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Calamos Phineus Long/Short Fund (CPLSX)

Class A

Introducing: The Calamos Phineus Long/Short Fund

The Long/Short Model

The Long Short Model | Calamos Phineus Long/Short Fund

Long/Short Model Flexibility

The Long/Short Model Flexibility of Calamos Phineus Long/Short Fund

Overview

The fund seeks strong risk-adjusted and absolute returns across the global equity universe. The fund uses a global long/short strategy to invest in publicly listed equity securities. Alternative investments may not be suitable for all investors.

Key Features

  • Fundamental global approach blends top-down and bottom-up considerations
  • Flexible asset allocation allows for all investment styles, market caps and geographic regions depending on the market environment
  • Comprehensive Approach assesses stock, industry, style country and market factors
  • Knowledge-based industry concentration includes technology, communications, media, financials and health care

Portfolio Fit

The fund may be suitable for investors seeking to improve their risk-adjusted returns via an alternative solution that complements and diversifies their global or U.S. equity portfolio.

An Alternative Manager with a Long-Term Record of Compelling Performance

As a pioneer in alternatives, Calamos Investments has more than 20 years of experience investing outside of traditional asset classes and currently manages $4.8 billion in alternative assets (as of June 30, 2017). In 2015, Calamos acquired Phineus Partners LP. Over the course of 15 years, Phineus has demonstrated its ability to deliver solid performance through an institutional-strength long/short strategy that combines the best of bottom-up equity investing with macro-analysis.

GROWTH OF $10K: OUTPERFORMANCE SINCE INCEPTION

The chart below shows how a hypothetical $10,000 investment in the fund outperformed the benchmark MSCI World Index since the fund’s inception.

Phineus Long/Short Growth

Click here to view complete performance data. 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 month end performance information click on the performance tab.

The performance shown for periods prior to 4/5/16 is the performance of a predecessor investment vehicle (the “Predecessor Fund”). The Predecessor Fund was reorganized into the Fund on 4/5/16, the date upon which the Fund commenced operations. On 10/1/15 the parent company of Calamos Advisors, purchased Phineus Partners LP, the prior investment adviser to the Predecessor Fund (“Phineus”), and Calamos Advisors served as the Predecessor Fund’s investment adviser between 10/1/2015 until it was reorganized into the Fund. Phineus and Calamos Advisors managed the Predecessor Fund using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. Phineus and Calamos Advisors managed the Predecessor Fund in this manner either directly or indirectly by investing all of the Predecessor Fund’s assets in a master fund structure. The Predecessor Fund performance information has been adjusted to reflect Class A and I shares expenses. However, the Predecessor Fund was not a registered mutual fund and thus was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance may have been lower.

Important Risk Information

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.

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.

The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and Asia/Pacific region.

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.

The Morningstar Long/Short Equity Category funds take a net long stock position, meaning the total market risk from the long positions is not completely offset by the market risk of the short positions. Total return, therefore, is a combination of the return from market exposure (beta) plus any value-added from stock picking or market-timing (alpha).

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

Inception Date:
5/01/02
Ticker:
CPLSX
 
CPCLX
 
CPLIX
CUSIP:
A - 128120656
 
C - 128120649
 
I - 128120631
Asset Classes:
A,C,I
Net Assets*
357.3 mil
(*Total Net Assets as of 8/31/17)

Resources

Sector Weightings

AS OF 8/31/17
LONG SHORT GROSS NET
Consumer Discretionary 15.1 0.0 15.1 15.1
Consumer Staples 0.0 -3.6 3.6 -3.6
Energy 0.7 0.0 0.7 0.7
Financials 33.6 0.0 33.6 33.6
Health Care 10.5 -5.0 15.6 5.5
Industrials 8.6 0.0 8.6 8.6
Information Technology 20.3 0.0 20.3 20.3
Materials 1.5 0.0 1.5 1.5
Real Estate 2.0 0.0 2.0 2.0
Telecom Services 0.0 0.0 0.0 0.0
Utilities 0.0 0.0 0.0 0.0
Other 8.0 -50.5 58.5 -42.5
TOTAL 100.5 -59.2 159.6 41.3

Regional Weightings

AS OF 8/31/17
LONG SHORT GROSS NET
North America 87.7 -55.0 142.8 32.7
Europe 11.9 -0.1 12.0 11.8
Asia/Pacific 0.0 0.0 0.0 0.0
Middle East/Africa 0.0 0.0 0.0 0.0
Emerging Markets 0.8 -4.1 4.9 -3.3
TOTAL 100.5 -59.2 159.6 41.3

Exchange traded funds and index options are included in totals but not listed as sectors.

Sector weightings, which are subject to change daily, 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.

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.

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 Phineus 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.

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.

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

Schedule

   
Distributions Annually
Capital Gains Annually

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.

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.

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.

The gross expense ratio is inclusive of the 1.25% management fee, short dividend and interest expenses (Class A: 0.98%, Class C: 0.93%, Class I: 1.01%); acquired fund fees, other expenses and 12b-1 fees (Class A: 2.06%, Class C: 2.89%); acquired fund fees and other expenses (Class I: 2.03%).

The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through 3/1/19, 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 or non-routine 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.

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
Gross Expense Ratio 4.29% 5.07% 4.29%
Net Expense Ratio 3.24 3.94 3.02
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 5/01/02 5/01/02 5/01/02
Ticker Symbol CPLSX CPCLX CPLIX
CUSIP number 128120656 128120649 128120631

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 5084 5085 5086
Distributions Annual 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.

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.

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 gross expense ratio is inclusive of the 1.25% management fee, short dividend and interest expenses (Class A: 0.98%, Class C: 0.93%, Class I: 1.01%); acquired fund fees, other expenses and 12b-1 fees (Class A: 2.06%, Class C: 2.89%); acquired fund fees and other expenses (Class I: 2.03%).

*The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through 3/1/19, 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 or non-routine 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.

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.

Calamos Phineus Long-Short Fund Quarterly Commentary
A quarterly update of the Calamos Phineus Long-short Fund’s performance, positioning, related market commentary and outlook.
Calamos Phineus Long Short Fund Fact Sheet
The Phineus Long Short Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, and returns.
Understanding Our Unconstrained Approach to Equity Investing
August, 2017

A collection of insights on the Calamos Phineus Long/Short Fund (CPLIX).

CPLIX’s Grant Looks for More of the Same in the Second Half
July, 2017

CPLIX June 2017 positioning: Equities still have runway, given growth in sales and earnings.

Reflation Trades Will Work Again: CPLIX Commentary
June, 2017

CPLIX May 2017 positioning: Reflation trades resume, extending the bull market, the Standard & Poor’s 500 peaking 5%-10% above current levels

Now Try This: How 2 Alts Handle Volatility in a Retirement Portfolio
May, 2017

Using a 100% alternative allocation to draw down retirement assets.

CPLIX Makes News for Unconstrained Approach that Gets Results
May, 2017

Read what NAPFA, MarketWatch and InvestmentNews have recently said about Calamos Phineus Long/Short Fund (CPLIX).

How Do Alternative Investments Perform in a Rising Interest Rate Environment?
April, 2017

Setting sights beyond traditional investments may better prepare portfolios for future rate hikes. See why alternative investments may make sense.

Decumulation and Volatility: Advisors’ Focus as Clients Approach Retirement
April, 2017

Decumulation challenges prompt advisors to increasingly turn to alternative mutual funds to minimize the impact of volatility in retirement.

Prepping for Client Conversations About Volatility
April, 2017

Investors are increasingly focused on the inevitability of market volatility. Here’s a resource guide for understanding the opportunity in volatility.

One Year Later: CPLIX Consistency Connects with Advisors
April, 2017

CPLIX resonates with advisors whose clients seek capital appreciation but are averse to volatility.

Jumpy Markets? This ‘Half Caff’ Blend Cuts Back on the Volatility While Pursuing Better Returns
April, 2017

Alternatives can diversify portfolios to help shield from today’s market volatility—but not all alternative allocations are created equal. Check out this Twenty 50/50 alternative blend that historically offered reduced volatility and improved returns.

MarketWatch—Opinion: Here's what the smartest guys in the room expect from the U.S. stock market
April, 2017

Michael Grant, Senior Co-Portfolio Manager, Global Long/Short and U.S. Growth Strategies profiled as “one of the smartest guys in the room” in a MarketWatch article published on April 14, 2017.

Using ETFs to Manage Long and Short Exposure
March, 2017

ETFs help Calamos Phineus Long/Short Fund keep up with markets when they’re rising while minimizing drawdowns when markets are falling.

Making the Case to Tiptoeing Clients
March, 2017

Investors are optimistic but valuations are high—here’s why an equity alternative may make sense now.

Calamos Breaks into Top 10 of Alternative Fund Managers
February, 2017

Strong alternative funds’ performance and asset growth propelled Calamos into the top 10 alternative fund managers ranked by assets in the Morningstar Alternatives Category.

Equities in 2017: Why We Expect More Upside Than Downside
January, 2017

Easing Global Headwinds Point to Higher Equities in 2017 presents the Calamos Global Long/Short team’s views on populism, earnings growth, tax reform and stronger economies overseas, including in the eurozone.

Unconstrained CPLIX Finishes 2016 In Top Decile
January, 2017

A look at how the unconstrained structure Calamos Phineus Long/Short Fund enabled it to take advantage of the market highs and lows of 2016.

Easing Global Headwinds Point to Higher Equities in 2017
January, 2017

Michael Grant, Sr. Co-Portfolio Manager of Calamos Phineus Long/Short Fund, discusses how populism, monetary policy, and a new U.S. presidential administration shape his team’s outlook for the global economy and markets. He also explains how the fund is positioned to capitalize on reflationary tailwinds.

How Flexibility Has Led to CPLIX Performance Consistency
January, 2017

Market risk can’t be diversified away but it can be hedged. See how the flexible approach of the eighth oldest long/short fund has allowed for capital preservation, helping investors remain invested.

Investors May Be Misjudging Prospects for Fixed Income and Equities in 2017
December, 2016

How Calamos’ investment managers size up the prospects for fixed income and equities in 2017.

Understanding the Long/Short Funds Category
Long/short funds pursue a variety of strategies, leading to a wide performance dispersion. This infographic explains the Long/Short fund category.
Pursuing Equity-like Returns With a Superior Risk Profile, Since 2002
Illustration of how Calamos Phineus Long/Short Fund (CPLIX) pursued equity-like returns with a superior risk profile over full market cycles, helping investors remain invested.
Summary Prospectus (Class A, C)
This summary contains important information about the Class A and C Phineus Long/Short Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
Summary Prospectus (Class I)
This summary contains important information about the Class I Phineus Long/Short 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 (IRT)
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.
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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.

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.

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 gross expense ratio is inclusive of the 1.25% management fee, short dividend and interest expenses (Class A: 0.98%, Class C: 0.93%, Class I: 1.01%); acquired fund fees, other expenses and 12b-1 fees (Class A: 2.06%, Class C: 2.89%); acquired fund fees and other expenses (Class I: 2.03%).

The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through 3/1/19, 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 or non-routine 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.

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