Fund Details
As of 12/10/18
- Inception Date:
- 5/01/02
- Current NAV:
- $11.86
- $ Change:
- ($0.05)
- % Change:
- -0.42%
- Net Assets*
- 1.2 bil
(*Total Net Assets as of 9/30/18)
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Resources
Introducing: The Calamos Phineus Long/Short Fund
The Long Short Model | Calamos Phineus Long/Short Fund
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 seeks to provide strong risk-adjusted returns via an alternative solution that complements and diversifies a 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 $5.4 billion in alternative assets (as of December 31, 2017). In 2015,
Calamos acquired Phineus Partners LP. Over the course of 16 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.
Important Fund 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 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.
The performance shown for periods prior to 4/6/16 is the performance of a predecessor investment vehicle (the “Predecessor Fund”). The Predecessor Fund was reorganized into the Fund on 4/6/16, 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 10/1/15 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.
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.
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
Annualized Total Returns
AS OF 9/30/18
| Calamos (NAV) | -3.78% | -0.09% | 5.12% | 5.33% | 9.19% | 10.96% | 10.70% |
| (Load-Adjusted) | -8.33% | -4.86% | 3.41% | 4.31% | 8.65% | 10.61% | 10.37% |
| S&P 500 | 11.41% | 17.91% | 17.31% | 13.95% | 11.97% | 9.65% | 8.38% |
| MSCI World | 7.19% | 11.84% | 14.18% | 9.89% | 9.18% | 8.74% | 7.70% |
The Fund's Gross Expense Ratio is 2.80% as of the prospectus dated 3/01/18
Important Fund 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 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. 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.
The performance shown for periods prior to 4/6/16 is the performance of a predecessor investment vehicle (the “Predecessor Fund”). The Predecessor
Fund was reorganized into the Fund on 4/6/16, 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.
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.
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 4.75%—had it been included, the Fund’s return would have been lower.
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%.
Alpha is the measurement of performance on a risk adjusted basis. A positive alpha shows that performance of a portfolio was higher than expected given the risk. A negative alpha shows that the performance was less than expected given the risk.
Sharpe ratio is a calculation that reflects the reward per each unit of risk in a portfolio. The higher the ratio, the better the portfolio’s risk-adjusted return is.
Downside capture ratio measures manager’s performance in down markets as defined by the named index. A down-market is defined as those periods (months or quarters) in which named index return is less than 0. In essence, it tells you what percentage of the down-market was captures by the manager. For example, if the ratio is 110%, the manager has captured 110% of the down-market and therefore underperformed the market on the downside.
Upside capture ratio measures a manager’s performance in up markets relative to the named index itself. It is calculated by taking the security’s upside capture return and dividing it by the benchmark’s upside capture return.
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 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
|
Long
|
Short
|
Gross
|
Net
|
S&P 500 Index
|
|
Consumer Discretionary
|
15.8
|
0.0
|
15.8
|
15.8 |
13.1
|
|
Consumer Staples
|
0.1
|
0.0
|
0.1
|
0.1 |
6.7
|
|
Energy
|
0.0
|
0.0
|
0.0
|
0.0 |
6.0
|
|
Financials
|
43.0
|
-0.1
|
43.0
|
42.9 |
13.3
|
|
Health Care
|
9.7
|
-3.4
|
13.1
|
6.3 |
15.0
|
|
Industrials
|
7.6
|
-0.3
|
7.9
|
7.3 |
9.7
|
|
Information Technology
|
13.1
|
-6.4
|
19.5
|
6.8 |
26.2
|
|
Materials
|
1.6
|
0.0
|
1.6
|
1.6 |
2.4
|
|
Real Estate
|
0.0
|
0.0
|
0.0
|
0.0 |
2.7
|
|
Telecom Services
|
0.0
|
0.0
|
0.0
|
0.0 |
2.0
|
|
Utilities
|
0.0
|
0.0
|
0.0
|
0.0 |
2.8
|
|
Other
|
0.7
|
-33.5
|
34.2
|
-32.8 |
0.0
|
|
TOTAL
|
91.6
|
-43.6
|
135.2
|
48.0 |
100.0
|
Regional Weightings
AS OF 9/30/18
|
Long
|
Short
|
Gross
|
Net
|
S&P 500 Index
|
|
North America
|
86.4
|
-43.6
|
130.0
|
42.8 |
98.0
|
|
Europe
|
5.2
|
0.0
|
5.2
|
5.2 |
2.0
|
|
Caribbean
|
0.0
|
0.0
|
0.0
|
0.0 |
0.0
|
|
TOTAL
|
91.6
|
-43.6
|
135.2
|
48.0 |
100.0
|
|
Long Portfolio
|
Sector
|
Weight
|
|
Financial Select Sector SPDR Fund
|
Financials
|
5.0
|
|
JPMorgan Chase & Company
|
Financials
|
4.7
|
|
Facebook, Inc. - Class A
|
Information Technology
|
4.7
|
|
Goldman Sachs Group, Inc.
|
Financials
|
4.2
|
|
Morgan Stanley
|
Financials
|
4.2
|
AS OF 09/30/18
|
Short Portfolio
|
Sector
|
Weight
|
|
ETF
|
N/A
|
-31.7
|
|
ETF
|
Information Technology
|
-5.2
|
|
ETF
|
Health Care
|
-2.1
|
|
ETF
|
N/A
|
-1.4
|
|
Equity Position
|
Health Care
|
-1.3
|
Asset Allocation
AS OF 9/30/18
Fund Facts
AS OF
9/30/18
|
Fund |
| Total Net Assets |
$1.2 billion |
| # of Holdings |
65 |
Exchange traded funds and index options are included in totals but not listed as sectors.
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.
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 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.
Net Exposure is the difference between a fund's long and short exposure.
Gross Exposure equals long exposure plus the absolute value of short exposure.
The S&P 500 Index is generally considered representative of the U.S. stock market.
Schedule
| |
|
| Distributions |
Annually |
| Capital Gains |
Annually |
Important Fund 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 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. 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.
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 Ratio | 2.80 | 3.55 | 2.54 |
Total Expense Ratio Excluding
Dividend & Interest Expense | 1.82 | 2.56 | 1.56 |
| 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 | 1929 | 1930 | 1931 |
| Distributions | Monthly dividends; annual capital gains |
Important Fund 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 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.
The performance shown for periods prior to 4/6/16 is the performance of a predecessor investment vehicle (the “Predecessor Fund”). The Predecessor Fund was reorganized into the Fund on 4/6/16, 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 10/1/15 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.
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.
Summary Prospectus
This summary contains important information about the Phineus Long/Short Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
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.
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. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.