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Global Convertible Fund (CAGCX)

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Fund Details

As of 11/20/18
Inception Date:
12/31/14
Current NAV:
$10.65
$ Change:
($0.08)
% Change:
-0.75%
Net Assets*
143.4 mil
(*Total Net Assets as of 9/30/18)

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Overview

The fund invests in global convertible securities, striving to balance risk and reward while providing growth and income.

Key Features

  • Provides broadly diversified exposure to the global convertible bond universe
  • Leverages more than 40 years of research in convertible security investing
  • Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle
  • Blends global investment themes and fundamental research via active management

Portfolio Fit

Consisting of convertible securities that participate in upside equity movements with limited downside exposure, the fund can provide a means to manage risk vis-a-vis an equity allocation. The fund can also serve a role within a fixed-income allocation, as convertibles have performed well during periods of rising interest rates and inflation.

Return on Invested Capital

AS OF 9/30/18

Debt/Capital

AS OF 9/30/18

Important Fund 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 Global Convertible Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover risk and portfolio selection risk.

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

NOTES

ICE BofA ML Global 300 Convertible Index-Is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region. Source ICE Data Indices, LLC, used with permission. ICE permits use of the ICE BofAML indices and related data on an ‘as is’ basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML Indices or data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing and does not sponsor, endorse or recommend Calamos Advisors LLC or any of its products or services.

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

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.

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 2.25%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/18 are as follows: Growth A 1.40%, C 2.15% and I 1.15%; Growth and Income A 1.12%, C 1.87% and I 0.87%; Opportunistic Value A 1.67%, C 2.42% and I 1.42%; Dividend Growth A 1.87%, C 2.73% and I 1.80%; Global Growth and Income A 1.54%, C 2.29% and I 1.29%; International Growth A 1.46%, C 2.21%; and I 1.21%; Global Equity A 1.53%, C 2.27% and I 1.28%; Evolving World Growth A 1.67%, C 2.41% and I 1.41%; Emerging Market Equity A 2.70%, C 3.45% and I 2.45%; Convertible A 1.18%, C 1.93% and I 0.93%; Global Convertible A 1.46%, C 2.20% and I 1.19%; Market Neutral Income A 1.28%, C 2.03% and I 1.02%; Phineus Long/Short A 2.80%, C 3.55% and I 2.54%; Hedged Equity Income A 2.15%, C 3.04% and I 2.07%; High Income Opportunities A 1.33%, C 2.08% and I 1.08%; and Total Return Bond A 1.08%, C 1.83% and I 0.84%. The gross expense ratios as of the prospectus dated 8/29/18 for the Short-Term Bond are A 0.95%, and I 0.70%. The gross expense ratio as of the prospectus dated 9/17/18 for the International Growth R6 Share Class is 1.12%.  

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Calendar Year Total Returns

AS OF 9/30/18

Growth of 10K

Annualized Total Returns

AS OF 9/30/18
Calamos (NAV)1.90%5.19%7.84%5.15%
(Load-Adjusted)-0.36%2.78%6.09%3.79%
Thomson Reuters1.45%5.20%6.95%4.60%
ICE BofAML2.31%8.09%10.34%7.90%

The Fund's Gross Expense Ratio is 1.46% as of the prospectus dated 3/01/18

Important Fund 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 Global Convertible Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover risk and portfolio selection risk.

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

10k Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 2.25%—had it been included, the Fund’s return would have been lower. Index data shown is from 1/31/15, since comparative index data is available only for full monthly periods.

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 2.25%. Had it been included, the Fund's return would have been lower.

ICE BofA ML Global 300 Convertible Index-Is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region. Source ICE Data Indices, LLC, used with permission. ICE permits use of the ICE BofAML indices and related data on an ‘as is’ basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML Indices or data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing and does not sponsor, endorse or recommend Calamos Advisors LLC or any of its products or services.

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.

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 3/1/18 are as follows: Growth A 1.40%, C 2.15% and I 1.15%; Growth and Income A 1.12%, C 1.87% and I 0.87%; Opportunistic Value A 1.67%, C 2.42% and I 1.42%; Dividend Growth A 1.87%, C 2.73% and I 1.80%; Global Growth and Income A 1.54%, C 2.29% and I 1.29%; International Growth A 1.46%, C 2.21%; and I 1.21%; Global Equity A 1.53%, C 2.27% and I 1.28%; Evolving World Growth A 1.67%, C 2.41% and I 1.41%; Emerging Market Equity A 2.70%, C 3.45% and I 2.45%; Convertible A 1.18%, C 1.93% and I 0.93%; Global Convertible A 1.46%, C 2.20% and I 1.19%; Market Neutral Income A 1.28%, C 2.03% and I 1.02%; Phineus Long/Short A 2.80%, C 3.55% and I 2.54%; Hedged Equity Income A 2.15%, C 3.04% and I 2.07%; High Income Opportunities A 1.33%, C 2.08% and I 1.08%; and Total Return Bond A 1.08%, C 1.83% and I 0.84%. The gross expense ratios as of the prospectus dated 8/29/18 for the Short-Term Bond are A 0.95%, and I 0.70%. The gross expense ratio as of the prospectus dated 9/17/18 for the International Growth R6 Share Class is 1.12%.  

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Sector Weightings

AS OF 9/30/18
% of Assets Thomson Reuters Global Convertible Bond Index
Information Technology 20.7% 24.9%
Consumer Discretionary 13.2% 12.5%
Financials 10.0% 8.1%
Real Estate 9.1% 8.0%
Industrials 8.6% 9.3%
Health Care 6.9% 13.5%
Energy 6.6% 4.9%
Materials 5.3% 7.7%
Consumer Staples 2.4% 2.5%
Telecom Services 2.0% 3.8%
Utilities 1.7% 4.8%

Asset Allocation

AS OF 9/30/18

Month-End Yield

AS OF 10/31/18
30-Day SEC Yield 0.99%
Distribution Yield 3.89%

Top 10 Holdings

Adobe Logo View All Holdings AS OF 9/30/18
Company Security Type Industry
%
TOTAL, SA Convertible Bonds Integrated Oil & Gas 3.2%
Wells Fargo & Company Convertible Preferred Stocks Diversified Banks 2.4%
Bank of America Corp. Convertible Preferred Stocks Diversified Banks 2.3%
BASF, SE Convertible Bonds Diversified Chemicals 2.3%
Corestate Capital Holding, SA Convertible Bonds Real Estate Operating Companies 2.2%
Safran, SA Convertible Bonds Aerospace & Defense 2.1%
Citrix Systems, Inc. Convertible Bonds Application Software 1.9%
Carrefour, SA Convertible Bonds Hypermarkets & Super Centers 1.9%
America Movil, SAB de CV Convertible Bonds Integrated Telecommunication Services 1.8%
AYC Finance, Ltd. Convertible Bonds Diversified Real Estate Activities 1.8%
Total 21.9%

Fund Facts

AS OF 9/30/18
Fund Thomson Reuters Global Convertible Bond Index
Total Net Assets $143.4 million --
# of Holdings 129 472
Duration 2.5 years 2.3 years
Median Investment Premium 17.2% 10.3%
Median Conversion Premium 24.4% 26.3%
Debt/Capital 39.4% 42.0%
ROIC 13.4% 12.7%
Portfolio Turnover (12 months) 31.0% --

Market Capitalization

AS OF 9/30/18
Market %
> $112bil 0.0%
$32bil - $112bil 100.0%
$11bil - $32bil 0.0%
$4bil - $11bil 0.0%
< $4bil 0.0%

Regional Exposure

AS OF 9/30/18
Region %
North America 49.0%
Europe 27.9%
Asia/Pacific 16.6%
Middle East/Africa 1.3%
Caribbean 0.0%
Latin America 0.0%

Top Country Exposures

AS OF 9/30/18
Country%
United States 49.0%
France 11.8%
Japan 6.3%
Germany 6.1%
Luxembourg 3.9%
Netherlands 2.9%
China 2.8%
Hong Kong 2.0%
Philippines 1.8%
India 1.5%

Top Currency Exposures

AS OF 9/30/18
Currency%
United States Dollar (USD) 74.1%
Euro (EUR) 17.7%
Japanese Yen (JPY) 5.9%
Hong Kong Dollar (HKD) 1.9%
Singapore Dollar (SGD) 0.4%
British Pound Sterling (GBP) 0.0%
Swiss Franc (CHF) 0.0%
China Renminbi (Yuan) (CNY) 0.0%
Swedish Krona (SEK) 0.0%
South Korean WON (KRW) 0.0%
Australian Dollar (AUD) 0.0%
South African Rand (ZAR) 0.0%
Thai Bahat (THB) 0.0%

Credit Quality of Bonds

AS OF 9/30/18
Class %
AAA 8.8%
AA 3.4%
A 5.6%
BBB 12.9%
BB 9.5%
B 4.6%
CCC and below 0.0%
Unrated Securities 55.2%

Maturity Schedule

AS OF 9/30/18
Security Type%
1 To 5 Years 55.1%
< 1 Year 21.1%
5 To 10 Years 14.2%
Equities and Other 9.6%
10 To 20 Years 0.0%
20 To 30 Years 0.0%
> 30 Years 0.0%

Bond Duration

AS OF 9/30/18
Weighted Avg. Duration 2.5 years
Weighted Avg. Maturity 3.0 years

Important Fund 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 Global Convertible Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover risk and portfolio selection risk.

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

NOTES

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.

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.

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

ICE BofA ML Global 300 Convertible Index-Is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region. Source ICE Data Indices, LLC, used with permission. ICE permits use of the ICE BofAML indices and related data on an ‘as is’ basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML Indices or data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing and does not sponsor, endorse or recommend Calamos Advisors LLC or any of its products or services.

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

Duration provides a measure of the Fund’s interest rate sensitivity—the longer a fund’s duration, the more sensitive it is to shifts in interest rates.

Conversion premium is the amount by which the market price of a convertible bond or convertible preferred exceeds the conversion value, expressed as a percentage. It is a gauge of equity participation.

Investment premium is the amount that the market price of the convertible is above its investment value, expressed as a percentage. It is a gauge of equity participation.

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

Distribution Yield -Is calculated by dividing the sum of all distributions paid by the fund over the trailing 12 months by the fund's NAV as of the date of the period presented. Distributions may include income, short-term capital gains, and long-term capital gains. Short-term and long-term capital gains represent the net trading profits realized over the trailing 12 months in the fund and are not guaranteed. Distribution Yield is based on distributions made in the past and is therefore not reflective of the fund's current portfolio.

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.

Turnover-Is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Total Capital Gains

  
20170.3382
20160.0000
20150.0000
20140.0000

Schedule

   
Distributions Quarterly
Capital Gains Annually

Distributions

Choose a year  
Income Total Reinvest
3Q 2018 0.03393 0.03393 11.22000
2Q 2018 0.01603 0.01603 11.34000
1Q 2018 0.02141 0.02141 11.29000
4Q 2017 0.01089 0.01089 10.82000
3Q 2017 0.01240 0.01240 11.02000
2Q 2017 0.01833 0.01833 10.73000
1Q 2017 0.00130 0.00130 10.28000
4Q 2016 0.07575 0.07575 9.85000
3Q 2016 0.05963 0.05963 9.95000
2Q 2016 0.02151 0.02151 9.73000
1Q 2016 0.03878 0.03878 9.53000
4Q 2015 0.04261 0.04261 9.68000
3Q 2015 0.05613 0.05613 9.90000
Adobe Logo Most Recent Distributions

Important Fund 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 Global Convertible Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover risk and portfolio selection risk.

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

NOTES

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

The funds' gross expense ratios as of the prospectus dated 3/1/18 are as follows: Growth A 1.40%, C 2.15% and I 1.15%; Growth and Income A 1.12%, C 1.87% and I 0.87%; Opportunistic Value A 1.67%, C 2.42% and I 1.42%; Dividend Growth A 1.87%, C 2.73% and I 1.80%; Global Growth and Income A 1.54%, C 2.29% and I 1.29%; International Growth A 1.46%, C 2.21%; and I 1.21%; Global Equity A 1.53%, C 2.27% and I 1.28%; Evolving World Growth A 1.67%, C 2.41% and I 1.41%; Emerging Market Equity A 2.70%, C 3.45% and I 2.45%; Convertible A 1.18%, C 1.93% and I 0.93%; Global Convertible A 1.46%, C 2.20% and I 1.19%; Market Neutral Income A 1.28%, C 2.03% and I 1.02%; Phineus Long/Short A 2.80%, C 3.55% and I 2.54%; Hedged Equity Income A 2.15%, C 3.04% and I 2.07%; High Income Opportunities A 1.33%, C 2.08% and I 1.08%; and Total Return Bond A 1.08%, C 1.83% and I 0.84%. The gross expense ratios as of the prospectus dated 8/29/18 for the Short-Term Bond are A 0.95%, and I 0.70%. The gross expense ratio as of the prospectus dated 9/17/18 for the International Growth R6 Share Class is 1.12%.  

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Annual Expenses

A Shares C Shares I Shares
Total Expense Ratio1.462.201.19
Net Expense Ratio1.362.111.11
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 Date12/31/1412/31/1412/31/14
Ticker SymbolCAGCXCCGCXCXGCX
CUSIP number128120748128120730128120722

Sales & Distribution

A Shares C Shares I Shares
Sales loadFront-endLevel-LoadN/A
Maximum Sales Charge2.25%1.00%N/A
US Bank Fund Number297129722973
DistributionsQuarterly Dividends, Annual Capital Gains

Important Fund 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 Global Convertible Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover risk and portfolio selection risk.

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

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

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 and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Calamos Global Convertible Fund Quarterly Commentary A quarterly update of the Calamos Global Convertible Fund’s performance, positioning, related market commentary and outlook.
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Calamos Global Convertible Fund Fact Sheet The Global Convertible Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, and returns.
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The Opportunity of Convertible Securities

Like stocks, convertibles typically offer upside appreciation in rising equity markets. Like bonds, convertibles provide income and potential downside protection in declining markets.

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Convertibles Can Enhance a Fixed Income Allocation

Convertible bonds are a viable alternative to fixed income and have outperformed during periods of economic growth and rising rate.

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Convertible Securities: Structures, Valuation, Market Environment, and Asset Allocation A comprehensive overview of convertible securities, including history, structures, valuation, market environment, and roles within asset allocation.
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Calamos Global Convertible Fund Prospectus This summary contains important information about the Class A, C, and I Global Convertible Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
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Statutory Prospectus You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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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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Semi Annual Report The semiannual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.
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Annual Report The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.
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