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CALAMOS MID CAP GROWTH FUND (CMXAX)

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Overview

The fund invests primarily in equity securities issued by midsize U.S. companies that we believe offer the best opportunities for growth.

Key Features

  • Utilize more than two decades of extensive research experience in growth investing
  • Active management with a focus on top-down views and bottom-up fundamentals
  • Research-driven approach identifies opportunities by combining top-down analysis and a research focus on key growth characteristics

Portfolio Fit

The fund may be suitable for investors seeking to diversify equity allocations with a primarily mid cap growth strategy and add holdings in companies that historically have higher growth rates and returns than larger companies.

Active, High-Quality Growth Investing

Calamos Mid Cap Growth Fund focuses on companies possessing key growth characteristics and sustainable growth opportunities in the mid cap arena. Through its active approach, the fund maintains a far more growth-focused investing style than more benchmark-constrained approaches, as seen in this holdings-based style map.

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 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 Mid Cap Growth Fund include the risk of: declining equity values; higher volatility from growth and mid-cap companies to changes in the economic; incorrect selection or judgments on portfolio holdings by the investment advisor; increased transaction costs because of frequent turnover; losses from currency fluctuations; lack of liquidity or correlation to underlying securities in the options market; and potential illiquidity of securities purchased privately under Rule 144A. More detailed information regarding these risks can be found in the Fund's prospectus.

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

Debt/Capital Ratio is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.
EPS growth (5 years) represents the historical weighted earnings per share growth of holdings.
Lipper Mid-Cap Growth Funds represent funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper's USDE large-cap floor. Mid-cap growth funds typically have above-average characteristics compared to the S&P MidCap 400 Index.
PEG ratio is a stock's 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 the 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 a stock's capitalization divided by its sales over the trailing 12 months.
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.

Russell Midcap Growth Index measures the performance of the midcap growth segment of the U.S. equity universe and includes companies with higher price-to-book ratios and higher forecasted growth values.

The fund's investment adviser has contractually agreed to reimburse the 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 funds fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I are limited to 1.25%, 2.00% and 1.00% of average net assets, respectively.

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. 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 gross expense ratio is 1.25% as of the prospectus dated 3/1/2014.

The S&P 500 Index is generally representative of the U.S. equity market. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. The Russell Midcap Growth Index measures the performance of midcap growth companies. 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.

The Russell 3000 Growth Index will generally include companies that trade at higher multiples, potentially leading to more volatility. Mid cap stocks are generally more volatile than the large cap stocks that are included in the Russell 3000 Growth Index.

Fund Details

As of 8/22/14
Inception Date:
8/5/13
Current NAV:
$11.35
$ Change:
$0.02
% Change:
0.18%
Net Assets*
48.4 mil
(*Total Net Assets as of 6/30/14)

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 6/30/14

Annualized Total Returns

AS OF 6/30/14
Calamos (NAV)13.73%
(Load-Adjusted)8.32%
Russell Midcap16.25%

The Fund's Gross Expense Ratio is 3.08 as of the prospectus dated 3/01/14

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

Past performance is no guarantee of future results. The Calamos Mid Cap Growth Fund has an effective date of August 5, 2013 and does not have its own performance track record. There are significant differences between the Russell Mid Cap Growth Index, the S&P 500 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 performance history.

The S&P 500 Index is generally representative of the U.S. equity market. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. The Russell Midcap Growth Index measures the performance of midcap growth companies. 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.

The Russell 3000 Growth Index will generally include companies that trade at higher multiples, potentially leading to more volatility. Mid cap stocks are generally more volatile than the large cap stocks that are included in the Russell 3000 Growth 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. 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.

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 assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class B and C Shares, the performance of which may vary.

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 adviser has contractually agreed to reimburse the 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 funds fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I are limited to 1.25%, 2.00% and 1.00% of average net assets, respectively.

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. 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 gross expense ratio is 1.25% as of the prospectus dated 3/1/2014.

The S&P 500 Index is generally representative of the U.S. equity market. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. The Russell Midcap Growth Index measures the performance of midcap growth companies. 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.

The Russell 3000 Growth Index will generally include companies that trade at higher multiples, potentially leading to more volatility. Mid cap stocks are generally more volatile than the large cap stocks that are included in the Russell 3000 Growth Index.

Sector Weightings

AS OF 6/30/14
% of Assets Russell Midcap Growth Index
Consumer Discretionary 25.0% 23.0%
Information Technology 19.0% 17.7%
Industrials 15.8% 16.7%
Health Care 15.5% 12.9%
Financials 10.4% 8.7%
Energy 8.0% 7.4%
Consumer Staples 2.9% 7.7%
Materials 2.7% 4.7%
Telecommunication Services 0.0% 1.0%
Utilities 0.0% 0.2%
Index Options 0.0% 0.0%
Sovereign Bonds 0.0% 0.0%
Other 0.0% 0.0%

Asset Allocation

AS OF 6/30/14

Top 10 Holdings

Adobe Logo View All Holdings AS OF 6/30/14
Company Security Type Industry
%
Deckers Outdoor Corp. Common Stock Footwear 3.4%
LinkedIn Corp. - Class A Common Stock Internet Software & Services 3.2%
Cerner Corp. Common Stock Health Care Technology 3.2%
Chicago Bridge & Iron Company, NV Common Stock Construction & Engineering 2.4%
PVH Corp. Common Stock Apparel, Accessories & Luxury Goods 1.9%
Fossil Group, Inc. Common Stock Apparel, Accessories & Luxury Goods 1.9%
Regeneron Pharmaceuticals, Inc. Common Stock Biotechnology 1.9%
Splunk, Inc. Common Stock Application Software 1.7%
Insulet Corp. Common Stock Health Care Equipment 1.7%
Continental Resources, Inc. Common Stock Oil & Gas Exploration & Production 1.7%
Total 23.0%

Fund Facts

AS OF 6/30/14


Fund Russell Midcap Growth Index
Total Net Assets $48.4 million --
# of Holdings 89 539
Turnover 47.5% --
Price/Book 4.1x 4.8x
Price/Earnings 23.5x 23.5x
Price/Sales 2.1x 1.8x
PEG Ratio 1.5x 1.7x
Debt/Capital 28.9% 44.6%
ROIC 20.0% 18.1%
Portfolio Turnover (12 months) 47.5% --

Market Capitalization

AS OF 6/30/14
> $82bil 0.0%
$24bil - $82bil 8.8%
$8bil - $24bil 38.3%
$3bil - $8bil 32.7%
< $3bil 20.2%

Regional Exposure

AS OF 6/30/14
North America 89.2%
Europe 5.1%
Asia/Pacific 4.9%
Caribbean 0.0%
Latin America 0.0%

Country Exposure

AS OF 6/30/14
United States 88.4%
Hong Kong 2.8%
Netherlands 2.4%
United Kingdom 1.2%
Taiwan 1.2%
China 0.9%
Canada 0.8%
Denmark 0.6%
Ireland 0.5%
Italy 0.4%

Currency Exposure

AS OF 6/30/14
United States Dollar (USD) 97.0%
Taiwan Dollar (TWD) 1.2%
Canadian Dollar (CAD) 0.8%
Danish Krone (DKK) 0.6%
Euro (EUR) 0.4%

1 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.

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 can be no assurance that the Fund will achieve its investment objective.

NOTES

Debt/Capital Ratio is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital. EPS growth (5 years) represents the historical weighted earnings per share growth of holdings.
Lipper Mid-Cap Growth Funds represent funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper's USDE large-cap floor. Mid-cap growth funds typically have above-average characteristics compared to the S&P MidCap 400 Index.
PE G ratio is a stock's 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 the 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 a stock's capitalization divided by its sales over the trailing 12 months.
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.

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 Mid Cap Growth Fund include the risk of: declining equity values; higher volatility from growth and mid-cap companies to changes in the economic; incorrect selection or judgments on portfolio holdings by the investment advisor; increased transaction costs because of frequent turnover; losses from currency fluctuations; lack of liquidity or correlation to underlying securities in the options market; and potential illiquidity of securities purchased privately under Rule 144A. More detailed information regarding these risks can be found in the Fund's prospectus.

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 investment adviser has contractually agreed to reimburse the 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 funds fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I are limited to 1.25%, 2.00% and 1.00% of average net assets, respectively.

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. 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 gross expense ratio is 1.25% as of the prospectus dated 3/1/2014.

The S&P 500 Index is generally representative of the U.S. equity market. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. The Russell Midcap Growth Index measures the performance of midcap growth companies. 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.

The Russell 3000 Growth Index will generally include companies that trade at higher multiples, potentially leading to more volatility. Mid cap stocks are generally more volatile than the large cap stocks that are included in the Russell 3000 Growth Index.

Total Capital Gains

  
20130.0008

Schedule

   
Distributions Annually
Capital Gains Annually

Distributions

Choose a year  
Income Total Reinvest
4Q 2013 0.00214 0.00214 10.88000
Adobe Logo Fourth Quarter and Annual Income 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.

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

The fund's investment adviser has contractually agreed to reimburse the 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 funds fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I are limited to 1.25%, 2.00% and 1.00% of average net assets, respectively.

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. 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 gross expense ratio is 1.25% as of the prospectus dated 3/1/2014.

The S&P 500 Index is generally representative of the U.S. equity market. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. The Russell Midcap Growth Index measures the performance of midcap growth companies. 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.

The Russell 3000 Growth Index will generally include companies that trade at higher multiples, potentially leading to more volatility. Mid cap stocks are generally more volatile than the large cap stocks that are included in the Russell 3000 Growth Index.

Annual Expenses

A Shares C Shares I Shares
Total Expense Ratio3.083.832.83
Net Expense Ratio1.252.001.00
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 Date8/05/138/05/138/05/13
Ticker SymbolCMXAXCMXCXCMXIX
CUSIP number128120870128120862128120854

Sales & Distribution

A Shares C Shares I Shares
Sales loadFront-endLevel-loadN/A
Maximum Sales Charge4.75%1.00%N/A
US Bank Fund Number210921102211
DistributionsAnnual 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

The fund's investment adviser has contractually agreed to reimburse the 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 funds fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I are limited to 1.25%, 2.00% and 1.00% of average net assets, respectively.

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. 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 gross expense ratio is 1.25% as of the prospectus dated 3/1/2014.

The S&P 500 Index is generally representative of the U.S. equity market. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. The Russell Midcap Growth Index measures the performance of midcap growth companies. 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.

The Russell 3000 Growth Index will generally include companies that trade at higher multiples, potentially leading to more volatility. Mid cap stocks are generally more volatile than the large cap stocks that are included in the Russell 3000 Growth Index.

Calamos Mid Cap Growth Fund Quarterly Commentary A quarterly update of the Calamos Mid Cap Growth Fund’s performance, positioning, related market commentary and outlook.
Calamos Mid Cap Growth Fund Fact Sheet The Midcap Growth Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.
Investment Team View the Growth Equity/Fixed Income Team biographies
Calamos Midcap Growth Fund Prospectus (ABC) This summary contains important information about the Class A, B and C Midcap Growth Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
Calamos Midcap Growth Fund Prospectus (IR) This summary contains important information about the Class I and R Midcap Growth Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
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.
Statutory Prospectus (IR) 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.
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.
Annual Report The annual report includes a letter from John P. Calamos, Sr. and Gary Black to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.

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

The fund's investment adviser has contractually agreed to reimburse the 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 funds fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I are limited to 1.25%, 2.00% and 1.00% of average net assets, respectively.

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. 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 gross expense ratio is 1.25% as of the prospectus dated 3/1/2014.

The S&P 500 Index is generally representative of the U.S. equity market. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. The Russell Midcap Growth Index measures the performance of midcap growth companies. 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.

The Russell 3000 Growth Index will generally include companies that trade at higher multiples, potentially leading to more volatility. Mid cap stocks are generally more volatile than the large cap stocks that are included in the Russell 3000 Growth 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.