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Calamos Long/Short Fund (CALSX)

Class A

Overview

The team manages a high-conviction, best ideas long/short fund that invests primarily in U.S. equity securities and is diversified with exposure to key sectors.

Key Features

  • Seasoned team of investment professionals in the hedge fund and long/short space with deep expertise in the industries they cover
  • High-conviction investing with the aim of generating alpha through both long and short positions
  • Catalyst driven and bottom-up fundamental equity investment approach
  • Collaborative assessment of ideas that are vetted by the entire team rather than one portfolio manager

Portfolio Fit

The fund may be suitable for investors seeking an alternative solution to complement and diversify a long-only portfolio with an investment that has the potential to lower overall portfolio beta and create superior risk-adjusted returns.

Declining Equity Correlations = Long/Short Opportunities

Historically, long/short equity strategies have benefited from lower stock correlations. Stock correlations are at their lowest point post the financial crisis and recent market conditions pose an expanding demand for liquid alternatives.

Long/Short Equity Returns Versus Equity Correlations

Past performance is no guarantee of future results. Alternative investments may not be suitable for all investors. The fund takes long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and for hedging purposes. The fund may lose money should the securities the fund is long decline in value or if the securities the fund has shorted increase in value, but the ultimate goal is to realize returns in both rising and falling equity markets while providing a degree of insulation from increased market volatility.

The Calamos Long/Short Fund has an inception date of June 3, 2013. There are significant differences between the HFRI Equity Index, the S&P 500 Index and the fund itself. The indexes shown are not intended as proxies for the fund’s actual performance and may differ significantly once the fund has a longer performance history. Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.

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 Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, leverage risk, and foreign securities 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.

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.

Notes

HFRI Equity Hedge Index consists of funds where portfolio managers maintain long and short positions in primarily equity and derivative securities.

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

 

Sector Weightings

AS OF 06/30/14
LONG SHORT GROSS NET
Consumer Discretionary 20.5% -4.2% 24.7% 16.3%
Energy 6.4% -3.0% 9.4% 3.3%
Financials 10.8% -3.3% 14.1% 7.6%
Health Care 12.5% -4.8% 17.3% 7.6%
Industrials 6.8% -2.0% 8.8% 4.8%
Information Technology 4.2% -2.3% 6.5% 1.2%
TOTAL 61.2% -20.3% 81.5% 40.9%

Top 5 Holdings Long

Adobe Logo View All Holdings AS OF 06/30/14
Company Industry
%
Lamar Advertising Company Advertising 3.9%
Cameron International Corp. Oil & Gas Equipment & Services 3.6%
Michael Kors Holdings, Ltd. Apparel, Accessories & Luxury Goods 3.5%
Agilent Technologies, Inc Life Sciences Tools & Services 3.0%
CBS Corp. Broadcasting 2.8%
Number of Holdings Long 37

Top 5 Holdings Short

AS OF 06/30/14
Industry
%
Health Care Services -1.91%
Asset Management & Custody Bank -1.88%
Health Care Equipment -1.85%
Commercial Printing -1.63%
Restaurants -1.44%
Number of Holdings Short 24

1 Top 5 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 list¬ing 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.

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

Important Fund Information.

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.

There is no assurance that the fund's investment strategy or objective will be achieved or maintained.

Net exposure is the difference between a fund's long and short exposure.

Gross exposure equals long exposure plus the absolute value of short exposure

The S&P 500 Index is generally considered representative of the U.S. stock market.

The HFRI Equity Hedge Index consists of funds where portfolio managers maintain long and short positions in primarily equity and derivative securities.

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 signifcant 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 Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, leverage risk, and foreign securities 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.

As of the fund's prospectus dated 3/31/2014. The Fund’s investment advisor has contractually agreed to reimburse Long/Short 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 extra- ordinary expenses, if any) of Class A, Class C, and Class I are limited to 2.00%, 2.75%, and 1.75% of average net assets, respectively. This agreement is not terminable by either party.

The Calamos Long/Short Fund has an effective date of June 2, 2013 and does not have its own performance track record. There are significant differences between HFRI Equity Index, the S&P 500 and the fund itself. The indexes shown are not intended as proxies for the Fund's actual performance an may differ significantly once the Fund has a performance history.

Past performance is no guarantee of future results.

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.

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.

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

  
20130.0000

Schedule

   
Distributions Quarterly
Capital Gains Annually

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.

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

As of the fund's prospectus dated 3/31/2014. The Fund’s investment advisor has contractually agreed to reimburse Long/Short 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 extra- ordinary expenses, if any) of Class A, Class C, and Class I are limited to 2.00%, 2.75%, and 1.75% of average net assets, respectively. This agreement is not terminable by either party.

The Calamos Long/Short Fund has an effective date of June 2, 2013 and does not have its own performance track record. There are significant differences between HFRI Equity Index, the S&P 500 and the fund itself. The indexes shown are not intended as proxies for the Fund's actual performance an may differ significantly once the Fund has a performance history.

Past performance is no guarantee of future results.

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.

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.

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 Ratio 2.683.43 2.43
Net Expense Ratio 2.40 3.15 2.15
Transaction Fee 0.00 0.00 0.00
Redemption Fee 0.00 0.00 0.00

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 $500 N/A

Fund Information

A Shares C Shares I Shares
Inception Date 6/03/13 6/03/13 6/03/13
Ticker Symbol CALSX CCLSX CILSX
CUSIP number 128120607 128120706 128120805

Sales & Distribution

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 1947 1948 1957
Distributions Quarterly 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.

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

As of the fund's prospectus dated 3/31/2014. The Fund’s investment advisor has contractually agreed to reimburse Long/Short 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 extra- ordinary expenses, if any) of Class A, Class C, and Class I are limited to 2.00%, 2.75%, and 1.75% of average net assets, respectively. This agreement is not terminable by either party.

The Calamos Long/Short Fund has an effective date of June 2, 2013 and does not have its own performance track record. There are significant differences between HFRI Equity Index, the S&P 500 and the fund itself. The indexes shown are not intended as proxies for the Fund's actual performance an may differ significantly once the Fund has a performance history.

Past performance is no guarantee of future results.

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.

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.

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.

Long Short Fund Quarterly Commentary A quarterly update of the Calamos Long Short Fund's performance, positioning, related market commentary and outlook.
Calamos Long Short Fund Fact Sheet The Long Short Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.
Investment Team View the Long/Short Team biographies
Summary Prospectus (Class A, C) This summary contains important information about the Class A and C Long/Short Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
Summary Prospectus (Class I, R) This summary contains important information about the Class I and R Long/Short Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
Statutory Prospectus (Class A, B, C) You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
Statutory Prospectus (Class I, R) You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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.

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

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 signifcant 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 Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, leverage risk, and foreign securities 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.

Net exposure is the difference between a fund's long and short exposure.

Gross exposure equals long exposure plus the absolute value of short exposure

The S&P 500 Index is generally considered representative of the U.S. stock market.

The HFRI Equity Hedge Index consists of funds where portfolio managers maintain long and short positions in primarily equity and derivative securities.

As of the fund's prospectus dated 3/31/2014. The Fund’s investment advisor has contractually agreed to reimburse Long/Short 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 extra- ordinary expenses, if any) of Class A, Class C, and Class I are limited to 2.00%, 2.75%, and 1.75% of average net assets, respectively. This agreement is not terminable by either party.

The Calamos Long/Short Fund has an effective date of June 2, 2013 and does not have its own performance track record. There are significant differences between HFRI Equity Index, the S&P 500 and the fund itself. The indexes shown are not intended as proxies for the Fund's actual performance an may differ significantly once the Fund has a performance history.

Past performance is no guarantee of future results.

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.

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.

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.

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.

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

As of the fund's prospectus dated 3/31/2014. The Fund’s investment advisor has contractually agreed to reimburse Long/Short 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 extra- ordinary expenses, if any) of Class A, Class C, and Class I are limited to 2.00%, 2.75%, and 1.75% of average net assets, respectively. This agreement is not terminable by either party.

The Calamos Long/Short Fund has an effective date of June 2, 2013 and does not have its own performance track record. There are significant differences between HFRI Equity Index, the S&P 500 and the fund itself. The indexes shown are not intended as proxies for the Fund's actual performance an may differ significantly once the Fund has a performance history.

Past performance is no guarantee of future results.

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.

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.

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

21-year, 3-year, 5-year, 10-year and since inception returns are as of 12/31/13. 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 4.75% for Class A shares (3.75% for Total Return Bond Fund). 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). 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.

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%. 

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.