Securities: Structures, Valuation, Market Environment and Asset Allocation guide.
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The Efficient Frontier: Supporting the Case for Convertibles in Rising Rate Environments Worried About Bond Investments and Rising Rates? Remember the Efficient Frontier.
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Making the Active Choice in Convertible Investing Convertible securities are equity-linked instruments that offer upside exposure through equity market participation and potential downside resilience in periods of equity market declines. As the characteristics of the convertible market changes over time, active management is essential.
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Calamos Strategies for Different Market Periods Illustration of equity alternatives performance in down markets and fixed income alternative performance in rising interest rate environments.
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Calamos Convertible Fund Prospectus (ABC) This summary contains important information about the Class A, B and C Convertible Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
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Calamos Convertible Fund Prospectus (IRT) This summary contains important information about the Class I and R Convertible Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
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Statutory Prospectus (ABC) You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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Statutory Prospectus (IRT) You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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Calamos Mutual Fund Statement of Additional Information
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.
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Mutual Funds Semi Annual Report
Semi Annual Report The semiannual 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.
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Mutual Funds Annual Report
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.
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Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar data: © 2017 Morningstar, Inc. All rights reserved. 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.

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 investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

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.

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 investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost..

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Daily performance returns are not adjusted for the 4.75% front-end sales charge, which would reduce the performance quoted. Where indicated, quarterly returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares (3.75% for Total Return Bond Fund Class A Shares). Class B shares have a declining contingent deferred sales charge over six years, with a maximum of 5% in year one (3.50% for Total Return Bond Fund Class B shares). Class B shares automatically convert to A shares after eight years. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC). Class I shares are also available for institutional investors. 

 

The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2015 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class B, Class C and Class I are limited to 1.15%, 1.90%, 1.90% and 0.90% of average net assets respectively for the Calamos Value and Focus Growth Fund; 1.50%, 2.25%, 2.25% and 1.25% of average net assets respectively for the Calamos Discovery Growth Fund; 1.40%, 2.15%, 2.15% and 1.15% of average net assets respectively for the Calamos International Growth and Global Equity Fund; and 0.90%, 1.65%, 1.65% and 0.65% of average net assets respectively for the Calamos Total Return Bond Fund.

The funds' gross expense ratios as of the prospectus dated 3/1/14 are as follows: Growth A 1.28%, B 2.03%, C 2.03% and I 1.03%; Growth and Income A 1.09%, B 1.84%, C 1.84% and I 0.84%; Opportunistic Value A 1.54%, B 2.30%, C 2.29% and I 1.29%; Focus Growth A 1.65%, B 2.40%, C 2.40% and I 1.40%; Discovery Growth Fund A 1.72%, B 2.47%, C 2.47% and I 1.47%; Dividend Growth A 2.22%, C 2.97% and I 1.97%; Mid Cap Growth A 3.08%, C 3.83% and I 2.83%; Global Growth and Income A 1.41%, B 2.16%, C 2.16% and I 1.15%; International Growth A 1.48%, B 2.23%, C 2.23% and I 1.23%; Global Equity A 1.45%, B 2.20%, C 2.20% and I 1.20%; Evolving World Growth A 1.64%, B 2.39%, C 2.39% and I 1.39%; Emerging Market Equity A 2.62%, C 3.37% and I 2.37%; Convertible A 1.12%, B 1.87%, C 1.87% and I 0.87%; Market Neutral Income A 1.28%, B 2.05%, C 2.03% and I 1.02%; Long/Short A 2.68%, C 3.43% and I 2.43%; High Income A 1.18%, B 1.93%, C 1.93% and I 0.93%; and Total Return Bond A 0.99%, B 1.74%, C 1.74% and I 0.74%. 
 
Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.

 

Important Fund Information

  • Calamos Growth, Growth and Income, Opportunistic Value, Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds may invest in small and mid-size company securities, which generally present greater risk and higher volatility than investments in larger, more established companies.
  • Calamos Growth, Growth and Income, Opportunistic Value, Focus Growth, Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds invest a substantial portion of their assets in equity securities, which are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends, and general economic conditions.
  • Calamos Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds may invest up to 100% of assets in foreign securities. Total Return Bond Fund may invest up to 35% and all other Calamos funds up to 25% of assets in foreign securities. Investing outside the U.S. offers both risks and rewards. Increased volatility, changes in the value of foreign currencies, and difficulty in obtaining information are some of the risks involved.
  • Global Growth and Income, International Growth, Global Equity, Evolving World Growth and Total Return Bond Funds may invest in securities issued by companies in emerging markets; these may present additional risk due to the potential for greater economic and political instability in less developed countries.
  • Calamos High Income Fund invests and Total Return Bond Funds may invest in lower-rated fixed-income securities, often referred to as "junk bonds," which generally present greater risks than higher-quality securities, because of the greater likelihood that the company issuing the lower-rated securities will default on income and principal payments.
  • Calamos Growth and Income, Convertible and Market Neutral Income Funds: There are certain risks associated with an investment in a convertible bond such as a default risk—the company issuing a convertible security may be unable to repay principal and interest—and interest rate risk—the convertible may decrease in value if interest rates increase.
  • Calamos Market Neutral Income Fund engages in short sales. Short sales involve the risk that the Fund may incur a loss if the market value of a borrowed security increases between the date of the short sale and the date the Fund replaces the security. A short position in a security poses more risk than holding the same security long. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. It is possible that the market value of the securities the Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases, thereby increasing the Fund's potential volatility. The Market Neutral Income Fund engages in short sales of convertible securities' underlying stock, which may increase volatility and portfolio turnover.
  • Calamos Total Return Bond Fund may invest in derivative securities, including options, futures contracts and swap agreements. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed.
  • In addition to market risk, there are certain risks associated with an investment in Calamos Total Return Bond Fund, such as default risk, the risk that the company issuing debt securities will be unable to repay principal and interest, and interest rate risk that the security may decrease in value if interest rates increase.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Performance of the Growth Fund reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2000.

Performance shown for the Convertible Fund and Global Growth and Income Fund includes the effects of an overpayment of dividends and/ or capital gains distribution to shareholders of certain classes of shares of the Fund (and a corresponding capital contribution by Calamos Advisors LLC), which increased certain return figures.

1Net asset value is the $U.S. value of a single share excluding any sales charges. NAV Change shows the change in value from the prior business day: + = gain; - = loss; NC = no change. The net asset value of a fund will fluctuate. Please note that total return is considered one of the best measures of overall performance of most mutual fund investments. More complete information and long-term performance is available for each Fund by clicking on any Fund name. Shares are redeemable at current net asset value, which may be more or less than their original cost

Calamos Financial Services LLC, Distributor

 

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.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

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. Performance shown reflects an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25%* for Class A shares in the following funds: Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, High Income Opportunities Fund, and Total Return Bond Fund. The maximum front-end sales load for Class A shares of all other funds is 4.75%. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class C shares have been adjusted for the contingent deferred sales charge (CDSC). There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund's Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances. *Prior to 2/28/17, the Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, and High Income Opportunities fund had a maximum front-end sales load of 4.75%, and the Total Return Bond Fund had a maximum front-end sales load of 3.75%.

The funds' gross expense ratios as of the prospectus dated 2/28/17 are as follows: Growth A 1.35%, C 2.10% and I 1.10%; Growth and Income A 1.12%, C 1.87% and I 0.87%; Opportunistic Value A 1.57%, C 2.32% and I 1.32%; Dividend Growth A 1.74%, C 2.49% and I 1.49%; Global Growth and Income A 1.46%, C 2.21% and I 1.21%; International Growth A 1.39%, C 2.14% and I 1.14%; Global Equity A 1.50%, C 2.25% and I 1.25%; Evolving World Growth A 1.64%, C 2.39% and I 1.39%; Emerging Market Equity A 2.50%, C 3.25% and I 2.25%; Convertible A 1.15%, C 1.90% and I 0.90%; Global Convertible A 1.47%, C 2.22% and I 1.22%; Market Neutral Income A 1.22%, C 1.97% and I 0.97%; Phineus Long/Short A 4.29%, C 5.07% and I 4.29%; Hedged Equity Income A 2.04%, C 2.80% and I 1.82%; High Income Opportunities A 1.18%, C 1.93% and I 0.93% (7/1/17); and Total Return Bond A 0.97%, C 1.72% and I 0.72% (6/1/17).  

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 containing this and other information or call 800-582-6959. Read it carefully.

Speak with a Calamos Investment Consultant at 888-571-2567